Making life brighter under the Sun

MANILA, Philippines – In 2009, Sun Life Financial Philippines (SLFP) launched “It’s Time,” a financial literacy advocacy — the first of its kind in the country — that aims to address several disheartening statistics:

• Out of 100 Filipinos, 90% have little or no savings at all to leave their families when they pass away
• Out of 100 Filipinos who get sick, 95% sacrifice their savings, 53% borrow funds from family members
• Out of 100 Filipino children who enter elementary school, only 10% graduate from college
• Out of 100 Filipinos ages 65, 45% are dependent on relatives, 30% are dependent on charity

Aside from these figures, the Insurance Commissioner’s Report indicates that insurance penetration is only about two percent (2%) of the already 90+ million Filipinos. Unfortunately, this was not helped by the succession of pre-need companies closing down in recent years which made people more afraid to invest in financial products. 

“It really stems from the lack of understanding,” states Joub Miradora, SLFP’s head of Market Research and Segments Management. He explains that life insurance companies stayed afloat even while the pre-need ones went down.

“But in the minds of Filipinos, life insurance and pre-need companies are one and the same. There’s a lack of real understanding not just about the industry but also about the products and the need for these kinds of products.”

Changing mindsets

Miradora affirms that there continues to be a great necessity to educate Filipinos about the importance of managing finances and planning for the future.

“People really need help especially during crisis (and insurance) companies don’t need to compete,” he acknowledges. “We just have to help the customers improve their level of appreciation and knowledge of financial products and, at the same time, proper financial planning.

“Life insurance is about selling a promise. It’s intangible and there’s a lot of explaining that needs to happen. We just have to be patient with the Filipinos because hindi tayo yung tipo na ‘pag lapitan mo, bibili na agad (kasi) pag-iisipan pa (we’re not the type of who will immediately buy, we think about it thoroughly),” he says.

“(Financial advisors have to) give them time to actually research; give them some information that will help them continue the thinking process until they reach the decision.”

He cites the result of an external research by media agency OMD done for Asia Pacific that it takes about 119 days for Filipinos to buy financial products. “So you really have to walk them through the entire process,” he says.

According to Miradora, 3 years ago, it was hard to find answers to questions about financial products. “But now, it’s easier to find information (because) the online community makes them (readily) accessible. It’s a joint effort of everyone,” he describes.

He also adds that, while Sun Life initiated the financial literacy advocacy, more insurance companies have followed suit which, at the end of the day, benefits the customers. “And we see the fruits right now of that joint effort.”  

Educating through stories

In 2011, Sun Life launched the Experience Sun Life campaign, wherein they asked policy holders to send in their Sun Life stories. “We gathered more than a thousand,” reports Miradora. “Senders varied in age and came from various walks of life and different provinces.”

The stories inspired SLFP to come up with Sun Shorts, a collection of original digital films that portrays the lessons of “It’s Time” and advocates the importance of savings, investing and planning for the future. 

The endeavor also aims to highlight the values of loving one’s family, treasuring friendships, having foresight and staying positive.

“We believe that inspiring Filipinos to go for their dreams is part of our mission to provide financial freedom for Filipinos,” expresses Riza Mantaring, SLFP president and CEO. “Through the magic of movies and the powerful medium of the Internet, we hope Sun Shorts can enlighten its viewers in ways that will make their outlook in life brighter.”

Sun Shorts brings to life the power and beauty of the Sun through the eyes of 5 Filipino filmmakers.

“We’re very lucky that everything they produced really exceeded our expectations,” Miradora enthuses. The first short film was launched last July 25 www.experiencethesun.com.ph with the succeeding 4 films to be launched every two weeks thereafter. 

“Relationships are at the heart of Sun Shorts, with the sun as a symbolic light source that brings hope and a promise of a brighter tomorrow to the characters in the films,” illustrates SLFP chief marketing officer Mylene Lopa who rationalizes their use of the digital platform.

“This is really due to the desire of Sun Life to communicate and engage a growing segment of the market who are online, while allowing them to experience our brand promise of a life that’s brighter under the Sun. It also shows the progressive spirit of Sun Life as it explores new ways of engaging the market.”

When all 5 films are already up, viewers may expect to enjoy watching 3 more films created by top directors from Hong Kong, Indonesia and the Philippines. “So there would be a total of 8 short films which will be there, immortal, on the site,” concludes Miradora.

To further encourage people to watch the inspiring films online, Sun Life initiated the “Sun Shorts Fly to America” promo wherein viewers simply have to like and post a comment under each film for a chance to win a trip to San Francisco, USA. – Rappler.com

Watch the first Sun Shorts film, 1945, by Jun Reyes here:

Ruth Manimtim-Floresca is a freelance writer and editor. She blogs about her many interests in http://mommywrites.blogspot.com and enjoys interacting with friends and readers on Twitter (@ruthfloresca).