The United Coconut Planters Bank's partnership with life insurance company, Cocolife, and non-life insurance company, UCPB General Insurance Co. Inc., is paying solid dividends for the bank, its press release said.
In the nine months following its launch in April 2017, the bancassurance partnership generated total premiums of P1.05 billion from the sale of insurance policies of the two companies to the bank's customers.
Bancasssurance is an arrangement between an insurance company and a bank, where the former sells its products to the latter's clientele, the press release said.
UCPB president and chief executive officer Higinio Macadaeg Jr. said bancassurance dovetails perfectly with the bank's thrust to leverage the nationwide reach of its network of 188 branches and focus on the retail and consumer markets.
UCPB vice president for bancassurance, Merline dela Cruz, sees the volume increasing dramatically this year as the bank continues to expand its loan portfolio and deposit base, the press release added.*
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