More than eight million Filipinos are now covered by microinsurance through Cebuana Lhuillier.
This accounts to 30 percent out of 26.6 million Filipinos covered by some form of microinsurance product, as shared by the Insurance Commission in the first quarter of 2017.
Cebuana Lhuillier, the country’s premier microfinancial solutions provider, has also managed to settle more than 180 million pesos in claims, providing every day Filipinos with financial security and protection during times of natural calamities and personal tragedies.
As an intermediary, the company has become a key contributor of the government in ensuring all Filipinos have access to microinsurance if and when they need one.
In fact, no other distribution channel in the country has achieved Cebuana Lhuillier’s wide market reach when it comes to microinsurance.
The company’s thrust to reach as many Filipinos as possible and educate them on the value of a microinsurance coverage is part of the 30-year old brand’s advocacy on financial inclusion.
“Cebuana Lhuillier firmly supports the government’s thrust for wider microinsurance penetration in line with its war against poverty. We are proud to be of help to the Insurance Commission reach its goal of having 60 to 70% of the population covered by microinsurance by 2020,” Cebuana Lhuillier president and CEO Jean Henri Lhuillier said.
From a small pawnshop catering to families and workers in Pasay, Manila, the 30-year old pawnshop brand has evolved into a full-scale microfinancial services company, offering services as diverse as pawning, remittance, microloans and microinsurance.
“The allure of microinsurance is that it’s accessible to everyone. With low premiums, simplified requirements and faster pay-outs compared to traditional insurance plans, microinsurance allows Filipinos—particularly those in low-income and middle income segments—to have insurance coverage.
We are honoured to be given the opportunity to serve the marginalized who are the most vulnerable to risks brought by calamities, illnesses or accidents,” Lhuillier adds.
Cebuana Lhuillier offers a wide-range of microinsurance solutions —from individual life and non-life insurance to group insurance for micro and small enterprises — are all affordable, easily available and within reach.
A top draw among individuals is the Alagang Cebuana Plus (ACP) Gold, a microinsurance product designed for individuals aged seven to 70 years old. For as low as 40 pesos for an insurance coverage valid for four months, plan holders are given access to the following benefits: life insurance, Accidental Death/Dismemberment & Disability (ADD&D), Fire Cash Assistance (FCA), and rider benefit for unprovoked murder and assault.