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SPECIAL
REPORT:
Life
Insurance Industry-Affected by the Pre-Need Problem
"Yes,
the life insurance industry is affected to a certain extent
by the problems of the pre-need sector, " admits 1st
Life President & CEO Peter G. Coyiuto.
Dominant pre-need companies made headline news recently when
they failed to meet payment obligations and now people have
become just as wary of life insurance companies. " Our business
is still reeling from the aftermath of the predicament of
CAP and Pacific Plans" said Coyiuto, adding that "our people
need to work extra hard to get the message through that life
insurance companies are solvent to pay claims and are financially
stable."
Actuarial
Advisers Inc. Chairman Mabini Juan, in an article at, explained
that life insurance companies have solid financial standing
and there are no solvency problems. He backed up this statement
with 2003 figures that showed the insurance industry's net
worth was about P57.0 billion, with an average annual increase
of 8.72% from P37.5 billion in 1998.
1st Life
remains steadfast inspite of the beleaguered life insurance
industry, "we are confident that the market trend will change.
The public needs to know that life insurance companies are
there for them." said Mr. Coyiuto.
Life
Insurance vs. Pre-Need. The misconception about life
insurance and pre-need is that they are one and the same,
synonymous or utterly similar in nature. The Securities and
Exchange Commission (SEC) disagrees with this notion as General
Accountant Roberto G. Manabat said in an article on Business
World that "products sold by pre-need companies are classified
as investment products rather than insurance products." He
added "the way their products are designed, it was decided
that they would be considered as investment products."
In
addition to Manabat's statement, Juan stated " the kind of
benefits given to plan holders is a major difference between
life insurance and pre-need industries." Insurance firms had
always given benefits with fixed values, whereas pre-need
companies used to provide benefits with amounts depending
on the cost of education and of memorial services. Pre-need
companies changed to fixed-value benefits in the 1990s.
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| October
2005: 1st Life
Announces Photo Contest Winners |
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1st
Life executives with the Life Values 1st Photocontest
winners. 1st Life
President & CEO, Peter Coyiuto (back, far left), Executive
Vice President & Actuary Jaime Santiago (back, 2nd from
right) and Individual Insurance Marketing Department Sr.Asst
Vice President Agerico Melgar (back, far right) with photocontest
winners and representatives (front from left to right), Joy
Cruz (for Carlo Cruz), Salome Alonte, Jennylyn Asuncion, Ramon
Sampang (for Laura David).
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| 1st
Life Publishes Winning Photos of Life Values 1st
Photocontest |
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1st
Life's
photocontest "Life Values 1st" concludes with a
release of the best entries in a full page print ad in the
December issue of Good Housekeeping magazine by Summit Publications.
In its 3rd year, 1st
Life's contest called for photos that depict
children and how they brighten up one's day. The challenge
is to convey the value of planning for the children's future.
With the conviction that life insurance is the best depiction
of love for children, 1st Life aims to reflect the impact
and inspiration of how Filipinos selflessly take care of their
dear ones.
The
top prize was won by Jose Antonio Diaz with a photo of his
son flaunting a milk mustache with the title 'Got Milk.' Diaz
took home home P10,000.00 in cash and a P100,000 personal
accident insurance. The consolation prize winners were Salome
Alonte, Carlo Cruz, Jennylyn Asuncion, Rachelle Tiffany Diaz
and Laura David who received P3,000.00 in cash and a P25,000.00
personal accident insurance each.
The
"Life Values 1st" photo contest is the company's
unique way of presenting a richer and more colorful existence
by pounding on the importance of life insurance through the
vivid images of tradition and spirit that are characteristic
of Filipinos. 1st Life
is a leading provider of proudly Filipino world-class life
insurance products that cater to the changing needs of families.
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| August
2005: 1st Life
Releases 2005 Photo Contest |
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1st Life
holds the Life Values 1st photo contest on its third
year in search of photos that depict children and how
they brighten up one's day. The challenge is to convey
the value of planning for the children's future. With
the conviction that life insurance is the best depiction
of love for children. 1st
Life aims to reflect the impact and inspiration
of how Filipino's selflessly take care of their dear
ones.
"Life
Values 1st" is open to all non-professional photographers
based in Metro Manila/NCR. Photo entries should be non-winning
pictures and can be submitted to info@firstlife.com.ph
or the Marketing Department, 1st
Life Center, 174 Salcedo St., Legaspi
Village, Makati City. With a maximum of three (3) pictures
per contestant, the entries should contain the name
of the sender, contact numbers and a description of
the photos.
The
grand prize winner will take home P10,000.00 in case
and a P100,000.00 personal accident insurance while
the next top five frontrunners will receive P3,000.00
and a P25,000.00 personal accident insurance each. In
addition, all winning entries will be featured in the
December 2005 issue of Good Housekeeping magazine.
The
"Life Values 1st" photo contest is the company's unique
way of presenting a richer and more colorful existence
by pounding on the importance of the life insurance
through the vivid images of tradition and spirit that
are characteristic of Filipinos. 1st
Life is a leading provider of proudly
Filipino world-class life insurance products that cater
to the changing needs of families.
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| July
2005: 1st Life
Joins the Life Week Launch |
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1st Life
joins the launch of the 10th Life Insurance Consciousness
Week (LICW) via its Adopt a Hectare Tree Planting Activity
at the La Mesa Watershed last July 2005. Representing
1st Life
during the event were Policyholder's Services Department
Assistant Manager Jhoanna Majarocon and Office of the
Executive Vice President Genedyn Ebreo together with
Nelda Postrero of the Life Underwriters' Association
of the Philippines, Val Mendoza of ABS-CBN Bantay Kalikasan
and Sylvia Amansec of the Philippines Life Insurance
Association.
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| April
2005: 1st Life
Supports Strong Cooperation for Employee Benefits Optimization |
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1st
Life President
& CEO Peter Coyiuto (2nd from right) is joined by (L-R)
Paul Muller, Swiss Life CEO; Paulina Casal, Executive
Vice President and Head of Swiss Life Network; and Daniel
Saycon from Group Insurance at the recent international
conferences exclusive to clients and partners in Interlaken,
Switzerland. From 1996, 1st Life is the Philippines
partner of Swiss Life - the world's largest employee
benefits network. The cooperation is aimed at ensuring
that multinational customers of both companies will
benefit from a comprehensive service and an extended
range of solutions in group employee benefits.
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| March
2005: 1st Life
Pushes Bless the Children with Cartwheel Foundation as
Partner |
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1st
Life pushes its charity project
Bless the Children (BTC) this year with Cartwheel Foundation.
Present during the memorandum of agreement signing are.1st
Life's President & CEO Peter Coyiuto
(second from right) and Executive Vice President, Actuary
& COO Jaime Santiago (far right) with Cartwheel Foundation's
Vice-President Nenita Santos (second from left) and
Officer-in-Charge Rojean Caharian (far left).
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1st Life
continues its special outreach vehicle Bless the Children
(BTC) with Cartwheel Foundation as partner in line with
the company's core value of responsible corporate citizenship.
The campaign aims to provide assistance to the organization
in improving the facilities and making other necessary
materials available for the development of the students
under their pre-school program.
Under
the BTC project, an individual who purchases a life
insurance policy from 1st
Life automatically makes a donation
to the Cartwheel Foundation. A percentage of their paid
premium will be channeled to the organization without
any additional cash out from the policyholder. The client
may also make other contributions if they want to.
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| March
2005: 1st Life
with Maybank |
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Adding
to the growing number of
1st Life's partner
banks for collection efficiency is Maybank. In photo
are 1st Life
president and CEO Peter Coyiuto with bank president
&CEO Hong Tat Lim, joined by (back row: right to left)
1st Lifers
Jaime Santiago, EVP & Actuary , Josie Gotohio, Pasig
Branch Manager, Margaret Chua, Life Underwriter and
Joan Majarocon, Manager of Policyholders' Services Department
with Maybank personnel, Cora Mallillin, Retail Finance
Services Head, Nelson Mailom, Branch Manager and Richard
Lim, Retail Marketing Head.
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March
2005: 1st Life
visits the Northwestern Mutual, USA
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1st
Life
President & CEO Peter Coyiuto, CLU (2nd from left) heads
the visit to the Goodwin agency of Northwestern Mutual Financial
Network, ranked by Fortune magazine for the 18th time as America's
most admired company in the financial services industry. With
General Agent William Goodwin, CLU, ChFC (4th from left) are
(L-R) 1st Life
top producers: Josie Gotohio, LUTCF, Lourdes Yao, LUTCF, Lorna
Lao, Ester Sy, LUTCF, and Teresita Perez, LUTCF. The company's
top agency leaders also attended the 2005 General Agents and
Managers Association (GAMA) LAMP Annual Convention last March
in Atlanta, USA .
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| March
2005:
1st Life
Agency Managers in Atlanta |
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1st
Life
agency managers attended the 2005 General Agents and Managers
Association (GAMA) LAMP Annual Convention last March 13-16,
2005 in Atlanta, USA. GAMA International's President Robert
H. Baccigalupi, CLU, ChFC CLTCF (middle) and past president
Burr Anderson, CLU, ChFC (left) joins the 1st
Life agency managers' (from left to right) Lourdes
T. Yao, Lorna C. Lao, Ester C. Sy, Josie T. Gotohio and Teresita
T. Perez at the convention. The GAMA-LAMP Annual Convention
is the best forum for industry experts and leaders in the
global life insurance industry.
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The
event also celebrated top agency leaders in the field of life
insurance with its GAMA International Management recognition
night. Ms. Gotohio (right) and Ms. Yao (left) received their
International Management Award (IMA) and Career Development
Award (CDA) respectively, from Mr.Baccigalupi during the event.
The IMA and CDA are given to agency leaders who exemplify
excellence in the distribution of financial services with
its qualification based on commission level. GAMA, a worldwide
organization of life insurance professionals, provides its
members access to prestigious recognition awards.
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January
2005:
1st
Life's Tessie Perez heads
the Life Underwriter's Association of the Philippines.
1st
Life's
very own Teresita Perez, LUTCF, receives full support from
company president Peter Coyiuto, as she takes on the role
of President of the Life Underwriter's Association of the
Philippines. 1st Life
takes pride in growing quality agents in the likes of Ms.
Perez for she personify the values that Mr. Coyiuto believe
to be important in able survive in the life insurance business.
The principles of attitude, persistency, ability to build
and maintain relationships, a commitment to the pursuit of
excellence, education and industry involvement are all embodied
by Ms. Perez.
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Ms. Perez's industry participation as head of the industry's
organization of life insurance agents is brought out by the
desire to forge stronger ties with fellow agents in an attempt
to convince the public in general to believe in life insurance.
Ms. Perez's LUA-Philippines helps spread the gospel of life
insurance to the public through the projects they conduct
like assisting in the nationwide celebration of the Life Insurance
Consciousness Week every October and school symposiums in
all parts of the country, just to name a few. This challenge
is shared by 1st Life
as the public is easily swayed by products that give them
false gratification. Life insurance, on the other hand, is
the type of product that gives everything back a thousand
fold during bad times. As Mr. Coyiuto stressed "some products
may identify themselves with a worthy cause to project a wholesome
shot, but life insurance does not have to make such an image
because the product itself is of social value."
Advocating
the concept of life insurance, Mr. Coyiuto said that the "life
industry's greatest contribution has been the growth and contentment
of people because policyholders who face up to their obligation
of paying for something that they themselves will not benefit
from, enjoy a more constructive and rewarding life, and grow
both in character and in force." The fulfillment of this advocacy
is displayed in Ms. Perez's constant qualification to awards
that recognize agents' effort in insuring the public's financial
security. She is a constant qualifier to international industry
awards like the "Million Dollar Round Table" (MDRT), a gathering
of more than 27,000 of the world's leading life insurance
and financial services professionals from 70 nations and the
Life Insurance Marketing & Research Association Inc.'s (LIMRA)
"International Quality Award" (IQA), an annual distinction
for excellent production and outstanding performance in the
insurance business. These accomplishments stand proof of her
commitment to her clients who are "enjoying a constructive
and rewarding life," because they have realized the importance
of life insurance in securing their loved ones future.
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January
2005
Agency
Convention in Tagaytay
1st Life
invaded picturesque Tagaytay Highlands for their 3-day
Annual Agency Convention last January 2005. Entitled
"Make the Change," the convention aim to
convey the message of to be self-motivated and evolve
to succeed in the business. The conference gave the
agency managers and agents the chance to listen to
invited speakers from Prudential Assurance Co., Ltd
Hongkong, agency manager Ricky Lam and agent Lorraine
Wo Sau Ming.
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Customer
Survey Yields Favorable Response from Clients
1st
Life's
customer survey entitled "What Do You Think of Us?"
brought in good vibes from policyholders. More than
half of the respondents gave a positive rating to 1st
Life service providers (agents
and customer service staff). Services provided such
as billing, collection and policy benefits processing
got a 38% very good and 45% good ratings. Meanwhile,
Corporate Image raked in a very high 95% positive feedback.
Overall, 1st
Life got the nod of 87% of the
respondents with 39% giving a very good rating and 48%
handing a good rating.
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