Insurance firm AIA Philam Life, formerly known as Philippine American Life and General Insurance Co., has changed its name to AIA Philippines.

According to Kelvin Ang, AIA Philippines chief executive officer said that dropping the “Philam Life” brand is the beginning of a new chapter in the company’s 74-year history.

“While we are the same company, we need to evolve to keep up with the changing needs of our customers,” Ang said. “The pandemic became the catalyst that accelerated our transformation.”

To recall, the Hong Kong-based financial company AIA Group acquired Philam Life from American International Group (AIG) in the aftermath of the 2008 global financial crisis.

“In 2009, when we were became part of AIA Group, we didn’t make the change because nothing was wrong with Philam Life—big brand, the company is doing well—so we recognized that,” Ang explained.

Still, Ang said the new owners of Philam Life had slowly introduced the AIA brand to the Philippine market “so that people get to know about it first before we change completely to the AIA company.”

Decision to drop the “Philam Life” brand, a hugely popular name that also became a synonym for insurance, was not a walk in the park for the AIA Group.

“It is a question that we have thought long and hard, and is a question that we have been thinking since we are part of the AIA Group in 2009,” Ang revealed.

“Because of the strong brand of Philam Life in the Philippines, we didn’t do anything at that time. So we hold off everything until I think about three years ago, where we started having the AIA name as part of the brand,” he said.

The new name marked a significant milestone in the evolution of AIA Philam Life into a company with local understanding and global capabilities at the forefront of innovation, Ang said.

“I think today, we made the decision to move forward,” the AIA Philippines executive said.

AIA is the largest independent publicly listed pan-Asian life insurance group, with a presence in 18 markets across the Asia-Pacific region.

Jacky Chan, AIA Regional chief executive expressed AIA Group’s confidence in AIA Philippines’ transition.

“Our Purpose of helping people to live Healthier, Longer, Better Lives has never been more relevant than it is today,” Chan said.

“Against the backdrop of these challenging circumstances, we are making this transition because we know that we must take the step to fully embrace a future full of possibilities – and to help close the insurance gap for families across the Philippines,” he added.


Source: Manila Bulletin (https://mb.com.ph/2021/08/07/philam-life-rebrands-as-aia-philippines/?utm_source=rss&utm_medium=rss&utm_campaign=philam-life-rebrands-as-aia-philippines)