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How tailored microinsurance products are key to relevance and adoption in PH

As an insurtech, Igloo and its partners have been instrumental in facilitating a wide array of microinsurance products that safeguard the unique needs of digital natives and underserved sectors.

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For most people, understanding insurance boils down to the four most common types: life, health, auto, and long-term disability. While awareness of insurance importance is increasing, the aforementioned traditional insurance products are failing to resonate with many people due to various reasons including affordability, accessibility, and relevance. These factors have largely contributed to the low insurance penetration in the Philippines, which stands at 1.68% as of September 2023. 

This is where microinsurance is changing the game as insurtechs and insurance companies have introduced personalized microinsurance products that cater directly to the unique lifestyles and needs of Filipinos as they go through various stages of their lives. As an insurtech, Igloo and its partners have been instrumental in facilitating a wide array of microinsurance products that safeguard the unique needs of digital natives and underserved sectors. These products run the gamut from travel insurance, to electronics protection, e-commerce purchase protection, and even protection for the gamers’ health.

“While traditional insurance products may come with high premiums and broad coverage, microinsurance products are designed to provide targeted protection against specific risks that are relevant to our daily lives. By offering affordable products that address immediate needs, microinsurance can serve as the gateway to broader insurance protection and may be key to boosting insurance penetration,” said Roberto Vea, Commercial Lead at Igloo Philippines. 

Among the most popular insurance products Igloo PH and its partners facilitated are Gadget Protection and Online Shopping Protection. In 2023, Gadget Protection sold 10.3 million policies while Online Shopping Protection sold 1.98 million policies highlighting strong customer demand for coverage against electronic device damages and online purchase risks.

“Microinsurance empowers individuals to protect themselves against risks they face today, whether it’s safeguarding their electronics from liquid damage or ensuring affordable coverage for spontaneous travel adventures. At Igloo, we believe it’s important for insurers and insurtechs like ourselves to continuously develop relevant products and make sense for our customers,” Mario added.

As of September 2023, microinsurance premiums in the Philippines have increased by 19.6% to P10.16 billion, and over 56 million Filipinos are now insured under microinsurance policies. 

“The growth of the microinsurance industry underscores how the approach to insurance awareness is no longer one size fits all–it must evolve alongside our digital-first lifestyles, safeguarding our ever-expanding virtual assets and providing peace of mind in the face of modern risks,” Vea explained. “This also means ensuring that the products are where our consumers are–online, thus making sure that the entire buyer’s journey from consideration, to purchase, and claims must be easy, accessible, and uncomplicated.”

According to a recent study conducted by Manulife, 41% of Gen Z individuals (aged 18-24 years old, according to McKinsey) plan to purchase insurance online in the next 12 months. Furthermore, the study found that 33% of millennials (aged 25-44 years old) have already bought insurance online. This indicates that younger generations are increasingly preferring and adopting online channels for purchasing insurance.

This is where the availability of embedded insurance was able to expand the channels of distribution, providing consumers with a convenient way to discover, evaluate, and purchase products in just a few clicks. Igloo does this through partnerships with major e-commerce platforms like Lazada and Shopee, leading payment platforms such as DANA in Indonesia and GCash in the Philippines, and retail chains like Circle K in Vietnam.

“As Igloo continues to play a vital role in making microinsurance accessible to millions of Filipinos, we remain committed to prioritizing products that not only raise insurance awareness and adoption but are also relevant, innovative, and customer-centric,” Vea ended.

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Watson boosts global expansion, unveils 16,800th store worldwide

This store was opened in Rotterdam, marking a remarkable milestone in AS Watson’s ongoing expansion and its commitment to delivering a seamless and exceptional O+O (Offline plus Online) customer experience.

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As Watson, the parent company of Watsons Philippines, announced the grand opening of its 16,800th store worldwide, further consolidating its position as the world’s largest international health and beauty retailer, with a portfolio of 12 brands operating across 29 markets. This store was opened in Rotterdam, marking a remarkable milestone in AS Watson’s ongoing expansion and its commitment to delivering a seamless and exceptional O+O (Offline plus Online) customer experience.

Dr. Malina Ngai, Group CEO of AS Watson, expressed her excitement at the store opening ceremony, “The opening of our 16,800th store represents more than our growth as a company – it symbolises our commitment to serving the communities worldwide. With every store we open, we create jobs, foster customer relationships, and build lasting trust.”

“16,800 is a number with special meaning in Chinese culture. The number 6 symbolises ‘everything goes smoothly’ while 8 represents ‘good fortune’. We embrace the special meaning of this milestone and look forward to a future of lasting success and prosperity, not only for our business growth but also in extending these best wishes for a brighter future for the world during this festive Christmas season,” Malina added.

Commitment to Continuous Growth

Ed van de Weerd, CEO of AS Watson Benelux, remarked, “We’re honoured that AS Watson’s 16,800th store worldwide opens in vibrant Rotterdam, demonstrating AS Watson’s steadfast commitment to growth in the Benelux region and globally. As the No. 1 health and beauty retailer in the Netherlands, Kruidvat serves its customers with nearly 1,000 O+O stores and over 24,000 passionate colleagues and has become an integral part of many Dutch people’s lives.”

The brand-new store will serve over 11,000 customers every week. As one of the largest Kruidvat stores, it spans over 770 square meters and is designed to enhance O+O shopping experience with clear in-store navigation. The store offers an extensive assortment of over 36,000 products, making it the largest selection among all Kruidvat stores.

Watsons Philippines operates in over 1,100 stores nationwide, reflecting its commitment to bringing health, wellness, and beauty closer to every Filipino. Enhancing this experience is the Watsons app, which provides customers access to exclusive deals, personalized recommendations, and convenient services such as Click & Collect and home delivery.

Looking ahead, AS Watson remains committed to innovation and excellence in customer experience, and will continue its growth journey with the purpose of putting a smile on the customers’ faces today and tomorrow. 

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AIA PH powers health and wellness with over 9,000 runners at Rock ‘N Roll Running Series Manila

Manila, the only Asian stop on the global Rock ‘n’ Roll tour, offered runners a choice of 5K, 10K, 21K, and 42K distances on a unique AIMS and World Athletics-certified course, highlighting the city’s historical beauty.

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AIA Philippines has continued to champion its purpose of helping people live healthier, longer, better lives by supporting the 2024 ASICS Rock ‘n’ Roll Running Series Manila as presenting sponsor for the second consecutive year. Held on November 23-24, 2024, the event brought together over 9,000 runners from 58 countries, transforming Manila’s streets into a dynamic celebration of fitness, music, and community spirit.

Manila, the only Asian stop on the global Rock ‘n’ Roll tour, offered runners a choice of 5K, 10K, 21K, and 42K distances on a unique AIMS and World Athletics-certified course, highlighting the city’s historical beauty. Runners, from first-timers to seasoned marathoners, enjoyed live music along the route, passing iconic landmarks like Rizal Park, the National Museum, Fort Santiago, and Binondo Chinatown, before culminating in a spectacular finish-line festival.

“We’re thrilled to be part of the lone Asian stop for this global celebration of health and wellness,” said AIA Philippines Chief Marketing Officer Melissa Henson. “The Rock ‘n’ Roll Running Series embodies our mission to inspire Filipinos to embrace an active lifestyle and invest in their health and well-being. This event is a celebration not just of fitness, but also of the community spirit and joy that come with achieving personal goals.”

In partnership with The Ironman Group, AIA’s involvement went beyond the race. The AIA Health and Wellness Expo, which kicked off during the race week, became a central hub where participants could access exclusive promotions, expert advice, and exciting brand activations. “We’re proud to support this growing community,” said Henson. “Our involvement in the Rock ‘n’ Roll Running Series is just one of the many ways we’re encouraging Filipinos to prioritize active living and build connections within their communities.”

To amplify its broader mission, AIA launched the AIA One Billion initiative, which aims to engage a billion people across Asia in healthier lifestyles. This drives the company’s initiatives to support major events like the Rock ‘n’ Roll Running Series Manila, which empower participants to take charge of their health, while creating a lasting impact across communities.

With a finish-line festival featuring top local bands and a celebratory atmosphere, the event was more than just a race — it was a community celebration of personal wellness and achievement. Runners were treated to exclusive race perks, including event shirts, finisher medals, and unforgettable entertainment along the course. The energetic post-run festival, with live performances by Reujen Lista & the Trinidad Band, Brad & Nina Band, Gracenote, and Jason Fernandez, captured the unique spirit of Rock ‘n’ Roll.

Looking ahead, the 2025 Rock ‘n’ Roll Running Series Manila will be known as the AIA Rock ‘n’ Roll Run, with AIA Philippines as title sponsor. AIA is committed to raising the bar even higher through expanded entertainment, enhanced course features, and new wellness initiatives are set to deliver an even more memorable event.

AIA Philippines is committed to building a healthier future for Filipinos, and the Rock ‘n’ Roll Running Series will continue to be a key part of that vision. With AIA’s continued support, the event is set to inspire even greater participation, foster healthier lifestyles, and showcase the transformative power of movement for years to come.

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Manulife Investment Management launches Manulife Global Income Feeder Fund

The Fund provides investors access to US Dollar-denominated fixed income and fixed income-related securities of issuers globally, giving them high-quality and stable income generation opportunities. Investors may access the Fund for as low as US$1,000 or PHP1,000.

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Manulife Investment Management and Trust Corporation (“Manulife Investment Management Philippines”) announces the launch of the Manulife Global Income Feeder Fund (the “Fund”), a unit investment trust fund (UITF) that aims to provide a high-quality, low-volatility income opportunity by seeking the best sources of income across the entirety of the fixed income universe.

The Fund provides investors access to US Dollar-denominated fixed income and fixed income-related securities of issuers globally, giving them high-quality and stable income generation opportunities. Investors may access the Fund for as low as US$1,000 or PHP1,000.

“The Manulife Global Income Feeder Fund offers an all-weather wealth solution that combines the entirety of the fixed income universe, including traditional and non-traditional sources of income.  It provides high and sustainable opportunities that can help investors maximize their financial portfolio’s income generation across economic and interest rate cycles,” said Aira Gaspar, President and Chief Executive Officer, Manulife Investment Management Philippines.

The Fund is the newest product in Manulife Investment Management Philippines’ distinct suite of UITFs for different investment objectives, and will be part of the investment firm’s newly introduced “Better Income” campaign. Through this campaign, Manulife Investment Management Philippines aims to empower investors to elevate their financial journey by giving them investment choices based on their unique financial goals, needs, risk tolerance, and life stages. 

Interested investors may open a UITF account online through Manulife iFUNDS, a secure digital investment platform that makes it easy and convenient for investors to manage their UITF investments. For more information on fund options that best suit your investment goals, you may contact a Manulife Wealth Specialist or visit www.manulifeim.com.ph.

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