Insular Life is the first and largest Filipino life insurance company in the Philippines and its experience proves to be the game-changer as the insurance industry continues to expand in the country.
In recent years, the insurance sector in the Philippines remains one of the most mature and most competitive in the Southeast Asian region. Despite the challenges that hit the country, including natural disasters and economic turmoil, it stays upbeat and is even poised to reach greater heights, thanks to the continuing growth in investments and technological development.
This resilience displayed by the insurance sector is not new to the largest Filipino insurer, Insular Life. The company has established a reputation of stability when it continued operations during World War II by paying all war claims. In 2013, Insular Life was the first insurance company to process and deliver claims for its policyholders living in Tacloban, following the devastation of Super Typhoon Yolanda.
Continuing The Tradition
During difficult times, Insular Life has been very quick to act in easing the financial burdens of its stakeholders. Taking it to the next level, the biggest Filipino-owned insurer recently launched a program called “Chain of Protection” that aims to provide free insurance for more than 110 000 essential workers as the country battles the coronavirus pandemic. The program was launched last year as part of the company’s 110th anniversary.
Insular Life continues its tradition of extending its hands to Filipino people as it seeks to build a future, where every family enjoys the benefits of life insurance. Its clients can assure that profitability is not just its number one focus. Insular Life’s net contribution to society is a top priority – to give back at least as much as it takes – as its customers, who happen to be its owners, are very much concerned about the welfare of the communities they belong to.
Policyholders As Owners
Insular Life prides itself as the only insurance provider in the Philippines where its policyholders become its owners. This policy, called mutual company, was first approved in 1976 but it was only 11 years later when Insular Life became a fully-mutualized company. As owners, policyholders can attend the Annual Members’ Meeting, where they have the right to vote and decide for the direction and future of the company, whereas in a stock company, preferred shareholders do not hold these voting rights. Mutual organization also allows the company to take a longer-term view on strategic decision-making, investment, and corporate profitability.
Supporting Economic Revival
The Philippine economy has suffered dramatically from the impact of the coronavirus pandemic. In the first quarter of 2021, the economy contracted for the fifth straight time as the country’s gross domestic product (GDP) fell 4.2%. According to data, this is the longest recession since the years of former President Ferdinand Marcos.
Insular Life is one of the thousands of local businesses that can power the economy to a strong recovery from the tragedy brought by the health crisis. But these local businesses need our help. Filipinos need to give them direct support. And by being a policyholder of Insular Life, it means you are giving direct support to our country’s economic revival. Since the company is wholly Filipino-owned, you are essentially giving money back to the local community as the business will pay higher taxes and will be able to create more jobs for Filipino people. Despite the challenges brought by the pandemic, Insular Life remains optimistic that it will make “a big bounce forward” this year, which means a bigger contribution to economic recovery.
Intensifying Digitization Efforts
To meet customers’ needs during the pandemic and to embrace the changes from the evolving market landscape, Insular Life has set a lofty budget for its digital acceleration. With an increasing number of tech-savvy customers and lesser demand for the face-to-face meeting due to fears of contracting the coronavirus, insurance companies are tasked to innovate in order to provide a better customer experience. This is why the largest Filipino insurer announced last year that it had allocated a whopping P500 million-budget to intensify its digitization efforts, aligned with its goal to “enhance productivity, expand its e-commerce business, and improve customer experience.”
Insular Life has proven to have withstood the test of time. With its experience and excellence, its value to its customers will continue to be beyond ordinary in more years to come. That is why, we at Aetos decided to partner with Insular Life.