Allianz PNB Life executive talks about digitalization in the insurance sector at Asian Banking and Finance Summit 2022

Allianz PNB Life’s Chief Marketing Officer, Gino Riola, joined some of Asia’s top bank executives and finance industry experts as a keynote speaker and panelist at the Asian Banking and Finance (ABF) Summit 2022. The three-day event was held last June 15 to 17.

The ABF has facilitated several virtual conferences in the last two years, such as the 2020-2021 ABF Retail Banking Conferences and the FSI Conference. This year, the ABF Summit aimed to explore the digitalization of the financial services sector, and cover pressing topics such as fintech, data analytics, and issues that may arise due to this new and rising trend.

Riola, together with the Director of Simon Kucher & Partners Chetan Prakash and Chief Technical Officer of Sompo Holdings Asia Aditya Vardhan Tibrewala, took part in a panel discussion moderated by ABF Publisher Tim Charlton about digitalization in the insurance space. Riola pointed out the low insurance penetration rate in the Philippines and emphasized how utilizing data and technology helps Allianz PNB Life reach more prospects and develop products that its customer base needs.

“Digitalization for us is extremely important in terms of reaching out to customers and prospects. It provides an avenue for stimulating, productive conversations with the customer, fostering interactions with them that are both timely and relevant,” said Riola. “Here in the Philippines, insurance penetration rate is 2%. Because of the pandemic, digitalization ensures that we have more effective ways of reaching our customers.”

Riola further explained how Allianz PNB Life also ensures that its current customers have access to their policies.

“We work very closely with our Life Changers or financial insurance agents, because they enable more effective conversations with clients,” he stated. “We want insurance to be a product that people [are not] afraid of. Through our agents, our customers can have access to all the resources they need to make informed decisions regarding the security of their future.”

Riola also briefly introduced the Vivy app, an all-in-one hub for every customer’s protection and health needs. The app marks Allianz PNB Life’s latest venture into digitalization, allowing the company to bring relevant protection and health content to its users. The goal of the project is to help customers learn about their own health conditions as well as the important role insurance will play in securing their future.

“Technology is a means to an end, not the end itself,” Riola highlighted. “It is a means of getting faster to the consumer, [and] also helps in terms of better understanding the consumers and the policyholders that we already have. We can then improve our services and processes, but more importantly, [develop] new solutions that when we created the product we weren’t already thinking of.”

For more information on the Allianz Healthbox, Allianz Vivy app, and other products and services Allianz PNB Life offers, please visit www.allianzpnblife.ph.

UnionDigital Banks 1.73-M Customers in Four Months, Onboards PDAX as First Corporate Account Customer

UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, today announced that it has acquired 1.73-M customers, reached US$ 70-M in loan book size, and collected US$ 50-M in deposits from its first four months of operations in the country. UnionDigital Bank has achieved double digit growth in digital loans to mass market communities through ecosystem partnerships powered by UnionBank. 

“Since our launch, UnionDigital Bank has been focusing on serving the needs of the underserved communities within UnionBank by offering digital deposit and lending products to our ecosystem, and we will continue to support the needs of these customers with additional products overtime,” shared Arvie de Vera, co-founder, President, and CEO, UnionDigital Bank. “The series of milestones that we have been able to achieve is a testament to the strong execution power of the team, in accordance with our community-led business model.”

de Vera further credits this achievement to the Digital Bank’s “laser focus” on the fundamentals: prioritizing the balance sheet.

Regional insurtech Igloo Launches New travel insurance product - Travel Master with COVID-19 in partnership with GCash and Malayan Insurance

Regional insurtech Igloo, GCash and Malayan Insurance continue to strengthen existing partnership with the launch of a  new travel insurance product 

GCash Travel Master with COVID-19 offers comprehensive coverage for personal accident, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and COVID-19 protection

It is the fourth product launched under the partnership between Igloo and GCash 

Reprise in travel after pandemic lockdowns drive tourism in the Philippines with 85% of the Philippines’ GDP attributable to domestic travel

Calling on ‘eco conscious’ consumers: Take sustainable living to the next level through Home Credit

You have three choices to get somewhere when traveling around the metro: you can drive there and pay costly gas prices, book a ride-sharing app that is also a bit pricey, or try your luck with public transport and be hassled.

Lines waiting for buses, jeeps, or trains that seem to not end — you might have been at the crossroads and convinced yourself to stay home instead. That has been the situation for many, more so after the reopening of lives after the long lockdowns.

However, more recently, many Filipinos have turned to bike commuting. It has become a normal sight to see people riding their bicycles around major cities. Despite the country’s unpredictable weather, more and more can be seen pedaling by themselves or even cycling in groups. They ride their bikes both for recreational and essential purposes like staying physically active, running errands, and heading to work.

UBX powers cross border remittance between SG and PH

UBX, the leading open finance platform in the Philippines, is enabling more than half a million overseas Filipinos in Singapore to make digital cross-border remittances through its widest network of access points at more affordable rates. 

Through a partnership with ThitsaWorks, a fintech backed by the Monetary Authority of Singapore, UBX will provide the necessary digital infrastructure for international remittances between Singapore and the Philippines via its banking-as-a-service venture i2i. 

While many remittance options exist for overseas migrant workers in Singapore, options to reach rural areas where many workers' families live are complicated, expensive, and slow.

UnionBank GlobalLinker, SEAOIL team up to help MSMEs manage fuel costs through technology

Union Bank of the Philippines' (UnionBank) digital MSME online platform UnionBank GlobalLinker recently partnered with Seaoil Philippines, Inc. (SEAOIL) for an initiative that will help micro, small, and medium enterprises (MSMEs) manage rising fuel costs through technology.

The partnership was made official through an agreement signing ceremony last October 26 at the SEAOIL Office in Pasig City. The event was graced by SEAOIL Vice President for Corporate & Consumer Marketing Jayvee Dela Fuente, SEAOIL Senior Manager for B2B Segment Marketing Jonathan Cristobal, UnionBank SME and Micropreneurs Segment Head Jaypee Soliman, and UnionBank GlobalLinker Partnerships Manager Natasha Kosheleva, as well as several team members from SEAOIL and UnionBank. 

BayaniPay completes $4.5M Seed Round to deliver pioneering cross-border banking services to Asian American immigrants

BayaniPay, a financial service for global professionals, has raised $4.5 million in seed funding from East West Bank, Wavemaker Partners, and Talino Venture Labs. 

Earlier this year, BayaniPay contracted with East West Bank, the largest independent bank headquartered in Southern California, to offer Filipino American customers banking services, including a Federal Deposit Insurance Corporation (FDIC) insured checking account. East West Bank joins BDO Unibank, the Philippines’ largest bank; Asian Journal, one of the leaders in the Asian American media industry; and Seafood City, the largest Filipino-owned supermarket chain in the U.S., in BayaniPay’s roster of industry-leading collaborators.