New partnership between Allianz PNB Life and reach52
Allianz PNB Life partners with reach52
MANILA – Allianz PNB Life, in its desire to address the protection gap in the country partnered with reach52, an award-winning social enterprise that made healthcare more accessible to rural areas.
In a statement, Allianz PNB Life President and CEO Alexander Grenz said the coronavirus disease pandemic has made everyone vulnerable to critical illness and financial instability.
“Through our partnership with reach52, we are hoping to arm Filipinos with the knowledge and protection to better prepare for unexpected crises,” Grenz said.
Last June, the Insurance Commission (IC) released the results of an industry survey designed to assess the financial impact of COVID-19 pandemic and determine how the insurance industry responded to claims. The classification of the claims included medical benefits, death benefits and other benefits such as travel inconvenience, travel cancellations and delays and cash assistance among others.
The IC survey revealed that the total COVID-19 related claims paid by the industry amounted to P326.95 million, with medical benefits comprising bulk of the amount at P258.8 million.
“The insurance industry has been responsive in providing the benefits under these claims. However, reported claims are still low considering the number of identified COVID-19 positive cases in the country,” Grenz added.
He explained if this pandemic taught anything, it has to be the need for securing one’s health that needs to be one of the most important things to do for everyone and their families.
The IC said insurance penetration remains low in the Philippines at 1.69 percent as of September 2019.
“Fifty-two percent of the world’s population still don’t have access to healthcare, and reach52 has been constantly working in finding solutions to help address this. In the Philippines, we are glad to have found a partner in Allianz. With our companies’ combined expertise, we are confident we can achieve a lot to help the protection gap in the country,” said reach52 founder and CEO Edward Booty.
To date, reach52 operates their on-the-ground services for more than 500 communities in the Philippines, Cambodia and India with additional countries in the pipeline and partnerships with over 20 leading global and regional organizations.
They deliver screening, health worker training, and affordable medicines, insurance, diagnostics and consumer health products in rural regions that existing services don’t reach. In their statement, it was learned established health systems and services in these underserved areas are served by their mobile apps and tech platforms, community-based workforce and partnerships with the public and private sector.
Allianz has been looking into expanding its portfolio to include more micro insurance products.
“This pandemic has shown us the importance of having good physical and financial health. With the work we are doing with reach52, we are hoping to help Filipinos achieve both,” said Grenz. (Melo M. Acuña)
reach52 staff working in various communities in the Philippines. Allianz PNB Life recently partnered with reach52 to introduce its services to far-flung communities. (Eggshell Photos)