MANILA - Insurance provider AXA is convincing millennials in the Philippines to invest in savings and protection while in their mid-twenties by drawing parallels with the country's de facto national sport -- basketball.
Filipinos follow the National Basketball Association with a passion and the company "wanted to ride on that to bring home our message of financial planning," said AXA Philippines president and CEO Rahul Hora.
Aside from the partnership between the NBA, AXA also launched a mobile app that has been downloaded by up to 50,000 plan holders, or roughly a fifth of its 250,000 customers 2 years after it was launched.
"If you look at the plan and the coach part, it's so beautifully linked with the game of basketball, because no basketball game can be won without a plan and without the presence of a coach," Hora said in an exclusive interview with ANC's The Boss.
During the interview at AXA's Philippines headquarters, Hora was hosting a free viewing of the NBA All Star Game between Team Stephen and Team LeBron. Hora said he believes in a casual work environment.
"We believe it helps employees give their best output. We try to not make it a stiff kind of a culture," he said.
A young population, a fast-growing economy that outpaces most of Asia and a partnership with one of the country's largest lenders, Metrobank, gives AXA "amazing" growth opportunities in the Philippines, Hora said.
Millennials should start investing in life and non-life insurance "the moment (they) start earning," Hora said.
"The savings part of the insurance products should get into consideration of the millennials pretty fast. Anything between 25 to 30 (years old), saving a certain amount of money for their future needs," he said.
Hora said AXA's acquisition of the non-life business of Charter Ping An in 2016 helped it become a "one-stop shop" for financial instruments.
The company has had "very good success" in general insurance, particularly in travel, Hora said, crediting the take-up in part to the products' availability online.
"Online platform offers a lot of convenience. We want to take this over to our life products slowly," he said.
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