Robinsons Bank and Pru Life UK establish bancassurance partnership
Gokongwei-led Robinsons Bank and British life insurer Pru Life UK today announced the establishment of a strategic bancassurance partnership in a distribution agreement signing held at Crowne Plaza Galleria Manila.
Through this partnership, Robinsons Bank will be able to further serve its extensive network of customers by providing them Pru Life UK's life insurance products that will complement access to comprehensive financial protection, subject to regulatory approval.
Demand for life insurance products has been rising in the Philippines, buoyed by continued economic growth, growing affluence on the back of an expanding middle class, and a low insurance penetration rate.
Elfren Antonio Sarte, Robinsons Bank President and Chief Executive Officer (CEO), said, “Bancassurance has always been a significant part of our 'Roadmap to 2020' strategic plan, and it is important that we find the right partner who would help us deliver the best product choices to our customers. After a lengthy search, we are happy to announce our partnership with Pru Life UK, a well-regarded insurance company with considerable experience and wide global presence.”
Antonio De Rosas, Pru Life UK President and CEO, said, “We are very pleased to kick off 2018 by having Robinsons Bank as our new partner. By combining our quality product offering with Robinsons Bank’s strong distribution platform, we are confident this alliance will benefit Robinson Bank’s customers by providing them with easy access to Pru Life UK’s solutions that suit their growing protection needs. We look forward to building a strong relationship with Robinsons Bank as we continue to fulfil our goal of making life better for Filipinos through our life insurance products and solutions.”