Here is a story you often hear: Once upon a time, an overseas Filipino worker (OFW) left to work in another country. He sent money to his family every so often, boosting the Philippines’ economy in the process. Then he came back, got sick and was no longer qualified for another overseas contract. He was left alone to fend for himself.
We do not know yet if he lived happily—or sadly—ever after. What we do know is that some initiatives are undertaken to address this polar extreme: OFWs help the country largely through remittances while the country offers little help when OFWs are in need.
One of these initiatives comes in the form of AXA Insurance Online (AXA iON) that AXA Philippines (Philippine AXA Life Insurance Corp.) set up for OFWs and Filipinos. What is considered as the Philippines’ first online life insurance store is also a portal that can bridge financial gaps by presenting itself as a viable investment option for OFWs.
The common scenario, according to AXA Philippines Marketing Division Segment Head Maya del Rosario, is that OFWs send money to their family or relatives who do now know how to spend or save properly. Oftentimes, too, OFWs come home and spend more than they are used to, which could lead to financial problems later on.
With AXA iON, OFWs and Filipinos are given the chance “to secure their future from the increasing costs of education, the burden of expensive healthcare costs, and the passing of a breadwinner, all in a digital platform, in just a few, easy steps, and from wherever they are,” said AXA Philippines President and Chief Executive Officer Rien Hermans.
Here are some important things you might want to know about the website:
- AXA iON is accessible on www.axaion.com.ph.
- It is open to Filipinos only, including OFWs, who want new investment plans.
- It offers four products that make up the AXA eXentials line: Savings eXentials, Academic eXentials, Life eXentials and Health eXentials.
- The application process online is short and hassle-free but you are advised to read closely all the details. This is an investment after all.
- After completion of the application online, an AXA Philippines representative will call you to confirm your application. This recorded call is in lieu of a signed document.
- Payment is via credit card. Succeeding monthly payments will be automatically billed to the credit card.
AXA Philippines assures that the application process is simple and that the site is very secure.
AXA iON was formally launched in September 2014. Since then, there are under a hundred applications, 25 percent of which are by OFWs from different countries. Currently, the top five countries with the highest number of OFWs are Saudi Arabia, UAE, Singapore, Hong Kong and Qatar.
“We also designed AXA iON for Filipinos who do not like dealing with agents, especially the younger market who prefer to do their transactions online,” said del Rosario. “But I would like to emphasize that this site does not replace our agents. It actually complements with what they are doing. Our agents are very productive with the more sophisticated products not found AXA iON.”
The site, as of press time, is not yet mobile-responsive and does not cater yet to other payment options like PayPal. #
(Featured image source: www.pixabay.com. AXA iON photo and video by AXA Philippines.)
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