In a decisive move to address the low insurance penetration in the Philippines, Cebuana Lhuillier is stepping up to fulfill a vital mission highlighted by Department of Finance Secretary Ralph Recto during a recent address to the Life Insurance Industry Association. The Secretary emphasized the urgent need for accessible insurance options that do not impose heavy financial burdens on households. Cebuana Lhuillier aims to be a key player in this initiative, drawing on its extensive experience in the financial sector and its innovative solutions.
Secretary Recto specifically advocated for microinsurance as a strategy to enhance household stability without incurring significant costs. With its long-standing reputation as a pioneer in microfinance, Cebuana Lhuillier is reaffirming its position as a leading institution in the microinsurance landscape. Over the years, the company has developed a wide array of insurance products that have reached millions of Filipinos across the country.
Cebuana Lhuillier’s microinsurance offerings, such as Protectmax, provide comprehensive coverage that includes life, accident, fire assistance, and emergency medical services. In addition, the company has introduced Healthmax, which allows Filipinos to access Health Maintenance Organization (HMO) coverage for an annual fee of just PHP3,000, granting PHP150,000 in health benefits. The company’s family Personal Accident insurance is also noteworthy, offering PHP2.5 million in coverage for only PHP600 per year.
Cebuana Lhuillier President and CEO Jean Henri Lhuillier articulated the company’s commitment to making affordable insurance accessible to all Filipinos, particularly those in the C, D, and E market segments, which constitute a significant portion of their clientele. “Our goal at Cebuana Lhuillier is to make affordable insurance in the Philippines accessible to every Filipino, particularly those in the C, D, and E market, who make up the majority of our clientele. We’ve developed insurance plans starting at just PHP 50, ensuring that even the most vulnerable communities can protect their families and their futures. This approach underscores our commitment to financial inclusion and our mission to serve the broader Filipino population with affordable insurance in the Philippines,” Lhuillier said.
With a focus on inclusivity and affordability, Cebuana Lhuillier is dedicated to advancing financial inclusion in alignment with Secretary Recto’s vision for the growth of the local microinsurance sector. As the company plans to expand its insurance product portfolio, it aims to cater to an even broader audience, reinforcing its role as a transformative force in the Philippine insurance industry.