Manulife PH launches online insurance store

Manulife Philippines has started selling insurance products on its website to take advantage of the growing popularity of digital transactions in the country.

In a statement, Rahul Hora, President and CEO of Manulife Philippines, said Filipinos can now purchase insurance online with three life and accident insurance options available on the insurer’s website.

Called “Manulife Store,” the online platform offers annually renewable insurance products that allow customers to choose their coverage based on their budget.

“Manulife Shop is our latest initiative to provide an intuitive, convenient and frictionless customer experience for today’s hyper-digital Filipinos, in line with our ambition to be the most digital and customer-centric global company in our industry. “, said Hora.

“Through Manulife Shop, we are meeting the needs of Filipinos who want access to simple and affordable insurance protection options, with the convenience of digitally-driven customer experiences where they can transact seamlessly,” said he added.

Hora said life protection cover can be up to 1 million pesos, but subject to the terms and conditions of their purchased insurance policy.

Currently, three insurance products can be purchased on the Manulife Store. These are 365 Ready Accident, an accident life insurance plan; 365 Ready Life, a term life insurance plan; and 365 Ready Duo, a combination of term life and personal accident insurance.

Manulife Shop is a platform developed by the insurer in partnership with Democrance, an international insurtech start-up that digitizes insurance distribution channels and value chains for emerging market segments.

According to Manulife’s recent study, “The Modern Filipino Family: Exploring Family Dynamics and Digitization in a New Normal”, approximately 90% of Filipinos surveyed use e-commerce apps, and 82% use to make cashless payments or purchase insurance.

Additionally, among respondents, 25% of Gen X Filipinos and 33% of Millennial Filipinos revealed that they purchased insurance products online in the past 12 months, while 41% of Gen Z plan to buy insurance products online in the next 12 months. .

Survey participants cited convenience (45%), a sense of security (22%) and protection (17%) as reasons for buying insurance products online.

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