UnionBank, Insular Life enter Bancassurance partnership
Abiotiz-led Union Bank of the Philippines (UnionBank) has entered into a bancassurance partnership with Insular Life Assurance Company, Ltd. (Insular Life).
UnionBank and its thrift bank, City Savings Bank, will distribute and sell products of the 106-year-old insurance company, the bank said in a disclosure to the stock exchange on Monday, January 30.
“At the end of each day, we UnionBankers always ask ourselves whether we served our customers in a way that helped them elevate their lives and fulfill their dreams. Before this partnership with Insular Life, I was always hesitant to answer “yes” convincingly, as I thought we missed an important and basic component – insurance,” UnionBank President and Chief Operating Officer Edwin R. Bautista said in the disclosure.
“I am therefore delighted that we are finally completing our product suite, and even more thrilled that we are signing with a company that has a long history of being our partner. We see this partnership enduring for decades,” he added.
Insular Life Chief Executive Officer Nina D. Aguas emphasized that the partnership between Union Bank and the first and largest Filipino life insurance company intends to reach out to more Filipino families communities.
“As with any partnership, there is no greater feeling than that of finding the right Bancassurance partner and together, offering products and services which impact Filipino families and communities in a profound way. For us in Insular Life, that’s UnionBank,” said Insular Life Chief Executive Officer Nina D. Aguas, adding that UnionBank embodies Filipino values the same way the insurance company does.
“Together, we will continue to create value for the stakeholders of our two great companies and assert leadership in our respective industries”, Aguas added.
Through the new partnership, Insular Life will benefit from UnionBank Group’s network of over 300 branches and offices with more than six million customers.