Following Bangko Sentral ng Pilipinas (BSP) approval for banks to cross-sell insurance products, United Coconut Planters Bank (UCPB), together with United Coconut Life Assurance Co., Inc. (Cocolife) and UCPB General Insurance Company, Inc. (UCPB GEN), launched the Bancassurance Program in a Kickoff Party held at the House Manila in Pasay City, April 7.
Lead by its respective presidents, Mr. Higinio “Joey” O. Macadaeg, Jr. of UCPB, Mr. Elmo A. Nobleza of Cocolife, and Mr. Isabelo P. Africa of UCPB GEN, officers and employees of the three companies gathered to support the launching of the program.
The bancassurance license allows UCPB to offer life and non-life insurance products through its 188 branches nationwide. All of UCPB GEN’s product lines and packaged products are available.
Branches from Metro Manila Regions 1 to 7, North-Central Luzon, South Luzon, Visayas and Mindanao has to reach a certain target premium production for one year. Head Office divisions such as Corporate and Commercial Banking Group, Consumer Banking Group and UCPB Leasing and Finance were also given their respective targets. The total bank target is PHP 212.5M gross premiums written for non-life insurance products.
“This program is beneficial to all of us. With the bank’s established reputation and brand, we are assured that our products are promoted to reach a wider scope of the market,” UCPB GEN President Africa said in his speech during the launch.
During the event, top referrers from the bank for 2016 were recognized. Hermilo Bagabaldo of Lacson-Galo Branch was the Top Referrer while the Lacson-Galo Branch was the Top Branch. North-Central Luzon emerged as the Top Region.
Meanwhile, to motivate bank officers and associates to sell the insurance products, UCPB GEN offered an incentive program rewarding the top regional head, branch manager, sales officer, non-sales associate and head office associates upon reaching a target minimum production.
The reward is an all-expense paid trip to Seoul, South Korea. Promo period runs from January to June 2017. Cocolife also offers a similar incentive with their own specific premium requirements.
In a press release published last year, UCPB President Macadaeg mentioned that this program will allow them to expand and complete product offering for the clients to have more options to protect their funds.