MANILA - Philam Life acknowledges that insurance penetration in the Philippines remains very low, but the company hopes to change that by attracting more millennials via its health and wellness offerings.
"We know that millennials are into healthy living," Philam Life Chief Executive Officer Ariel Cantos told ANC's The Boss.
"We realize that they are into health, and that's why we're going into this space," he added.
Cantos related that many young people embrace the concept of "total wellness."
"But in addition to that, we noted that health is the primary concern of most Filipinos," he said.
Cantos said that currently, just 1.6 percent of the population is insured, way below the ASEAN average of 3 percent.
He said that people still have a very low appreciation of the value of life insurance because there's not much urgency to it
However, he said that they are aiming for a higher engagement with clients as they move into health and wellness on top of their traditional life insurance offerings.
The company also eyes growth by participating in the government's ambitious infrastructure development program.