Insurance growth remains a viable future in the Philippines

Manulife Philippines’ Prahlad Agarwal provides key insights ahead of the Insurance Asia Forum in Manila.

This week’s Insurance Asia Forum at the Shangri-La The Fort in Manila is packed with the industry’s best minds taking to the stage. One of these key figures is Prahlad Agarwal, CFA, the Head of Strategy & Chief of Staff to the CEO at Manulife Philippines.

Speaking to Insurance Asia magazine ahead of the highly anticipated event, Agarwal provided insights on the current trends and the course to the future of the insurance sector in the Philippines.

“We are in an exciting time here in the Philippines,” he said as he cited Manulife’s push towards a customer-oriented approach. Even though he has a decade of industry experience across Asia and the United States, Agarwal is still highly charged about his role at the helm of Manulife’s strategic growth initiatives in the Philippines.

Organisers of the Manila forum picked him to address the forum because he brings this energy to the stage.

But more than that, his inside track vantage point from an industry leader is invaluable. Agarwal will share, for example, the dual pillars guiding Manulife Philippines’ strategy which encompass refining customer propositions and undertaking digitalisation across their processes and operating model.

When asked about the prevalent challenges and opportunities in the banking and insurance sector, Agarwal expressed optimism about the country’s demographic dividend and its encouraging GDP growth.

“Life insurance is at a great point of inflection to capture this potential in the Philippines,” he said.

However, he also noted the distinct challenges emanating from the COVID-19 pandemic, highlighting the need for foundational shifts in strategy to harness future growth opportunities.

Agarwal stressed two major takeaways he wishes for attendees of the Insurance Asia Forum. First is to instill a palpable excitement regarding the future of life insurance in the Philippines, given its favorable macroeconomic backdrop.

Second, he underscored the industry’s collective responsibility toward its customers. “We have a fiduciary duty towards all our customers when we hold their money. All our jobs are interconnected to make the lives of the customers easier and better,” Agarwal said.

The Manila forum promises to be a melting pot of insights and discussions pertaining to the evolving contours of the insurance industry in the Asia-Pacific region. With industry stalwarts like Agarwal sharing their perspectives, the event is primed to offer valuable takeaways for attendees, stakeholders, and enthusiasts alike.

Before ending the interview, Agarwal expressed anticipation for the forum and hoped for a vibrant exchange of ideas. Given the rapid transformations unfolding in the insurance sector – from digital disruption to changing consumer preferences – events like the Insurance Asia Forum become pivotal in charting the future course of the industry.

For those interested in delving deeper into such discussions and networking with industry leaders, registrations for the Insurance Asia Forum are now open. Visit insuranceasia.com to secure your spot and stay abreast of the latest trends and insights from the realm of insurance in Asia.