Leading life insurer Pru Life UK and JG Summit’s financial services arm Robinsons Bank today announced the renewal of their strategic bancassurance partnership at a virtual signing ceremony.
The renewed agreement extends Pru Life UK’s and Robinson Bank’s distribution partnership for another three years effective February 1, 2021, ensuring Filipinos’ easy access to protection through affordable life insurance products. The two parties formalized their original three-year partnership in January 2018, signaling the start of Pru Life UK officially distributing its life insurance products exclusively through Robinsons Bank’s 154 branches across the country.
Through its bancassurance venture IPONsurance, Robinsons Bank is able to leverage its extensive network to offer its customers Pru Life UK's life insurance products that will provide Filipinos with better and more affordable choices toward a financially secure future.
Demand for life insurance products has been rising in the Philippines amid the health concerns of the pandemic and buoyed by growing awareness of the importance of protection, on the back of an expanding middle class and a low insurance penetration rate.
Antonio G. De Rosas, Pru Life UK President and CEO, said, “We are very pleased to jumpstart 2021 by renewing our bancassurance partnership with Robinsons Bank. For another three years, this alliance will benefit Robinson Bank’s customers by providing them with easy access to Pru Life UK’s solutions that meet their growing protection needs. We look forward to fostering a stronger relationship with Robinsons Bank as we continue to fulfil our purpose of helping Filipinos get the most out of life through our life insurance products and solutions.”
Elfren Antonio S. Sarte, Robinsons Bank President and CEO said, “Robinsons Bank and Pru Life UK’s shared vision for its customers has led to a very fruitful partnership. Our IPONsurance product has allowed more Filipinos to get the financial security and stability they need while enjoying financial services that were once difficult to attain. We are very grateful that through this partnership, we can continue to empower our kababayans to take hold of their brighter future.”