Sun Life Grepa and Home Credit team up for underserved sector.

 Sun Life Grepa and Home Credit team up for underserved sector.

Sun Life Grepa and Home Credit team up for underserved sector

Sun Life Grepa Financial, Inc. and Home Credit Philippines have recently announced their partnership to provide insurance products to underserved sectors in the country. This collaboration aims to address the gap in financial protection for Filipinos who are often overlooked by traditional insurance providers.

Sun Life Grepa, a joint venture between Sun Life Financial and the Yuchengco Group of Companies, is a leading provider of life insurance and investment products in the Philippines. Home Credit, on the other hand, is a global consumer finance provider that offers cash loans, credit cards, and other financial services to customers who have limited access to traditional banking.

The partnership between these two companies is a significant step towards promoting financial inclusion in the country. According to a study by the Bangko Sentral ng Pilipinas, only 31% of Filipino adults have insurance coverage, leaving a vast majority of the population vulnerable to financial risks.

Through this collaboration, Sun Life Grepa and Home Credit aim to provide affordable and accessible insurance products to underserved sectors, such as micro-entrepreneurs, small business owners, and low-income households. These products will be tailored to the specific needs of these customers, providing them with the financial protection they need to secure their future.

The partnership will also leverage Home Credit’s extensive network of over 10,000 partner stores across the country, making it easier for customers to access Sun Life Grepa’s insurance products. This will be done through Home Credit’s mobile app, which will allow customers to purchase insurance products directly from their smartphones.

In a statement, Sun Life Grepa President and CEO Richard Lim said, “We are excited to partner with Home Credit to provide innovative insurance solutions to underserved sectors in the Philippines. This collaboration is a testament to our commitment to promoting financial inclusion and empowering Filipinos to secure their future.”

Meanwhile, Home Credit Philippines CEO David Minol said, “We are proud to partner with Sun Life Grepa to provide our customers with access to affordable and accessible insurance products. This partnership is aligned with our mission to provide financial inclusion to Filipinos who are often overlooked by traditional banking.”

Overall, the partnership between Sun Life Grepa and Home Credit is a significant step towards promoting financial inclusion in the Philippines. By providing affordable and accessible insurance products to underserved sectors, these companies are empowering Filipinos to secure their future and achieve their financial goals.