Motorcar insurer Federal Phoenix Assurance Co. (FPAC) partners with the insurance arm of the Cebuana Lhuillier pawnshop chain, Cebuana Lhuillier Insurance Solutions (CLIS), with the objective of making insurance more available to Filipinos and hastening vehicle registration at the Land Transportation Office (LTO) through a joint effort called the Cebuana Compulsory Third Party Liability (CTPL) Insurance or Cebuana CTPL.
Vehicle owners can now renew their CTPL policies conveniently just by bringing a copy of your LTO certificate of registration together with the official receipt at any Cebuana Lhuillier pawnshop. Insurance claimants with Cebuana CTPL can also file their claims at any Cebuana Lhuillier branch by simply submitting valid and complete claims documents for quick claims processing.
Cebuana Lhuillier claims that CTPL insurance renewal only takes a few minutes, thanks to its network and management system paired with the web-based claims technology developed by Federal Phoenix. Using this electronic claims settlement system, Federal Phoenix is immediately notified upon receipt of the electronic copies of the claims documents in any Cebuana Lhuillier outlet, thus expediting the claims process.
Cebuana Lhuillier added, “Cebuana CTPL fosters nation-building as the proliferation of fake CTPLs will be reduced, if not eliminated, thus ensuring the appropriation of right premium taxes to the government. Fake CTPLs issued by fly-by-night insurance companies has cost the government to lose millions of premium taxes to the detriment of the insuring public.”