As part of efforts to drive financial literacy amongst Filipinos, Philam Life, the country’s premier life insurer, taps the power of social media for its online campaign that seeks to help Filipinos from all walks of life better understand the value of life insurance.
The campaign, dubbed as Life Insurance 101, debuts this month on YouTube, the world’s largest video sharing site, and consists of a series of easy-to-understand animation clips that intend to educate the market on what life insurance is all about, its value, and what to look for in your life insurance company of choice – in a way that is fresh, friendly, simple and easy to understand.
The campaign also seeks to address Filipinos’ misconceptions about life insurance. The Life Insurance 101 videos are also available on Philam Life’s Facebook page and website, and can be shared through various social media sites.
“We believe that awareness and knowledge on life insurance will pave the way for the financial empowerment of Filipinos,” said Philam Life senior vice president and head of marketing Jessica Abaya. “We seek to harness the power of social media to make them appreciate life insurance products as important tools in planning their future.”
According to a Philam Life consumer study, a significant barrier to owning a life insurance is the lack of understanding on how it works. Through its financial literacy program, Philam Life wishes to bridge this knowledge gap and subsequently sustain its commitment as The Real Life Company that is genuinely engaged in real people’s lives, providing solutions and plans that turn real-life struggles into success.
Another Philam Life study revealed that insurance remains a non-priority need for most Filipinos, with the country’s insurance penetration rate at a very low 4 per cent of the country’s population. The study also showed that Filipinos still consider insurance at the bottom of their list of priorities.
“We see this low insurance take up in the country as an opportunity to propagate the value of insurance to a greater number of Filipinos, spurring them into making wise financial decisions that will allow them to achieve financial security and prosperity,” added Abaya.