(T)he pandemic fast-tracked their financial transformation, particularly because some of them lost their jobs or experienced reductions in their total family income as a result of the economic disruptions. This caused shifts in their behavior that emphasize the importance of saving, investing and prioritizing necessities
Filipinos are seeking more digitally enabled insurance and investments to secure their protection, according to a recent study by Manulife Philippines.
According to the report, The Modern Filipino Family Exploring family dynamics and digitalization in the new normal, Filipinos have embraced the convenience brought by digitalization in their day-to-day life, that they have also looked online to invest and buy insurance products.
“This underscores the insurgence of fintech and insurtech, so we need a more holistic ecosystem that can truly serve the evolving needs of Filipinos,” the report said.
Manulife Philippines in particular is accelerating its digitalization efforts by enhancing its digital platforms and services, such as Manulife Online, Manulife Online Mobile App and Manulife Shop.
“Our digital services at Manulife are focused on addressing the most common pain points related to insurance, such as information access, financial literacy, affordability and ease of use,” Ivan Buenaventura, chief information officer of Manulife Philippines, said.
According to the study, four in 10 Gen Zs intend to buy insurance online over the next 12 months from the survey period.
Top reasons mentioned why survey participants opt to buy insurance online across segments include convenience, sense of security and protection.
Meanwhile, according to Paul Lu, head of wealth solutions for Manulife Investment Management Philippines, the company has been attracting a growing number of investors in its diverse range of unit investment trust funds, especially among Filipino millennials and Gen Zs.
The insurer said online platforms have been instrumental in broadening financial awareness on reliable investment strategies such as long-term investments and diversification.
“Since the onset of the pandemic, the total number of our millennial and Gen Z clients has more than doubled, accounting for more than half of our client base,” Lu said.
“Based on our study, the pandemic fast-tracked their financial transformation, particularly because some of them lost their jobs or experienced reductions in their total family income as a result of the economic disruptions. This caused shifts in their behavior that emphasize the importance of saving, investing and prioritizing necessities,” he added.
