Agency channel goes live in the Philippines
As part of its strategy to diversify distribution channels beyond banks and reach out to more Filipinos, the first agency office in the Philippines opened its doors for business in September, and sales are already well underway.
Preparation for the launch was completed in just ten months thanks to the Group’s extensive experience in developing agency channels in other Asian countries.
This move reflects the reality of the local market, where agency channels account for approximately 55% of new business. Ageas has ambitious plans for this channel moving forward, including recruiting 1,200 agents by the end of 2023, by which time the channel should represent 20% of retail sales. In addition to the financial protection offered to future customers, Ageas will provide new career opportunities to Filipinos.
EastWest Ageas Insurance
In 2022, “Troo” became “EastWest Ageas Insurance”, leveraging on Ageas’s long and successful track record in insurance alongside one of the country’s leading financial institutions and its partner, EastWest Banking Corporation.
