Sun Life Grepa Financial Inc. (Sun Life Grepa), a stalwart in the Philippines' life insurance industry, marked its 70th anniversary with a celebration themed "A Journey to Brighter Futures" at the YSpace in Yuchengco Museum, Makati City. This milestone event showcased Sun Life Grepa's commitment to change and innovation, focusing on addressing the evolving trends and challenges within the industry.
The life insurance industry in the Philippines is adapting to new technologies and cultivating partnerships to maintain relevance in a rapidly changing landscape. Sun Life Grepa, along with key partners like Sun Life Philippines, is at the forefront of this transformation.
Riza Mantaring, Sun Life Grepa board director, highlighted the challenges faced by the industry, emphasizing the low insurance penetration rate of below two percent in the Philippines. She attributed this to the slower growth of the industry compared to the gross domestic product (GDP) and Filipinos' limited awareness of the value of life insurance. Mantaring stressed the need for changes in client behavior, legislative support, and government enforcement to propel industry growth.
Benedict Sison, CEO and Country Head of Sun Life Philippines, emphasized the importance of client preferences in determining successful disruptions within the insurance industry. The celebration explored how Sun Life Grepa is leveraging innovation to cater to the diverse needs of its clients.
Richard S. Lim, President of Sun Life Grepa, expressed the company's commitment to realizing the vision of Ambassador Alfonso Yuchengco – making life insurance accessible to every Filipino family. Lim outlined the company's goals, including providing easier access to affordable life and health insurance coverage through strategic partnerships. He highlighted Sun Life Grepa's market-responsive products designed to address specific needs in areas such as health and wealth building.
Lim shared Sun Life Grepa's plans for the future, emphasizing a strong focus on nurturing client relationships through the integration of new technologies, including data analytics. As the incumbent president of the Philippine Life Insurance Association (PLIA), Lim is dedicated to advancing the industry's growth and contributing to building a healthier and financially secure nation.
As Sun Life Grepa celebrates 70 years, it envisions a future where life insurance becomes an integral part of every Filipino family's journey. With a commitment to innovation, strategic partnerships, and client-centric approaches, Sun Life Grepa aims to play a pivotal role in shaping a brighter and more secure financial future for the nation.