Sun Life Grepa Financial, Inc. (Sun Life Grepa) and Rizal Commercial Banking Corporation (RCBC) renew their partnership stipulating another 10 years of bancassurance.
Sun Life Grepa was formed as a joint venture between the Yuchengco Group of Companies (YGC) and Sun Life Philippines. Today, Sun Life Grepa has become a major life insurance company in the country. Through the renewed bancassurance partnership, more Filipinos are able to access financial protection products through the strength of the RCBC network nationwide.
There were many milestones achieved in the first 10 years of the joint venture. This included a 10% compounded annual growth rate achieved even with business challenges encountered at the height of the pandemic. In addition, Sun Life Grepa’s product portfolio since the start of the joint ventures has grown to more than 50 traditional and investment-linked offerings for individual and corporate clients. As part of the Sun Life Group, Sun Life Grepa also launched the country’s first Remote Online Medical Exam (ROME) service. Furthermore, it also started to offer insurance packaged with specific bank products, as well as a 24/7 contact center and a Telemedicine service with its division Grepa Medical and Diagnostic Clinic for non-face-to-face servicing of clients’ medical inquiries. Sun Life Grepa and RCBC also worked on the FAST Break program, an innovation which enabled selected bank clients to avail of life insurance protection under a simplified process through the use of analytics. Since the start of the joint venture, 2.97 million Filipino lives have been insured.
The current partnership, set to expire in 2023, received an early approval for renewal up to 2033. The next 10 years is geared towards further digital transformation and more innovative life protection offers to help future-proof lives of RCBC depositors and the general public. The transformation has already started, as evidenced by the continuous collaboration focusing on both companies’ payment systems, digital platforms, general client communication, and ease of doing business campaigns on client applications.
The partnership is further strengthened by YGC’s overall digital transformation across its roster of companies to future-proof its stakeholders, bringing clients new ways of establishing life protection and wealth building so they can keep track of their financial journey with more efficiency.
The renewed partnership boosts RCBC’s bancassurance product suite, which is an integral part of its business. It gives both companies more opportunities to contribute to further development in the industry for the next 10 years.