Given this grim reality of restricted movements and prohibited social gatherings and meetings, the insurance industry may be at risk. To a large extent, the insurance sector has relied heavily on face-to-face transactions to sell insurance products. The Insurance Commission (IC), as the regulator and overseer of the industry, recognizes the need to adapt to the “new normal” to maintain the stability of the industry. Thus, the IC on March 30, 2020 issued a circular letter that listed down a set of guidelines allowing all life insurance companies to sell their existing life insurance products online without the need to secure approval from it. This means that insurance agents can easily go online, contact the potential client, explain and answer inquiries about the life insurance products being considered, and make a sale if the client decides to allow himself to be financially protected by the said insurance policy.

Source: Manila Times May 03, 2020 16:18 UTC