Pioneer’s Microinsurance Business Grows 300% from 2010 to 2011

Pioneer has reported growth in their microinsurance program from 2010 to 2011. From 160,000 enrollees in these programs in 2010, the number grew by 300% and is close to half a million at the end of 2011.Pioneer Life President and CEO Lorenzo Chan attributed this progress first and foremost to the company’s willingness to be a pioneer. He cited the group’s ability to foresee and respond to market demands. This has been formed in part by its expertise in life and non-life insurance which allows customization of coverage packages. “The microinsurance market is simple yet comes with its own set of requirements. The situation is such that we must simplify forms and processes and ensure ease of claims filing. We took up that challenge,” he emphasized.

For microinsurance, Pioneer continues to simplify its forms, the application process requires no exams, and claims are settled within an average of 5 days from notice of loss. The fast processing of claims is particularly significant to the members of this market, whose need for funds to get back on their feet after death, disability or disaster is immediate. Pioneer VP for Microinsurance Geric Laude also mentioned strong government support for microinsurance as a factor for growth.

“As more people become aware of microinsurance and as more programs and products are created, we see a further increase in demand. Pioneer is preparing itself for this inevitability,” he explained. “In the next 3 to 5 years, we expect to at least duplicate the growth trajectory that we’ve had.” Mr. Chan reiterated the company’s commitment to the microinsurance market. “Back in 2008, when we began retailing affordable insurance products with easy-to-understand forms, we were one of the few who believed that microinsurance was worth going into,” he shared.

“Today, as we see our coverages enabling more and more claimants to get back on their feet after a tragedy, we’re encouraged to continue making insurance available and affordable to the market that needs it most.”Pioneer recently dug into its treasure trove of lives touched and has produced a series of short films.

Titled “Pioneer True Stories”, these films feature survivors and/or beneficiaries sharing their stories in their own words of how insurance and Pioneer helped save them and/or rebuild their lives after tragedies. It is the fervent intent of Pioneer that by answering the usual questions – why insurance and why Pioneer – these short films will compel more Filipinos to secure their future, protect their lives and what matters to them with Pioneer - the Filipino company with a heart.

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