EastWest bancassurance gets BSP nod

EastWest, one of the country’s fastest growing universal banks, has recently obtained approval from the Bangko Sentral ng Pilipinas (BSP) to engage in bancassurance or the cross-selling of insurance products within bank premises.

“Bancassurance gives us the ability to provide our customers with a wide range of financial solutions to address their needs at every life stage. It also enhances our ability to compete in the local market,” said EastWest Bank Chief Operating Officer Jose Emmanuel U. Hilado.

Bancassurance is a rapidly growing distribution channel for insurance as the economy continues to improve, more people are having a better appreciation of financial planning, and bank customers are seeing the value and convenience of buying the insurance products they need through their banks.

East West Ageas Life Insurance Corporation (EastWest Ageas Life), the bank’s joint venture with Belgium-based Ageas Insurance International NV (Ageas), will soon sell its insurance products at EastWest branch stores nationwide, numbering 433 to date.

“When we launch our bancassurance business early April, customers will have easy access to world-class, lifestyle and life stage-appropriate insurance and protection products. Our advisors are committed to help Filipinos plan and prepare for the future so that they can live their best life today,” said EastWest Ageas Life President & CEO Hans Loozekoot.

The Insurance Commission granted EastWest Ageas Life its license to operate in the country last January.

EastWest and Ageas formed the 50-50 partnership in May 2015. Part of the deal is a 20-year exclusive distribution agreement. EastWest Ageas Life has an initial capitalization of P2 billion, double the minimum regulatory capital required for a new insurance company in the Philippines.