Insurance leaders in the Philippines are urging companies to simplify policies and integrate insurance into everyday consumer interactions as essential strategies to broaden coverage and improve affordability. Speaking at the Asian Banking & Finance and Insurance Asia Summit, executives stressed that customer-focused design, contextual relevance, and streamlined claims processes are crucial to attract and retain Filipino policyholders.
Simplifying Products for Greater Accessibility
Arnolfo “Nol” de Leon, Chief Agency Officer at FWD Insurance, emphasised that successful product development begins with understanding customer needs. “We design products around what people truly require, not simply what is easy to sell,” he said during the panel discussion.
FWD applies its “Easy Five” principle—easy to know, easy to buy, easy to engage, easy to claim, easy to love—to keep policies simple and clear, avoiding unnecessary features or overly complex language.
De Leon noted that simplicity also helps manage costs effectively. “We use data to price risk appropriately,” he said. A standout example is FWD’s customisable pet insurance plan, sold online for as low as ₱333.30 (~$6 / £4.44) in the first year, covering up to 34 critical illnesses.
| Feature | Details |
|---|---|
| Target Audience | Pet owners |
| Coverage | Accident and critical illness benefits |
| Critical Illnesses Covered | 34 |
| Price (First Year) | ₱333.30 (~$6 / £4.44) |
| Social Benefit | Portion of premiums donated to animal welfare |
“The plan is designed for Filipino needs, including low-margin markets, while supporting social causes,” de Leon added.
Embedding Insurance in Daily Transactions
Executives highlighted that insurance is most effective when offered at the “moment of truth”, integrated naturally into a consumer’s routine. Anthony Louis Gunzon, Chief Marketing Officer at Malayan Insurance Co., Inc., said affordability is more than price—it is about relevance within the customer journey.
He cited the UK’s “seagull insurance”, where customers paying roughly $1.34 (£1) for a burger can insure the meal against seagull theft. “It’s affordable, but the real value lies in its timing and context,” Gunzon explained.
At Malayan Insurance, customer insights led to removing the requirement for pedigree numbers in their pet insurance product, a step that broadened access considerably. “Most pet owners don’t have pedigrees unless they participate in dog shows,” he said.
Enhancing the Claims Experience
Improving claims processes is key to building trust. FWD has implemented workflow automation and straight-through processing to reduce manual steps, while AI tools assist agents in guiding customers efficiently through claims.
“Despite technological progress, life insurance in the Philippines remains largely relational,” de Leon observed, highlighting the continued importance of personal engagement alongside digital innovation.
By combining simpler products, embedded coverage, and streamlined claims, Philippine insurers aim to make insurance more accessible, relevant, and customer-friendly. These strategies not only increase market penetration but also enhance consumer confidence, ultimately supporting the sustainable growth of the insurance sector in the Philippines.