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songs to close the activity while the kids listened
and cheered. To foster the spirit of giving and sharing,
toys and snacks were handed out to all the kids by a
couple of 1999 Gawad Kagitingan awardees with 1st
Life officers lending support.
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Month
of 1999 1st
Life's
Bless The Children Campaign
Emphasizing the core value of social responsibility
in its corporate vision, 1st
Life re-launched the Bless the Children
(BTC) charity project last October 1999. BTC started a few
years back with the goal of alleviating the welfare of the
children housed at the Nayon ng Kabataan (or the National
Center for Youth) under the Department of Social Welfare and
Development (DSWD).
The BTC charity project solicits contribution from 1st
Life policyholders and other interested
parties through posters and announcements in dailies and selected
establishments. For a donation of P500.00, donors will receive
a BIBO stuffed toy, the mascot of the BTC project.
All donations will be channeled to Nayon ng Kabataan to purchase
necessities, specialized equipment and professional training
aids that will enhance the level of care of the children and
help them become self-reliant before integration back into
the mainstream of society.
Donations from earlier Bless the Children projects helped
fund a brand new Tamaraw FX that now serves as transportation
for medical emergencies at Nayon.
1st
Life was presented with a Certificate
of Appreciation for the BTC campaign's invaluable support
and understanding and deep concern for the welfare and needs
of the youth in the care of the institution during the celebration
of the 31st founding anniversary of Nayon ng Kabataan last
September 1999.
The Nayon ng Kabataan houses 7 to 17 year-olds who have gone
through painful experiences of being abandoned, abused, orphaned
and neglected. In line with the Bless the Children charity
campaign, 1st
Life will also host a series of socio-relevant
activities for the Nayon youth during the program run.
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Month
of 1999 1st
Life
Learns From Northwestern Mutual, USA
In the midst of heavy downpour that made Metro Manila
roads impassable for days, 1st
Life played host to Ms. Catherine Conley,
in a seminar by special arrangement last August 1999 at the
Makati Shangri-la. With agents and front-line staff in attendance,
Ms. Conley talked about the one-card system and best practices
in prospecting and recruiting. Catherine Conley is a consultant
of the Northwestern Mutual Life Ins.Co., one of "America's
most admired life insurance companies." |
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Month
of 1999 Top 1st
Life
Agents Bag Singapore Trip
Victors of 1st
Life's "Earn 2 Learn" 2nd Quarter
sales drive took a hike to Singapore last August where they
joined fellow underwriters from various life companies in the
2nd General Agents and Managers Association (GAMA) Agency Management
Conference (AMC) at the Westin Stamford. With top man Peter
Coyiuto and Individual Ins. Mktg. Dept.'s Danilo Madriaga, the
agents who quenched their desire to continue their life insurance
education were Patricia J. Garcia Cua, Josie T. Gotohio, LUTCF,
Teresita T. Perez, Donabel B. Santiago, LUTCF, Ester C. Sy,
Patricia W. Yam, LUTCF, and Lourdes T. Yao. Aptly titled "Moving
from Success to Significance", the meeting featured distinguished
speakers on best practices in agency management. |
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MONTH
of 1999 Peter Coyiuto Makes Waves In Insurance Confab
CEO Peter Coyiuto drew an international crowd when he was invited
as plenary speaker in the 19th Pacific Insurance Conference
held at the Shangri-la Hotel in Singapore last year.
With the theme of Life Insurance in the 21st Century, Mr. Coyiuto
focused on the country’s life insurance business replete
with changes and challenges and pounds on the crucial matters
of liberalization, economics, information technology, awareness
and taxation.
Excerpts from “The Name of Our Game: Catch Up
and Leapfrog”:
The Philippine life insurance industry is working towards nurturing
the country’s tiger economy status through the next millennium.
We experienced none of the rampant growth nor dramatic progress
of other “tiger” economies in the past, but now
is the opportunity to get even. We need to resolve questions
presented by five pivotal issues: liberalization, economics,
information, technology, awareness and taxation.
LIBERALIZATION. Our government’s decision
to open our economy to the world allowed some of the largest
and most aggressive international players to come in. From 27
registered companies in 1995, the market players jumped to 39
this year with more than a dozen foreign-owned. Three factors
mark the liberalization of the industry, these are competition,
distribution strategies and ethical standards.
The increased rate of change ushers in new competition and uncertainties.
Companies who do or did well in one market cannot expect the
same level of success in other territories by merely riding
on the crest of their success formula in the past. They either
rise to new heights or are overtaken by the environment.
Competition becomes more fierce and customers have more choices,
but I believe that in the end they will respond best to the
suitability of the products being sold and the best delivery
of individualized service to clients.
With companies jostling for positions in the Philippine market,
the grave danger of a contaminated moral environment threatens
the life industry. Ethics has always been a great concern in
both liberalized and non-liberalized environments, among foreign
and local companies, whether new entrants or old players. A
company, whose vision remains consistent wherever they set up
shop, whether pioneering in China or celebrating their more
than 50 years in another country, deserves the respect and accolades
of our peers.
ECONOMICS. Recent demographic trends show a
huge potential for the industry as the market for insurance
services in the country remains largely untapped. One, we have
a population of approximately 74M growing at over 2.5% per annum.
As the population ages, the need for retirement planning increases.
Two, insurance density translated to premium per capita is still
low at US$8.00. We can expect demands for increased coverage
to rise in the future as disposable income grows. Three, insurance
penetration, meaning premium as percentage of GDP is less than
one percent. This may help explain why only 4.5% of Filipinos
have sought some kind of individual life insurance coverage.
INFORMATION TECHNOLOGY. While the temptation
to equal the vision of the new century’s infotech-based
Singapore is overwhelming, we just have to work hard to improve
our ability to anticipate and respond to our evolving markets
and customers.
AWARENESS. The Philippines is not the only
Asian country facing the struggle to educate people about financial
prudence at a time when the prevailing norm seems to be enjoying
the here and now. To reach more people, we need better understanding
of the new product diversities and what it will take to develop
such non-traditional client markets of the twenty first century.
TAXATION.
Our government’s commitment to the advancement of our
industry as a partner in the country’s aspiration of sustained
growth through a draft legislation that will rationalize taxation
is a positive step towards making life insurance affordable
to many more Filipinos.
The
changing Philippine life insurance business in the new century
manifests itself as we face a liberalized market that is highly
competitive, with diversified distribution and meeting the highest
ethical standards. Economics reflect the industry’s growth
potential as an improved information technology becomes an effective
tool of support. Continuing efforts on public awareness and
taxation help create benchmarks by which the market will realize
expansion in the coming century. |
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