NewsMakers

Manulife reveals change in family dynamics in ‘new normal’

The study, “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal,” showed notable differences in the impact of the pandemic and digitalization within families, with some embracing new passions and hobbies, while others, particularly younger Filipinos, expressing digital fatigue.

Published

1 year ago

October 11, 2022

ZestMag.com Staff

Filipino parents have thrived while children still struggle in the digital-by-default life of today’s new normal, according to the results of a recent survey by Manulife Philippines.

The study, “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal,” showed notable differences in the impact of the pandemic and digitalization within families, with some embracing new passions and hobbies, while others, particularly younger Filipinos, expressing digital fatigue.

“This study has helped us to better understand how family dynamics have evolved during the pandemic, and how technology has impacted behaviors at home and influenced everyday decisions. Identifying these shifts in behavior has been vital in helping us to better serve our customers,” said Melissa Henson, Chief Marketing Officer, Manulife Philippines.

Parents respond that while their well-being improved, their children experience struggle

In a survey run by Manulife in May 2022, reflecting on the worst period of the pandemic,¹ 38% of Generation X and Millennial parents and 40% of Generation Z children said their well-being had suffered, as they struggled with the restrictions imposed by quarantines and lockdowns. Across generations, they identified as the top negative pandemic effects: isolation from family or friends; financial difficulties; increased occurrence of negative emotions such as stress, fatigue, and depression; and a decline in physical activities.

The survey also revealed that, as restrictions eased and the country began its shift to the new normal, more than half of Generation X and Millennial parents (54%), and Generation Z children (51%) said their well-being has improved compared to the peak of the pandemic. Stress levels also decreased for 57% of the parents and 42% of the children.

Gens X and Y Filipino parents attributed their improved well-being to better work-life balance and “more hands-on, more present” parenting. Eighty-two (82%) of parents said they bonded more with their families, while 89% said their family ties got stronger. As for fulfilling responsibilities, 72% of those surveyed said they are able to take care of their kids more, and 74% can manage household chores.

Filipino parents also discovered new hobbies and passions to pursue. Top interests are watching online content (41%) and health and fitness (29%). They also delved more into finance (28%), diversifying their portfolio to include traditional and non-traditional investment products, and exploring sustainable investing. Parents have also become more conscious of their health, with 31% going online to buy life and medical insurance.

As Filipinos discovered new passions and interests, Manulife Philippines launched its Every Day Better digital content series to provide practical tips and insights to support their evolving needs while looking after their financial future, in collaboration with some of the country’s most influential content creators.

For Gen Z children, however, they remain under a lot of pressure and feel more stressed despite the improving pandemic situation. Specifically, 54% shared that they are sleep-deprived; 68% experience stress, fatigue, and depression, while 55% are increasingly irritable. Thirty-two percent (32%) have also developed unhealthy eating habits.

About 24% of Gen Z children also shared that they are stressed due to increased family conflicts, usually triggered by financial challenges, household chores and obligations, and work and school demands. Fifty-six percent (56%) of Gen Z children surveyed also said they are concerned with the return of face-to-face classes, while 46% of them shared social media and keeping up with online image put pressure on their looks. To help them cope, they actively sought more opportunities to take a respite from the digital world, as 65% have expressed digital fatigue, prompting them to seek more offline interactions with friends and family.

Henson shared: “As Filipinos across generations become more settled in their new routines and digital lifestyles, whether as families or as empowered individuals, Manulife remains committed to serving their evolving life and health protection needs.”

Responsible use of personal data in a hyper-digital world

The Filipino home has become an all-in-one hub of digital activities for families. Among those surveyed, 95% go online for leisure and entertainment, including streaming videos, playing mobile games, and listening to music; while 92% communicate with family and friends through social media, instant messaging, and video and voice calls.

To purchase food and products, 90% of respondents use e-commerce apps, while 82% use finance apps for cashless payments or to buy insurance. Sixty-four percent of Filipinos surveyed also access health and fitness apps, while 45% use remote work apps as they embrace hybrid work setups.

Amid a hyper-digitalized lifestyle, data privacy remains a key consideration. However, across generations, they expressed that use of their personal data is acceptable when it is used to improve and personalize their experiences. Filipinos surveyed are open to personal data collection when it is used to: develop better products and services (80%); to serve them better (78%); and to show advertisements for relevant products and services (68%).

As one of the country’s most trusted insurers, Manulife Philippines continues to offer best-in-class financial products and services, while fostering trust and confidence among its customers and stakeholders through its strong commitment to protect personal data, in adherence to the Philippine Data Privacy Act.

Increasing interest in digital financial products for insurance and investments

Filipinos’ positive experiences with online transactions have influenced excitement and optimism for digitalization, transcending into greater interest in purchasing insurance and investment products. Most Filipinos recognize the convenience (45%), sense of security (22%), and protection (17%) that buying insurance online offers. In the past 12 months, 25% of Generation X and 33% of Millennials bought insurance products online, while 41% of Generation Z intend to purchase insurance products in the next 12 months. Top insurance products purchased in the last 12 months were life insurance (28%); medical/health/accident insurance (28%) and investment-linked insurance (10%).

“Driving our efforts toward becoming the industry’s digital customer leader, Manulife will continue offering seamless and intuitive end-to-end digital experiences. We will also provide Filipinos with best-in-class protection plans and investment opportunities to help them achieve financial security and make their every day better,” Henson said.

Manulife’s study, conducted in partnership with InSites Consulting via online self-completed questionnaires, surveyed 500 Filipinos, aged 18 to 55, in May 2022 across the country. This included insurance and non-insurance owners. To download the full report, visit manulife.pub/TheModernFilipinoFamily.

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NewsMakers

Pru Life UK named International Life Insurer of the Year

Published

5 days ago

November 24, 2023

ZestMag.com Staff

Insurance Asia Awards, one of the prestigious recognition programs honoring the most outstanding insurance companies in Asia Pacific, cited Pru Life UK as the International Life Insurer of the Year – Philippines for the third year. The award-giving body recognized Pru Life UK’s innovations, new products, strategic partnerships, and community investment initiatives related to youth financial literacy, climate health risk management, and OFW protection.

“We are deeply honored to receive this coveted award for the third time in a row. Our heartfelt thanks to our employees, agency force, distribution partners, and more especially, our loyal customers for this remarkable feat,” said Allan Tumbaga, Pru Life UK Executive Vice President and Chief Customer & Marketing Officer.

Adding to its growing list of accolades, Pru Life UK was also conferred with a Bronze Stevie at the recent Asia-Pacific Stevie Awards for the Innovation in Internal Corporate Events category. The Byaheng PRU Engagement Program, a project of its Employee Welfare Committee, has been instrumental in fostering collaboration among employees from various divisions and empowering over 900 full-time employees to lead their own company-wide initiatives for growth and success.

Empowering Filipinos through financial inclusion and affordable protection

Over the past years, Pru Life UK has championed financial awareness, literacy, and inclusion among Filipinos through innovative insurance products.

One such product, PRUHealth FamLove, is a pioneering critical illness protection plan that covers up to 4 family members in a single policy, including adopted families, cohabiting couples, and same-sex partners.

Furthermore, through strategic partnerships with popular e-commerce platforms GCash and Shopee, Pru Life UK has made bite-sized insurance products even more accessible to its customers.

“These recognitions inspire us to continue fulfilling our commitment to helping more Filipino families live healthier and wealthier. With our over 40,000 digitally empowered agency force, we remain dedicated to putting our customers at the heart of everything we do by providing inclusive and affordable products addressing their diverse needs,” said Tumbaga.

These awards mark another milestone for Pru Life UK as Prudential plc, its parent company, celebrates its 175th anniversary, including 100 years in Asia.

NewsMakers

Pru Life UK, Prudence Foundation partner with ASSIST for Project Padayon

The project which is funded by Prudence Foundation’s COVID-19 Recovery Grant aims to help uplift the lives of residents of Bantayan Island, Cebu through a series of community-based training and development programs.

Published

1 week ago

November 20, 2023

ZestMag.com Staff

Pru Life UK and Prudence Foundation, the community investment arm of Prudential plc in Asia and Africa, have joined hands with the Asia Society for Social Improvement and Sustainable Transformation (ASSIST) for Project Padayon Bantayan Island.

“We’ve been supporting the Bantayan Island community for almost a decade now and we are happy to see how it has grown. With Project Padayon, we are positive that it will bring transformative improvements, enabling the residents to thrive in multiple aspects of their lives,’’ says Marc Fancy, Executive Director, Prudence Foundation.

Project Padayon will run from 11 July to 1 December 2023 and include workshops focused on micro, small, and medium enterprises (MSMEs) empowerment, family health and nutrition, jobs and careers, disaster risk preparedness, and climate change resilience. Participants will receive modules that will be cascaded to up to 2,000 students and community members.

“We are grateful for the opportunity to partner once more with Pru Life UK and Prudence Foundation. This partnership aims to empower the residents of Bantayan Island through a comprehensive learning program that will touch on different topics like financial well-being, health, and disaster resilience to help them prepare for the future,’’ says Francis Macatulad, Executive Director, ASSIST.

The project will culminate with an appreciation and recognition program in December, followed by a Pamaskong Handog with Habitat for Humanity communities that Pru Life UK and Prudence Foundation helped build after typhoon Yolanda

Transforming lives in Bantayan Island

The project was launched at Beach Placid Resort in Santa Fe, Cebu and was attended by local government unit representatives and community leaders of Bantayan Island.

“We are happy to be back in Bantayan Island and see familiar faces. At Pru Life UK, it is our mission to help Filipinos get the most out of life. This project is a big opportunity for us to fulfill our commitment to help Filipinos lead healthier and wealthier lives,’’ says Gizelle Camua, Vice President for Community Investment and Advocacy, Pru Life UK.

Close to 100 micro-entrepreneurs joined a workshop with the theme “MSME Empowerment.” Attendees received modules on business management, finance, and digital marketing materials, which will also be cascaded to 1,000 other micro-entrepreneurs. They also learned best practices from young local entrepreneurs that shared their real-life experiences.

In addition, over 80 mothers with their newborns were given free PRUMedCare Select Infectious Disease coverage plan as part of the PRUBabies campaign. The coverage offers cash assistance for diagnosis and death due to any of the four common types of infectious diseases: dengue, typhoid, measles, and malaria.

Propelling impactful conversations

Project Padayon is a continuing initiative rooted in Pru Life UK and Prudence Foundation’s commitment to developing Filipino lives through impactful conversations on the importance of financial literacy and health awareness.

Pru Life UK has been actively involved in aiding Bantayan Island since 2013 by means of humanitarian initiatives, including gift-giving programs, the provision of essential food packages, and the establishment of water supply networks alongside the deployment of portable ultrasound machines.

The same year, Pru Life UK and Prudence Foundation launched Build Better Now. The project brought PRUVolunteers all over Asia and the United Kingdom to build 126 disaster-resilient homes and disseminate 183 motorized boats with fishing nets and 140 cycle pedicabs to Yolanda survivors on the island. Build Better Now ran until 2017 and earned the Award of Merit under the Communications Management – Corporate Social Responsibility category.

NewsMakers

RLC Residences gets global recognitions in Dubai

The awards also came in time for the brand’s efforts to expand its network in Dubai, as RLC Residences prepares to open its new office in the city. This strategic move aims to provide delightful customer service to investors and homebuyers in the Middle East region who have long supported the brand and its projects.

Published

1 week ago

November 20, 2023

ZestMag.com Staff

In a promising kickoff to the month, the residential division of Robinsons Land Corporation, RLC Residences, has clinched two prestigious awards for its dedication to constructing beautiful, well-designed condominiums in the Philippines.

Dubai-based International Business Magazine Awards hailed RLC Residences as the recipient of Real Estate Developer of the Year Philippines and Best Property Development Company in the Philippines 2023 during its recent awarding ceremony at Atlantis The Palm, Dubai. The annual awarding ceremony honors the extraordinary accomplishments of companies from various sectors such as real estate in the Middle East, Europe, Asia, Africa, and America.

“It is an honor to receive international recognitions like these for RLC Residences. We are proud of the work that we do and of our commitment to building nurturing condo spaces so our homeowners can design and live their best lives. Thank you so much, International Business Magazine Awards, for recognizing our efforts to Raise, Live, and Connect not just here in the Philippines but also in other parts of the world,” says Karen Cesario, RLC Residences Senior Director, Marketing Head and Chief Integration Officer.

Now in its 6th year, the International Business Magazine Awards annually highlights the exemplary endeavors of corporations that consistently demonstrate exceptional leadership abilities. This UAE-based online publishing company continuously strives to acknowledge and appreciate the hard work and dedication to achieving success in the competitive world of international business.