With its new agency model, Insular Life (InLife) expects to attract more young Filipinos to join its sales force and double the current 4,000-strong agents by year-end.
In a press briefing last week, InLife president and chief executive Raoul Antonio Littaua said they target to hit 8,000 agents by growing organically instead of poaching, which is an industry-wide practice.
Littaua said millennials and those belonging to the so-called Generation Z who wanted multiple streams of income may be interested to become InLife’s agents. He said some high-performing agents, especially those who belonged to their “millionaire’s club,” would usually earn even double his own salary as InLife chief.
In a statement, the homegrown life insurer said its new InLife Agency Model (I AM) “features Wealth Assure Plus, a customizable life insurance product with investment component to provide higher protection benefit equivalent to a minimum of 10 times the annual regular premium or the policy’s fund value, whichever is higher.”
“Wealth Assure Plus provides faster fund growth because of its low insurance cost, at the same time is anchored on different investment outlets locally and globally. This product may be personalized through attachment of various needed benefits, set up of preferred payment and payout options, and access to fund selection to suit different risk appetites and investment horizons,” InLife said.
“To reach more customers with Wealth Assure Plus, I AM also encourages Filipinos to pursue the financial advisor career, and to share the company’s purpose to help more people achieve their financial goals and prepare for unforeseen events. The model primarily targets young female professionals, Generation Y (millennials), generation Z, high-net-worth individuals, and returning overseas Filipinos to join the life insurance business,” InLife added.
InLife said I AM will change the game in the local business landscape by “offering the most attractive commission and a flexible agency structure to empower financial advisors to grow their insurance business according to their desired career path as individual producer, unit manager, or agency head.”
“InLife financial advisors will enjoy a one-of-a-kind compensation package in the industry under I AM,” Littaua said.