Sun Life Grepa Turns 5
A greater and brighter path to the future awaits Sun Life Grepa Financial Inc. (Sun Life Grepa). In 2016, the company celebrated five years of notable achievements in its business.
Back in 2011, two distinct brands with their own strengths and global recognition, namely Sun Life Financial Philippines (Sun Life) and the Yuchengco Group of Companies (YGC), established Sun Life Grepa. As a joint venture, Sun Life Grepa now ranks among the top players in the life insurance industry and was recognized as the fastest growing company in the Insurance Commission's 2015 list of top 10 companies.
"We are pleased that in the past five years, the company has bolstered its mission of bringing financial protection solutions to our fellow Filipinos," says Sun Life Grepa President Richard Lim.
Since the start of the joint venture in 2011, the company has so far enjoyed a 35.1% compounded annual growth rate in Premium Income from 2011 to 2015. This represents the highest growth among the top 10 insurance companies in the Philippines within the said period.
Sun Life Grepa offers financial protection products through its affinity marketing, agency, bancassurance, and group account channels. The company's multiple channel efforts have served over 660,000 Filipinos and paid over Php 5.8 billion insurance-related benefits in the last five years.
"We are continuing to support the growth of our hardworking agency force as we intensify our recruitment activities nationwide. Our bancassurance partnership with RCBC has exceeded 120% of its first five-year cumulative business plan. We are also seeing a big growth in our new Group Accounts this year after making key improvements in our processes and resources. Our affinity marketing channel also covers opportunities outside of our other channels' purview," Lim notes.
Sun Life Grepa's fifth year also marks the alignment of its growth strategy with the five-year goal of Sun Life to serve five million Filipinos by year 2020. Money for Life, a joint initiative with Sun Life to promote financial literacy and planning at different life stages, is part of the efforts to achieve this goal. Sun Life Grepa complemented the Money for Life campaign by holding a Money for Life Caravan nationwide in the branches of bancassurance partners RCBC and RCBC Savings Bank.
Furthermore, the company offered ways for people to avail of company products through premium installment. "Providing regular premium installment options in our products allows us to help a larger segment of the population enjoy the benefits of having ample financial protection" says Lim.
The company also introduced to the general public a board game called Praxis which simulates real-life financial decisions, as part of its advocacy for financial literacy. "Share the Passion", a corporate social responsibility movement that is Sun Life Grepa's means of giving its employees the chance to participate in various social outreach activities, was also launched. Among the projects that have been undertaken under "Share the Passion" are blood donation drives in cooperation with the Philippine General Hospital and volunteer service days with St. Arnold Janssen KALINGA Center.
"Our fifth year milestone is only the beginning. We are well on our way towards our goal to be one of the top 5 insurance companies in the country. For the years to come, we will continue to strengthen our channel reach, introduce new products relevant to our customers' needs, and promote financial literacy among our Filipinos," adds Lim.
For more information, log on to www.sunlifegrepa.com or visit the Sun Life Grepa facebook fan page.