By Kap Maceda Aguila
THE PANDEMIC has necessitated the reexamination of many aspects of daily life and whether they make sense in this new normal. Convenience is truly king, particularly if it means saving on effort and time (and in some cases, a trip to go out).
BPI Family Savings Bank (BFSB) President Ginbee Go acknowledged that “transport and travel” have been the hardest hit. Commensurately, the company has to “dial down” on its outlook as auto insurance volumes were on the decline. The Ayala-led banking brand thus had to “pursue initiatives that build on resilience and prudence.”
First things first, Ms. Go underscored, are the protection of employees, continued cash flow for customers, proceeds reaching dealer partners within a day, and the approval and release of loans “without fail.” It’s not just about learning to pivot, but seeing to business continuity.
“We need to give hope (by providing) relevant solutions to address challenging times,” continued Ms. Go.
With that in mind, the Bank of the Philippine Islands (BPI) recently launched “BPI Auto Loan Multiyear Protect” which provides comprehensive insurance coverage for auto loan clients. The protection spans the entire duration of the loan.
Instead of lump sum payments at the start of each year, the BPI product combines monthly installments with the loan amortization payments “in a more affordable and convenient package.” There’s no more need for lump sum upfront payments for insurance.
Auto loan customers also get Guaranteed Asset Protection (GAP) insurance coverage — providing up to P200,000 of additional coverage in case of the vehicle’s “total loss.”
Said BPI Retail Loans Group Head Dennis Fronda, “The Multiyear Protect prioritizes our customers’ convenience and peace of mind because it was designed to eliminate the financial worries and administrative hassles a typical car loan client might experience today.” To offer the service, BPI partners with BPI M/S Insurance Corp.
“We wish to provide customers the confidence to pursue their dreams of owning a car today and give them the premium experience they deserve. On a larger scale, we also hope that this will translate to better consumer confidence that will result in more car sales and help the auto industry bounce back this year,” he added.
BPI is treating 2021 as the year of recovery and growth for both the auto sales and financing sectors. “Auto Loan Multiyear Protect is one of our ways to show our commitment to provide customers with reliable and relevant financial solutions, so we can all have opportunities for better times ahead,” he said. Replying to a question from “Velocity,” the executive maintained that the company is cognizant about its role in helping spur and enable vehicle purchases, and that they have been meeting with auto executives with a view toward enabling the renewal of the sector.
Interested applicants may visit bpiloans.com to learn more about Multiyear Protect or visit any BPI or BFSB branch nationwide to talk to the bank’s expert loan advisors.