June 25, 2024


World Business Inquiries

Insurance agents allowed to go online, use other media to sell products

1 min read

Insurance agents who couldn’t sell policies face-to-face because of social distancing requirements by COVID-19 quarantine are allowed to do so online.

The Insurance Commission issued yet another order on March 30 allowing the sale of life insurance through telemarketing, text messaging, mail and mass media.

Insurance Commissioner Dennis Funa said face-to-face selling of insurance products had been rendered “impractical” by the COVID-19 quarantine.

Previously, only insurance products worth not more than P50,000 or single premium contracts not exceeding P150,000 were allowed to be sold through means other than face-to-face transactions.

The commission, however, asked insurance companies to register these nontraditional sales.

Edited by TSB

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