Sun Life Grepa Financial Inc. (Sun Life Grepa) is marking its 70th anniversary with a strategic focus on innovation and partnerships. The celebration, titled “A Journey to Brighter Futures,” took place at the YSpace in the Yuchengco Museum last 08 March 2024 and brought together industry leaders, including key partners like Sun Life Philippines.
Acknowledging the transformative role of technology, Sun Life Grepa and its collaborators emphasized substantial investments in new technologies and alliances to stay competitive in the evolving landscape of life insurance.
“Filipinos don’t go out looking for insurance. They are more about being approached and convinced that life insurance is good for them,” according to Riza Mantaring, a board director at Sun Life Grepa, as she addressed the challenge of low insurance penetration in the Philippines, attributing it to the industry’s slower growth compared to the gross domestic product (GDP). Mantaring also pointed out the need for increased awareness among Filipinos regarding the value of life insurance, a factor impeding the market penetration of life insurance policies during an event in Makati City last week. There was a discussion on the current trends and challenges shaping the life insurance sector and explored how Sun Life Grepa is committed to adapting to change and fostering innovation to pave the way for a lifetime of milestones for its clients.
“We are continuing the dream of our founder Ambassador Alfonso Yuchengco to have life insurance for every Filipino family. We want clients to have more access to Insurance; we want clients to make better choices for their protection needs; and we want them to be empowered to sustain their journey towards financial security and living healthier lives. This is our goal as their partner beyond a lifetime,” said Richard S. Lim, President of Sun Life Grepa and the incumbent head of the Philippine Life Insurance Association (PLIA). Lim shared the company’s vision for the future and expressed the commitment to building stronger client relationships by harnessing new technologies, including data analytics, to enhance the overall client experience throughout their financial journey with the company.
Lim’s dual role as the president of PLIA, the recognized trade organization for the country’s life insurance industry by the Insurance Commission, underscores his deep involvement and leadership within the sector. As Sun Life Grepa embarks on its next 70 years, the company aims to navigate the evolving landscape, embracing change, and ensuring a brighter financial future for Filipino families.