In the recently concluded 17th Philippine International Hot Air Balloon Fiesta, a thousand bright yellow Sun Life kites flew across the Clark airfield skyline. Soaring high, it heralded the steady expansion of Sun Life Financial-Philippines (SLFP) into the country’s different regions, as befitting its first and longest-standing life insurer.
Started two years ago, Sun Life’s regional expansion program boasts of 28 Inter-branch Sales Offices (ISOs) & four satellite offices covering all the major regions of the country. Indeed, this program bears witness to the company’s mission of bringing financial freedom to every Filipino — wherever they may be.
Reach is a critical component of a healthy insurance industry, and this is where the very heart of the regional expansion program lies. “We hope to do more not just for Sun Life but for the industry in general, since we believe that a healthy insurance industry is a critical component in nation building,” affirmed SLFP Head of Business Development Deo G. Orpilla.
Such a noble undertaking is viable, as the Philippines has one of the lowest insurance penetrations in Southeast Asia, hovering a little above 14%. According to Orpilla, the project would ensure that whenever a Filipino needs a financial solution, Sun Life would be readily available and accessible.
“Aside from the diligence of our advisors and excellence in handling the finances of our clients, the whole Sun Life experience is such a rewarding journey, one that will make financial freedom easier to reach,” shared Orpilla. He noted that an integrated sales and marketing campaign, special tactical projects, and market alliances could further elevate the program to new heights. Expansion would also cover infrastructure such as ISOs and increasing its agency force.
Since 2009, SLFP’s regional expansion project tripled its sales from P185 Million to P516 Million. In 2011, Sun Life’s ISOs increased by four fold. It now has 28 offices to serve the financial planning needs of Filipinos. By reaching to other segments, Sun Life is bound to reap more success for 2012, anchored by a solid performance last year.
Orpilla revealed that the regional expansion program achieved 168% of its 2011 revenue target. This also led to gainful employment, delivering 108% of the expected manpower target. All while managing expenses at the prescribed level, taking into consideration the volatility of global economy.
“Despite the economic challenges we are facing, Sun Life is prepared and determined to secure a stable future for all Filipinos. Through the regional expansion program, we can help fulfill dreams and shape a generation where finances is part of our national identity,” mused Orpilla.
