For a long time in the Philippines, insurance coverage was a privilege enjoyed almost exclusively by well-to-do Filipinos. But Jean Henri Lhuillier, the man behind the success of microfinance leader Cebuana Lhuillier, set his sights on making insurance more inclusive and accessible to the general population. In 2020, Cebuana Lhuillier established a future-ready insurance brokerage firm named Cebuana Lhuillier Insurance Brokers, Inc. (CLIB).
A “TECHBRICK” Approach
CLIB focused on bringing the benefits of insurance coverage to marginalized Filipinos, as well as MSMEs. CLIB presently works with 40+ reputable insurers and providers to develop insurance products tailor-made for the C and D market, and has fostered alliances with other major companies to streamline product distribution.
CLIB uses what it calls a “TECHBRICK” setup, a strategic approach aimed at increasing product range and improving services by seamlessly and rapidly integrating its proprietary technology platform (TECH) with a robust brick-and-mortar footprint (BRICK). Together, they create an affordable and extensive insurance product portfolio that customers can easily access and purchase either through digital platforms or by visiting any of Cebuana Lhuillier’s close to 3,500 branches or 6,500 partner outlets nationwide.
CLIB’s goal to revolutionize the Philippine insurance industry has already borne fruit. In 2023 alone, CLIB provided coverage to over 4 million unique customers, growing to become one of the largest retail insurance brokers in the country by providing insurance to millions of Filipino families.
Evolving Customer Needs
But the work is far from over. CLIB General Manager and Group Head Anthony M. Bernabe says the biggest challenge they have, and will continue to have, is evolving customer needs. “Customers have become more price-sensitive and now demand more affordable products. Relevant, simple to understand products, and a seamless experience from a trusted company have become the minimum customer expectation. While digital is being pushed by the industry, most customers still prefer physical connections when purchasing insurance,” he says.
Bernabe says they hope to overcome this by catering to the different and evolving needs of various customer segments. “Continuous innovation and simplification of insurance products is key to meet these changing customer needs, enhance affordability, and address emerging risks. We needed to be dynamic and responsive to market demands,” he explains.
Expanding Into Health Insurance
Heeding what the market wants, CLIB is now focusing on providing health insurance to all Filipino families, which has become top of mind especially after the pandemic. “Filipinos have been more mindful of their health and health protection. Unfortunately, most health products are either unaffordable to them or have very limited coverage. CLIB aims to bridge the gap by providing comprehensive health insurance for all,” Bernabe explains.
CLIB is also developing products that cater to the protection needs of indigenous people and for occupations long excluded by most insurance companies.
Making the Case for Insurance
To those who remain wary of availing themselves of insurance, especially the C, D, and E markets who opt to hold on to their hard-earned money, Bernabe has this message: “The cost of not having insurance is most significant and unquantifiable. How can one quantify the value of losing a home? How can one quantify a family that cannot cope with the loss of their breadwinner? How can one quantify the cost of children having to stop schooling because one of their family members got sick?”
To entice the general public to get insurance, Bernabe says CLIB offers innovative, affordable, widely available, simple to understand, and relevant products. CLIB is also committed to assisting clients in filing their claims with insurers so that valid claims are fulfilled as soon as possible.
CLIB is dedicated to realizing a vision of insurance empowerment for all Filipinos. Under the leadership of Jean Henri Lhuillier and Anthony Bernabe, CLIB hopes to make a greater impact on the local insurance industry as it continues its innovative efforts in driving financial inclusion and providing insurance for every Filipino family.
