Insurance Innovator a Partner for Life for Filipinos
Country Bankers Life Insurance Corporation (CBLIC) lives up to its motto, “Filipinos’ Partner for Life”. The innovative company was founded in 1965 at a time when the local insurance sector focused on high-end customers. CBLIC, bucking this trend, decided to offer life-insurance products for low-income Filipinos, including farmers, individual entrepreneurs and residents of rural areas, who were then able to use their insurance coverage as collateral for loans.
Geraldine Desiderio-Garcia, Senior Vice President and granddaughter of the company’s founder, is committed to continuing to make insurance accessible to Filipinos in the low-income bracket by offering coverage at a rate of only one peso per day. She says, “CBLIC is also known for not denying claims unless they are fraudulent. CBLIC has touched the lives of thousands of Filipinos who have been able to find greater stability and security because of our products.”
CBLIC has earned the trust of its customers thanks to its reliability and value-added services, including rapid settlement of claims and an extensive distribution network through rural banks, cooperatives and financial institutions. The company’s current goal is to boost awareness of the value of life insurance among the Filipino population. CBLIC also aims to get involved in the government’s PAGIBIG housing-insurance initiative.
Open to foreign investors and partners
To keep its growth on track, CBLIC is looking for foreign investors and partners. “We hope to have foreign investors or partners soon without changing CBLIC’s culture and legacy. Our company’s core value is its commitment to the Filipino public,” Ms. Geraldine Desiderio-Garcia explains. She adds that the Filipino insurance sector needs new technologies, particularly for mobile-banking services that can reach residents of rural areas.
Looking to the future, CBLIC will continue to live up to its promise to be a “partner for life” for Filipinos.