A Recap of #AIRbanc: 19th Asia Conference on Bancassurance
The Philippines is an archipelago composed of more than 7,000 islands and has a population of more than 100 million, where the population of Manila metropolitan area approaches 13 million. The country’s economic growth rate in the past five years exceeded 6%. What served as the main driving force was the service industry. For example, the call center industry has made a breakthrough, and about 60% of the country’s working population engages in BPO (Business Process Outsourcing).
The Philippines’ GDP per capita has approached 3,000 dollars, ranked sixth in 10 ASEAN countries after Indonesia. From various perspectives, we can say that the Philippines is reflecting the growth of the modern ASEAN, as well as Indonesia.
The theme of this conference was Growth Strategies: Collaboration between the insurance and banking industries; expansion of microinsurance; and utilization of technology. Analytics & AI, RPA & automation, and FinTech & InsurTech were all discussed as growth strategies of the Philippines’ financial industry, which is tremendously growing in its immature social infrastructure.