Sun Life Grepa Financial, Inc. (Sun Life Grepa) and the Yuchengco Group of Companies (YGC) through its flagship bank Rizal Commercial Banking Corporation (RCBC) have agreed to extend their bancassurance partnership for another 10 years.
The joint venture was initially signed in 2012 with the aim to provide Filipinos with financial planning and guidance, life and health insurance products, and insurance benefit offerings through RCBC’s strong banking network nationwide. The partnership has just been renewed after receiving early approval for renewal.
Top executives from Sun Life Group graced the ceremonial signing of the partnership agreement renewal held on July 15 at the Hexagon Lounge of RCBC Plaza Makati—the same venue of the first partnership signing a decade ago.
Sun Life Global CEO Kevin Strain, Sun Life Executive Vice-President and Chief Financial Officer Manjit Singh, and Sun Life Asia President Ingrid Johnson were joined by Sun Life Philippines executives Jose Isidro Camacho (Sun Life Chairman of the Board), Benedict Sison (Sun Life PH CEO and Country Head), Richard S. Lim (Sun Life Grepa President), Joy Castillo (Sun Life Grepa Chief Operating Officer), and Cynthia Nono (Sun Life Grepa VP for Bancassurance).
YGC and RCBC were represented by YGC Chairperson Helen Y. Dee, House of Investment CEO Lorenzo Tan, RCBC President Eugene Acevedo, RCBC First Senior Vice President Jane Mañago, RCBC Bankard President Arniel Ong, and RCBC Senior Executive Vice President John Thomas Deveras.
Commitment and service
“Renewing and strengthening the successful bancassurance partnership of RCBC and Sun Life Grepa is not only an affirmation of a sustainable joint venture but also an expression of commitment and service to the Filipinos as they navigate financial wellness and protection in this modern day and age,” said Sun Life Grepa President Richard Lim.
“We are honored to extend this fulfilling partnership as the financial landscape evolves with digital advancement and more demanding customer needs,” said RCBC President and CEO Eugene Acevedo. “Our track record shows that this strategic partnership benefits customers and significantly impacts their lives in terms of financial wellness.”
RCBC President and CEO Eugene Acevedo
The two companies have marked several milestones since the initial bancassurance partnership was signed. These include collaborations like eWoman, Hexagon Club, and GoSaver, among others that offer insurance bundled with specific bank products.
Sun Life Grepa and RCBC also introduced the FAST Break program, an innovative initiative that enables qualified bank clients to avail higher coverage for life and health insurance plans without undergoing medical examinations under a simplified process using data analytics.
Continuous flow of milestones
Moving forward, there will be collaborations to be launched with RCBC Bankard and RCBC DiskarTech app with the aim to further bring life insurance protection closer to more local consumers. The efforts have contributed to the bancassurance partnership generating ₱60 billion in premium income in the past 10 years.
Aside from the bancassurance milestones, the joint venture has also insured 2.94 million lives and has garnered ₱82 billion premium income in the past 10 years. This cements Sun Life Grepa’s position as a major life insurer in the country, with a product portfolio comprising over 50 traditional and investment-linked offerings for individual and corporate clients.
The partnership has also paid out about ₱47 billion of insurance claims and benefits in the same period. At the same time, it provides highly regarded services like 24/7 contact center and has pioneered Remote Online Medical Exam (ROME) service in the country as part of the Sun Life group.
Sun Life Global CEO Kevin Strain
“These are two great companies that work really well together and help lead the Philippines’ economic growth and financial security and help Filipinos live healthier lives. We can collectively make a difference for the Filipino people,” said Sun Life Global CEO Kevin Strain.
Sun Life Grepa and RCBC’s next bancassurance partnership chapter is geared towards further digital transformation and more innovative life protection offers to help more Filipinos achieve a brighter future.
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