Allianz PNB sets up agency office in Cebu

German-based insurance company, Allianz, in partnership of the Philippine National Bank (PNB) opened its first branch in Cebu City at the Buildcomm Center within the Cebu Business Park on September 24.

The estimated 119 square-meters Hercules branch of the Allianz PNB Life Insurance will serve as an outpost in Cebu City for Allianz agents and for customers who wish to avail of their insurance packages.

According to Cris Cabogsanan, chief distribution officer of Allianz in the Philippines, only 16 percent of Filipinos are insured beyond their employment-based insurance and there is a need to provide the Filipinos security for their properties, medical expenses, and their lives in the case of accident or death.

“The gap of 84 percent is a challenge that we have to face especially that most of the population are millennials. We need to address the basic of savings and life insurance if we want to be at par with the first world countries,” Cabogsanan said.

“Allianz is an agency channel that addresses individual needs. Our mission to address medium to long-term needs of Filipinos. We want to represent the future orphans and widows, and we want to provide dignity to the ill,” he added.

Allianz offers insurance on property, health, money, and life on the cases of accidents of deaths.

Cabogsanan said that Filipinos had been mostly uninformed on savings and insurance which had become a challenge and Allianz had been planning to integrate modern technology such as smartphone applications to bring insurance closer to the millennial generation.

Allianz was established in 1890 at Munich, Germany and started its operation in the Philippines in 2016 through the partnership with PNB which Cabogsan said would serve to integrate the Filipino market easier with the 700 branches of PNB nationwide.

“One of the major channels that Allianz have is the bank assurance. Lahat ng branches ng (All branches of) PNB are also selling Allianz products,” said Cabogsanan.

Cabogsanan said that in 2019 Allianz would go mainly digital in order to follow the paperless trend and to encourage younger generations to avail of the insurance especially with the active lifestyles of most millennials.

Noel Ellorenco, chief agency officer of the Allianz PNB Life Insurance, said that Cebu City would be a good prospect for an Allianz branch since it had been the center of commerce in the Visayas.

“Cebu is an economic power. Everybody is in Cebu. It’s not only about the historic significance of Cebu but I believe that it will also play a very important role in the future. Every major company should be in Cebu,” said Ellorenco.

Rei Abrazaldo, Allianz PNB Life brand communications and digital director, said in a statement that the opening of the Cebu office would be the firm’s long- term investment in Cebu.