Sun Life Grepa Financial, Inc. (Sun Life Grepa) recently won the MSME Insurance Initiative of the Year – Philippines at the Insurance Asia Awards 2022.
The level of health protection has always remained limited in the Philippines. Following government health financing schemes, only 44.7% of the P895.88m total health expenditure came from out-of-pocket household payments based on the Philippine National Health Accounts.
Moreover, high medical expenses have had a major impact on families, making various sacrifices in order to pay these bills, including significant changes to their financial situation or lifestyle.
To address this situation and make it easier for Filipinos to avail of health insurance, Sun Life Grepa Financial, under its division called Sun Life Grepa Healthcare, created the entire Wellness, Protection, and Recovery holistic ecosystem to fulfill its commitment to be clients’ Health Insurance Partner (HIP). The provider aims to change the perception of Group Insurance from just a Payor to a Partner.
Sun Life Grepa Financial focused on three key impact areas: People, Products and Proposition, and Digital Transformation.
“For our People, we promoted an agile sales ecosystem where they were encouraged to have flexible ways of working that allowed them to take initiative and feel more invested in the results of their work. For our Products and Proposition, we created a holistic approach to ensure a balanced product mix. Lastly, for Digital Transformation, from working with semi-automated backroom handling processes, we started providing our clients access to multiple integrated touchpoints in order to provide a seamless experience,” Sun Life Grepa Vice President for Group Marketing Operations Peter M. Miranda said.
Through this campaign, Sun Life Grepa Financial worked with all distribution channels to focus on tapping into the underinsured market of Micro, Small, and Medium Enterprises (MSMEs). Three simple, affordable, and comprehensive MSME packages were created wherein rates are pre-approved so that distribution can sell instantly without the main office’s intervention.
It also improved on its digital experience and took its brand to the next level to efficiently deliver its key message to clients by providing extensive virtual wellness talks and launching a year-long COVID-19 informational campaign.
For his part, Sun Life Grepa Financial Head of Group Sales and Strategies Justine G. Daguman stressed how important it is to invest in people and help them acquire new skills. “The concept of the entire Wellness, Protection, and Recovery holistic ecosystem was designed to help thriving entrepreneurs keep their people protected and in dynamic form. We attribute the success of the concept so far to having the right blend of starter products that are truly useful at different stages of business operation.”
Its member base grew by 26% compared to the previous three years. These were achieved amidst uncertainties and forced closures brought by the pandemic.
This feat has brought recognition to Sun Life Grepa, with the company being recognised as the recipient of the MSME Insurance Initiative of the Year – Philippines award at the Insurance Asia Awards 2022.