PHOTO CAPTION: (L–R) Chief Distribution and Marketing Officer Greg Martin, EastWest Ageas President and CEO Sjoerd Smeets, Product Management Head Jessa Cuaresma, and Marketing Strategy Head Paul Jason Jaud.
EastWest Ageas is using data-driven insights to expand financial inclusion efforts as new research reveals that most Filipinos hold only around ₱50,000 in emergency savings—an amount insufficient to cover major medical expenses.
Findings from The PURPLE Report, conducted in partnership with NielsenIQ, highlight how rising inflation—recorded at 4.1% in March 2026—is eroding financial resilience. The study underscores a growing gap between awareness of financial protection tools and actual adoption, particularly in insurance.
Presented during EastWest Ageas’ Manila and Cebu trade shows, the report shows that while 9 out of 10 Filipinos recognize the importance of life insurance, the country’s insurance penetration rate remains low at 1.79%. At the same time, only 20% of Filipinos have emergency funds sufficient to last more than three months, with many relying heavily on personal savings to cover healthcare costs.
To address these challenges, EastWest Ageas is scaling its operations and simplifying access to insurance through its “Purple Solutions” portfolio. These offerings are designed using customer data insights to match different financial needs—from entry-level plans for young professionals to comprehensive coverage for households facing high medical risks.
The company is also expanding its hybrid distribution model, combining digital and on-ground services. With more than 1,300 financial agents available for both online and in-person consultations across EastWest Bank locations, the insurer is leveraging technology-enabled advisory services to improve accessibility and customer engagement.
According to President and CEO Sjoerd Smeets, the initiative focuses on helping Filipinos balance daily expenses with long-term financial planning despite economic pressures. By streamlining application processes and enhancing product accessibility, the company aims to close the protection gap and encourage wider adoption of financial safety nets.
The move reflects a broader trend in the Philippine financial services sector, where data analytics and digital platforms are increasingly being used to design personalized, scalable solutions that address real-world economic challenges.
