IC approves PruLife-Robinsons Bank tie-up
This foreign insurer will have a wider footprint in the Philippines.
The Insurance Commission (IC) has allowed the Pru Life of UK to partner with Robinsons Bank in order to sell more insurance products in the country.
The IC made the announcement on Monday, April 16, saying that the bancassurance deal is a go.
“This will enable Pru Life of UK to sell its traditional life insurance products throughRobinsons Bank’s 134 branches nationwide,” Commissioner Dennis Funa said in a statement.
He added that Pru Life will have the exclusive right to sell its products to customers of the bank owned by bilyonaryo John Gokongwei for three years.
Funa pointed out that bancassurance is “an effecitve strategy” for both providers and the public.
There 15 insurance companies who have tied up with local banks for cross-selling their products.