Allianz PNB Life is seeking to help address the protection gap in the Philippines by partnering with reach52, an award-winning social enterprise that has made healthcare more accessible to rural communities.
According to the Insurance Commission (IC), insurance penetration remains low in the Philippines at only 1.69 percent as of September 2019.
Through this partnership, both Allianz and reach52 will work together to help close the protection gap and bring physical and financial health to more Filipinos.
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Allianz PNB Life Partners with reach52 to Address Protection Gap in PH
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“The coronavirus disease 2019 (COVID-19) pandemic has made all of us vulnerable to critical illness and financial instability. Through our partnership with reach52, we are hop-ing to arm Filipinos with the knowledge and protection to better prepare for unexpected crises. The insurance industry has been responsive in providing the benefits under these claims. However, reported claims are still low considering the number of identified COVID-19 positive cases in the country. If this pandemic has taught us anything, it's that securing one's health has to be one of the most important things to do for us and for our families. This pandemic has shown us the importance of having good physical and financial health. With the work we are doing with reach52, we are hoping to help Filipinos achieve both.” ~Alexander Grenz, Allianz PNB Life President, and CEO
To help address the protection gap in the country, Allianz PNB Life is partnering with reach52 – an award-winning social enterprise that has made healthcare more accessible to rural communities in the Philippines, Cambodia, and India.
In June, the Insurance Commission (IC) released the results of an industry survey designed to assess the financial impact of the COVID-19 pandemic and determine how the insurance industry responded to claims. The classification of the claims included medical benefits, death benefits, or other benefits, such as travel inconvenience, travel cancellations and delays, and cash assistance, among others.
The IC survey revealed that the total Covid-19 related claims paid by the industry amounted to P326.95 million, with medical benefits comprising the bulk of the amount at P258.8 million.
According to the IC, insurance penetration remains low in the country at only 1.69 percent as of September 2019. Currently, reach52 operates its on-the-ground services for over 500 communities in the Philippines, Cambodia, and India, with further countries in the pipeline, and have partnerships with over 20 leading global and regional organizations.
“Fifty-two percent of the world’s population still don’t have access to healthcare, and reach52 has been constantly working in finding solutions to help address this. In the Phil-ippines, we are glad to have found a partner in Allianz. With our companies’ combined expertise, we are confident we can achieve a lot to help close the protection gap in the country.” ~Edward Booty, reach52 Founder and CEO
They deliver screening, health worker training, and affordable medicines, insurance, diagnostics, and consumer health products in rural regions that existing services don’t reach. This is achieved through establishing health systems and services in these under-served areas, powered by their mobile apps and tech platforms, community-based workforce, and partnerships with the public and private sector.
Allianz and reach52 will be holding an online media press conference, where both companies are expected to announce the beginning of this major undertaking. Early on, Allianz is already looking into expanding its portfolio to include more microinsurance products.
About Allianz in Asia
Asia is one of the core growth regions for Allianz, characterized by a rich diversity of cultures, languages, and customs. Allianz has been present in the region since 1910 when it first provided fire and marine insurance in the coastal cities of China. Today, Allianz is active in 14 markets in the region, offering its core businesses of property and casualty insurance, life, protection, and health solutions, as well as asset management. With its more than 32,000 staff, Allianz serves the needs of over 18 million customers in the region across multiple distribution channels and digital platforms.
About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life, and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 673 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 80 countries achieved total revenues of 131 billion euros and an operating profit of 11.5 billion euros for the group. These assessments are, as always, subject to the disclaimer provided below.
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