Sun Life Grepa Financial, Inc. (Sun Life Grepa) and the Yuchengco Group of Companies (YGC), through its flagship bank the Rizal Commercial Banking Corporation (RCBC), marked the extension of their bancassurance partnership with a commemorative signing event.
The joint venture aims to provide clients with financial planning and guidance, life and health insurance products, and insurance benefit offerings. The partnership received an early approval for renewal.
“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,” Richard S. Lim, President of Sun Life Grepa, states.
“We are honored to extend this fulfilling partnership as the financial landscape evolves with digital advancement and more demanding customer needs. Our track record shows that this strategic partnership benefits customers and significantly impacts their lives in terms of financial wellness,” Eugene Acevedo, President and CEO of RCBC, adds.
The ceremonial signing of the partnership renewal was attended by the Sun Life Group including Kevin Strain (Global CEO, Sun Life), Manjit Singh (Executive Vice-President and Chief Financial Officer, Sun Life), Ingrid Johnson (President, Sun Life Asia), Jose Isidro Camacho (Chairman of the Board, Sun Life), Benedict Sison (Chief Executive Officer and Country Head of Sun Life Philippines), Richard S. Lim (President, Sun Life Grepa), Joy Castillo (Chief Operating Officer, Sun Life Grepa), Cynthia Nono (Vice President for Bancassurance, Sun Life Grepa) and was also graced by Yuchengco Group of Companies (YGC) and RCBC representatives led by Helen Y. Dee (YGC Chairperson), Lorenzo Tan (CEO, House of Investment), Eugene Acevedo (President, RCBC), Jane Mañago (First Senior Vice President, RCBC), Arniel Ong (President, RCBC Bankard) and John Thomas Deveras, (Senior Executive Vice President, RCBC).
Since the initial bancassurance partnership was signed in 2011, the two companies in the bancassurance business have marked several milestones in its mission of providing more Filipinos with access to financial protection products through the strength of the RCBC network nationwide.
These include collaborations on eWoman, Hexagon Club and GoSaver (among others), which offer insurance packaged with specific bank products. Sun Life Grepa and RCBC also introduced the FAST Break program, an innovation that enables select bank clients to avail of higher coverages for life and health insurance plans without medical exams under a simplified process through the use of data analytics. Various collaborations are set to launch with RCBC Bankard and the RCBC DiskarTech app to bring life insurance protection closer to Filipinos. These efforts have contributed to the bancassurance partnership generating PHP60 billion premium income in the last 10 years.
Aside from the bancassurance milestones, the joint venture as a whole has been able to insure 2.94 million lives and has garnered PHP82 billion premium income in the last 10 years, cementing Sun Life Grepa’s position as a major life insurance company in the country with a product portfolio of more than 50 traditional and investment-linked offerings for individual and corporate clients. The joint venture has also paid out approximately PHP47 billion of insurance claims and benefits in 10 years while also providing highly regarded services such as a 24/7 contact center and, as part of the Sun Life group, the pioneering Remote Online Medical Exam (ROME) service.
RCBC and Sun Life Grepa’s next chapter of bancassurance partnership is geared towards further digital transformation and more innovative life protection offers as it strives to help more Filipinos achieve a brighter future.