Union Bank of the Philippines (UnionBank) is one of the country’s publicly-listed universal banks, that distinguishes itself through superior technology, unique branch sales and service culture, and centralized backroom operations. UnionBank’s superior technology allows delivery of online, real time business solutions to meet the customers’ changing and diverse needs. Its unique branch culture ensures efficient and quality service and mitigates operational risk, while its centralized operations enables the Bank to provide responsive, scalable, and secure transaction processing.
Aligned with its thrust of being at the forefront of technology-based banking in the Philippines, the Bank endeavors to elevate its systems and processes to be at par with international standards and best practices. It obtained ISO 9001:2000 Quality Management System (QMS) Certification for its Central Processing Services in 2008, making it then the FIRST and ONLY bank awarded for its entire centralized backroom operations. Until today, UnionBank has consistently been certified as having zero non-conformance during quality audits, demonstrating the Bank’s dedication to uphold quality in its business processes.
The Bank’s corporate vision is to become one of the top three (3) universal banks in the Philippines in respect to market capitalization, profits and customer coverage, grounded on its purpose of “Making the Diff” by connecting and enabling communities through Smart Banking in the spirit of UBUNTU, which means community building. Earnest in reaching out to more Filipinos, it was recently cited by International Banker as Philippines’ best commercial bank and best innovation in Retail banking in 2016.
Recognized by Asia Corporate Excellence and Sustainability Awards as the best company to work for in Asia, UnionBank employees apply Magis – to Do More, Do Better and Do Greater – to ensure its clients’ financial requirements are well provided for and serviced.
Insular Life has a long tradition of steadfast commitment to its policyholders. It has demonstrated this trait most vividly in 2013, in the aftermath of the devastation wreaked by Super Typhoon Yolanda in the Visayas – the strongest typhoon to make landfall in recorded history. It was the first life insurance company to resume operations in Tacloban, which inarguably took the worst hit in the country. Indeed, its legacy of putting the policyholders’ welfare first is deep-seated, as exemplified during World War II when Insular Life honored pre-war and Japanese occupation commitments regardless of its toll on the Company’s reserves.
Insular Life today is the only Filipino life insurance company among the industry’s leaders. It continues to deliver a solid performance, posting ₱3.7 billion in net income and ₱43.9 billion in net worth by end of 2016. A cornerstone of Insular Life’s financial stability is its strong asset base which has consistently increased through the years, reaching ₱133 billion in 2016, from ₱108.03 billion the previous year. Total business-in-force in 2016 stood at ₱267.3 billion, reflecting a growing number of policyholders.
Recently awarded by Reader’s Digest with Trusted Brand Gold, Insular Life garnered significantly high ratings in the criteria of Trustworthiness and Credibility, Quality, Value, Understanding of Customers’ Needs, Innovation, and Social Responsibility. While rooted in its unique heritage, Insular Life is fully in step with the demands of the modern world continuing to design innovative and responsive products and services for Filipino families to help them realize their dreams.
Before the dawn of the year 2017, UnionBank and Insular Life, two giants in the Philippine financial services industry came together to form a bancassurance tie-up, a distribution arrangement which allows the life insurance company to sell its products to the bank’s client base. With a shared commitment of making the life of Filipino families prosperous and secure today and beyond, they have forged their resources to come up with insurance and investment solutions suited to one’s current needs and capabilities.
With the companies’ combined financial strength, nationwide network of locations, game-changing practices and highly capable financial advisers, the Insular Life and UnionBank partnership aims to provide best-in-class bancassurance that works for Filipinos – a partnership that promises its clients a Union for Life.