Staff Reporter
Photo courtesy of FWD and Security Bank.
The Philippines’ rising income per capita represents opportunities for expansion.
FWD Life Insurance Philippines and Security Bank have extended their strategic partnership.
The two financial companies will continue with their now 10-year-old partnership and intend to use digital technology to drive sustainable financial solutions and customer experience.
Through its partnership with FWD Philippines, Security Bank offered insurance products and services into its digital tools, for easier access to its customer base.
During their 10-year partnership, FWD Philippines rose to the third place in terms of new business annual premium equivalent, according to 2023 data from the Insurance Commission (IC).
The Philippine market’s insurance penetration rate remains below 2% of the country’s 119 million population. This, coupled with the country’s expanding income per capita provides an opportunity for insurance to expand.
The country’s income per capita is growing at 3.9% according to the World Bank.
Filipinos have strong digital connectivity with mobile penetration rate at 58.4% and internet penetration rate at 75%, FWD and Security Bank said in a joint statement.
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