AIA Philippines captures its double win at the Insurance Awards Asia 2021
Since its inception in 2016, the Insurance Asia Awards has recognized over 100 companies from all over Asia.
AIA Philippines (AIA Philippines Life and General Insurance Co) was recognized twice for its Insurance and Education Initiatives at the prestigious 2021 Insurance Awards Asia (IAA), besting entries from other life insurers across the region.
The awards program, which lauds Asia's most exceptional insurance organizations, recognized AIA Philippines for its outstanding innovation and financial inclusion initiatives that provided protection coverage for the nation's healthcare workers at the height of the pandemic, and sought to educate the future generation of working Filipinos on financial planning.
With millions affected by COVID-19 worldwide, AIA Philippines launched the Frontliners Inclusive Risk Safety neT (FIRST) Initiative, providing free compassionate benefit coverage worth PHP50,000 ($1,000) to 30,000 to medical frontliners, which translates to PHP1.5 billion ($29.92 million) in total sum assured. The compassionate benefit covered on-duty health workers in AIA Philippines partner hospitals and included orderlies, nursing aides, housekeeping and security personnel assigned to exposed areas. This nationwide initiative, which started last April 2020, has covered 59 hospitals and partners, ensuring a safety net for the families of Filipino healthcare workers if they pass away due to the novel coronavirus.
AIA Philippines’ coordination with hospital human resources departments adequately executed the claims disbursement for the healthcare staff while ensuring their privacy. In the past nine months, there have been three claims, one beneficiary each from Rizal Medical Center, Makati Medical Center, and the Philippines Air Force.
AIA Philippines through Philam Foundation, its corporate social responsibility arm, launched 'My Peso and I, in collaboration with CHED (Commission on Higher Education), and the Technical Working Group comprised of the Bangko Sentral ng Pilipinas (BSP), Insurance Commission (IC), Securities and Exchange Commission (SEC), Philippines Deposit Insurance Corporation (PDIC), and the National Economic Development Authority (NEDA). The program is a three-unit course tailored to provide personal financial know-how to graduating college students. Philam Foundation is currently lodged under the ESG arm of AIA Philippines.
This program is AIA Philippines’ answer to the data that only one out of four Filipinos are financially literate and actively saving. The objective of the course is for college students to understand basic financial concepts, as well as expose them to investment options available. Through My Peso and I, future graduates will know the basics to avoid falling victim to scams, have a taste of equities trading through a stock market simulation, and learn how to create a plan that will help them achieve their future financial goals.
Watch the interview below to know more about their winning projects: