Cocolife stands out as a Filipino leader in the insurance industry
Cocolife leads through the current crisis with a dedicated mission to serve. The efforts made by management during the COVID-19 pandemic, under the leadership of Cocolife’s President and CEO, Atty. Martin Loon, have propelled the business to become among the top companies in the insurance industry.
Cocolife’s efforts have gained recognition by major international awarding bodies. In this year’s International Business Magazine Awards, Cocolife was awarded the “Most Outstanding Life Insurance Company” and the “Most Outstanding Healthcare Provider” in the Philippines. Atty. Loon was also among the awardees of the Young Leader of the Year Circle of Excellence at the 12th Asia CEO Awards.
Cocolife’s leadership as the preferred insurance provider is shown with its commitment to excellent corporate governance and the company’s mission to serve.
In less than two years, under the guidance of Atty. Loon, Cocolife has recorded its two highest net incomes in the company’s 43-year history.
While working on the success of Cocolife as a business, the president and CEO prioritized the development and growth of his employees.
“I always believed in trusting my people and bringing out the best in my team. I place them in positions that allow them to excel and grow in their respective duties and responsibilities. They continue to answer the call and the effect is that they bring out the best results. I continue to challenge them to be daring and explore other innovative ways to improve the business,” Atty. Loon told BusinessWorld.
Additionally, even amidst the increased unemployment rate due to the economic fallout from the pandemic, all employees of Cocolife retained their jobs, salaries and benefits.
“The people behind the management of Cocolife are some of the best in their fields who share the same drive in becoming an instrument of change and service to our clients,” Atty. Loon said. “More than anything, the recent international awards are a reflection of the hard work and commitment of the employees of Cocolife.”
The company’s range of insurance products, services and its commitment to serve the Filipino people during the COVID-19 pandemic are among the criteria evaluated for the international awards given to Cocolife.
“The products and services offered by Cocolife speak volumes in itself. These are high-quality insurance products that are tailored to the specific needs of our clients. However, more than our products, I believe that if my team and I are focused on our mission, then collateral success will follow,” Atty. Loon said.
Atty. Loon considered that his notable efforts for Cocolife’s employees and clients made him among the top young leaders in the country, as recognized by the Asia CEO Awards, which received 514 nominations this 2021.
As early as 2019, he instructed management to gradually adopt a work from home setup which was made possible by updating the company’s IT systems.
At the time, Atty. Loon was merely thinking of ways to cut the travel time and fuel costs without presumptions of a looming pandemic a year thereafter. Thus, when COVID-19 hit the country, Cocolife had already prepared to operate and even improve customer service to its clients in a remote arrangement.
Atty. Loon also assured that Cocolife would address the needs of its clients even with the demands created by the pandemic.
When COVID-19 started and affected some of its clients, the business was faced with the question of how to address the needs of its clients because claims related to a pandemic were considered an exclusion in the policies of Cocolife at the time.
But Atty. Loon made a fateful decision to accept those COVID-19 related claims, making him one of the first leaders to act on this call. Now, Cocolife has covered almost P1 billion in such claims in both healthcare and life insurance coverage.
“I made that decision as a Filipino, more than anything else. It is something we can look back and be proud of,” Atty. Loon said. “I always tell my team — how we respond to this pandemic will define who we are to the generations to come. This is our moment to create positive change in the lives of our countrymen.”
He also shared how Cocolife improved the delivery of its products and services to extend its reach to more clients.
The insurer’s mobile app is in the process of development in order to digress from physical transactions. The company grasped this opportunity to further innovate the digitalization of the business, especially amid the restrictions brought about by the pandemic.
Further, as the public health crisis continues, Atty. Loon assured that company hotlines are to be accessible 24/7 for a more efficient way to approve medical requests or address concerns of Cocolife’s clients.
Aside from serving Filipinos through life and health insurance, Cocolife also led humanitarian efforts by donating to institutions including the Tanging Yaman Foundation and the UP National Institute of Health. For Atty. Loon, these initiatives before and during the crisis led him to the acknowledgment he received from this year’s Asia CEO Awards as one of its Young Leader awardees.
“When I was appointed as the youngest president and CEO of Cocolife, I vowed to lead the company with excellence, integrity, and service,” he said. “In every decision made and every action taken, I lead with these kept in mind.”
Visionaries in service
Being led by a young management team with a handful of millennials, Cocolife seems to have an edge with its ability to be ready and prosper in a rapidly changing world without overlooking its people-centric values.
Such aptitude and qualities are further nourished under the leadership of Atty. Martin Loon, Cocolife’s President and CEO and one of the Young Leader awardees at the 12th Asia CEO Awards in 2021.
“Atty. Martin always challenges us to think outside the box and to look at things from a different perspective,” said Elmore Ornelas, Chief Communications Officer of Cocolife. “The work environment is filled with so much energy and excitement. There is never a dull moment during meetings and the team is never scared to try new things.”
Mark Arbis, Vice-President and Head of Operations Division of Cocolife, similarly considered the capacity and courage to make difficult changes as an advantage from having a young management team. “Change is usually more challenging for the ones executing the change, but we stood firm in pushing for the developments needed by the organization,” he said.
“The management team has already placed the systems that were not existing before,” Mr. Arbis added. “What this management did and achieved in the last three years are the best-recorded milestones in our organization’s history.”
In addition to eagerness for a better change, Cocolife can relate more to today’s Filipinos with a management committee that consists mostly of young leaders.
“Cocolife has become more in touch with the needs of the current generation. From how we conduct meetings to how we strategize, the millennial touch is evident in everything we do,” Mr. Ornelas observed.
This is also true for Atty. John Nowell Cruz, First Vice-President of Human Resources and Administrative Services of Cocolife. “With respect to our human resources, a youthful and driven management committee helps us connect with our people. We make it to a point to keep ourselves attuned to their needs to enable all of us to achieve the overarching mission — to serve with utmost integrity,” he shared.
Having a young management team that is ready to make changes and developments with the Filipino people in mind has prepared and improved Cocolife’s services even before the pandemic started.
“It was fortunate that the management, through the leadership of Atty. Loon, had the foresight to prioritize digital readiness even before the pandemic. With the IT infrastructure revamped and in place, Cocolife is well-equipped to efficiently cater to the needs of our people and customers even remotely in our work-from-home setup,” shared Atty. Cruz.
“We’re lucky to have a visionary for a CEO who has guided the team to be ready for what’s to come like the pandemic,” added Mr. Arbis.
Also aware about the impact of offering efficient processes and seamless customer experience, the management team of Cocolife did just that taking over. “We built development based on strategies that make a lasting positive effect. We focused on strengthening the Customer Experience team by acquiring systems and talents, and developing them further,” according to Mr. Arbis.
“During unprecedented times, every employee of Cocolife works to be of service to our clients — our customers always come first,” Mr. Ornelas added. “This is the message and vision that new management wants to get across to our clients.”
Just as much as they have primed the company even before the pandemic, Cocolife’s management team expressed their readiness to thrive at present and beyond. Mr. Arbis noted that they have already rebuilt the imperative foundational direction and processes that would serve as their guide in the following years.
“We are pandemic-tested and more than ready for the next wave of challenges. In the months to come, our management is excited to launch more initiatives that will yet again alter and improve the way we serve,” Mr. Arbis said. “Just like what we have offered the Filipinos, we are ready for tomorrow yesterday.”
Leading believers in Filipinos’ dreams
As an insurance business, Cocolife puts great value in the dreams of every Filipino, as evoked in its motto, “Believing in the Filipino.”
Cocolife believes in empowering Filipinos in order to reach their goals and aspirations as its array of financial protection products and services can support them in achieving their dreams and ultimately improving their lives.
“Our brand ambassador, basketball pro Kiefer Ravena, has always been focused on his goals — on the court and as a young man. He tells us that he earnestly believes in the importance of investing in one’s health, education, savings, and retirement. As successful as he is now, Kiefer’s dreams are the same as yours and ours,” said Cocolife’s President and CEO Atty. Martin Loon.
Simply put, everything one would need to ensure the well-being of their financial future and that of their loved ones, Cocolife has it.
Cocolife’s comprehensive suite of products and services addresses the different financial needs of individuals and organizational clients with products ranging from traditional life, variable life, group life, healthcare, and investments. Such products are made to support its clients, whatever their needs may be.
Among its notable insurance offering is the FLEXI series, a line of variable life insurance products that allows clients to design their investment and insurance plans to complement their needs.
Recently, it also launched the Cocolife Protect and Protect Plus. These affordable protection plans will support clients in the event of accidents that result in injury, disability, or death.
These products were internationally recognized, as Cocolife was awarded as the outstanding life insurance company and outstanding healthcare provider in the Philippines by the International Business Magazine Awards this year.
Moreover, Cocolife has consistently ranked no. 1 in the group business category, while its health insurance arm is one of the leading healthcare program providers in the country and the first to be ISO-certified and regulated by the Insurance Commission.
Ranging from HMO program, daily hospitalization benefit program, medical reimbursement program, to third-party administration program, these different health protection products are customizable as well as accessible to a vast network of accredited service providers and facilities across the country.
Cocolife’s leading group insurance products, meanwhile, present flexible coverage options for organizational clients that cater to the needs of their employees and members.
The company also provides insurance products to special markets like the Filipino migrant workers, making it among the few companies accredited to offer such protection.
Cocolife’s various retail distribution channels — agencies, mall operations, bancassurance partnerships, and digital platforms — make financial protection easily accessible to more Filipinos.
“The products and services offered by Cocolife speak volumes in itself. These are high-quality insurance products that are tailored to the specific needs of our clients,” said Atty. Loon.
Flexibility in addressing the client’s needs coupled with Cocolife’s robust performance and steadfast commitment to Filipinos make the products and services of the company a worthwhile choice for individuals and organizations.
“For Cocolife, it is our duty to serve our clients with the best insurance products, together with the highest standards of customer servicing especially during these most trying times,” Atty. Loon emphasized.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to firstname.lastname@example.org.
Join us on Viber to get more updates from BusinessWorld: https://bit.ly/3hv6bLA.