Insurance firm boosts OFWs’ financial literacy

Equipping overseas Filipino workers (OFWs) with financial literacy and know-how on protection products will be beneficial not only when they work outside of the country but also when they have decided to settle down here.

In a virtual briefing on Friday, Pru Life UK president and chief executive officer Eng Teng Wong said this is the reason for their tie-up with neighboring business unit, Prudential (Cambodia) Life Assurance PLC.

“OFWs are our modern-day heroes, with all the sacrifices they make for their families and their contribution to the economy. We strongly believe that OFWs should have access to products and services that will help them set up a comfortable life in the Philippines after years of working in foreign lands,” he said.

Under the team-up, Prudential Cambodia will make available protection products to OFWs through Pulse by Prudential, a health and wealth management app.

Also, geo-targeted advertisements of PRUMySafety, a digital protection product available through Pulse in Cambodia, will be sent to OFWs.

PRUMySafety provides daily cash benefits upon hospitalization, bone fracture, and death benefit.

Wong said their tie-up with Prudential Cambodia provides the around 7,000 OFWs currently based in that country access to life protection products.

“This will empower them to take control of their health and wealth, and help them make the most out of life,” he said.

Wong declined to give forecast on the possible availment of protection products within its first year of offering.

But he said they will double their effort to educate Cambodia-based OFWs and their families of its importance.

Pru Life UK senior vice president and chief customer marketing officer Allan Tumbaga said they initially teamed-up with their Cambodian counterpart because of the number of OFWs in that country.

“We wanted to be able to look at a market that is manageable, small at this point. We’re testing it out because this is something new to us,” he said.

Tumbaga declined to name the next country they will have a similar partnership with.

“Whatever lessons we learn from this endeavor will be used for the next possible collaboration,” he added. (PNA)

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