Robinsons Bank partners with Pru Life to offer insurance products
Robinsons Bank is expanding its product line by offering life insurance.
The bank owned by bilyonaryo John Gokongwei has teamed up with British firm Pru Life UK to offer life insurance products to its banking clients.
The two companies formally signed the agreement on Tuesday, Jan. 9.
“Bancassurance has always been a significant part of our ‘Roadmap to 2020’ strategic plan, and it is important that we find the right partner who would help us deliver the best product choices to our customers,” Robinsons Bank President and CEO Efren Antonio Sarte said in a GMA News Online report.
Sarte added that they chose Pru Life as its insurance partner given its “considerable experience and wide global presence.”
For its part, Pru Life President Antonio de Rosas said the tie-up with Robinsons Bank will help grow expand their distribution lines and unlock new sources of growth and income.
De Rosas said they are working on offering investment-linked insurance policies, but is still pending regulatory approval.
The partnership will be able the insurer to grow revenues, Pru Life president and CEO Antonio de Rosas said.
“We just started, so you can expect as the year goes it will be more and more until it grows a significant portion of the business,” De Rosas told reporters on the sidelines of the signing ceremony.
Pru Life has secured regulatory approvals to sell traditional products in Robinsons Bank branches and is now in applying for selling investment-linked products.