In the radically-changed world, not many companies have managed to pivot and adapt their businesses to meet the needs of the public. Cocolife, the biggest Filipino-owned stock life insurance company as well as the first ISO-certified Filipino life insurance company, has proven itself as a standout in this regard.
Cocolife has been recognized by the International Management Institute’s Global Business Review as a leader of Philippine insurance, honoring the company with the prestigious “Best Life Insurance Company Philippines” and “Best Insurance Customer Service Provider Philippines” awards for 2021. Noting Cocolife’s outstanding leadership by Atty. Martin A. Loon, the internationally-published magazine also gave him the recognition of the Philippines’ “Young CEO of the Year”.
The awards are building on Cocolife’s growing momentum as a life insurance powerhouse in the country, as it follows recent honors by the International Business Magazine, which named the company the Most Outstanding Life Insurance Company in the Philippines for 2021 as well as the Most Outstanding Healthcare Provider in the Philippines for 2021.
With over four decades of expertise and history in the Philippines, Cocolife has built an expanding network of branch offices nationwide, manned by highly-trained agents, account executives, and field managers. Cocolife consistently ranks among the top life insurance companies in the country, generating P3.97 billion in premium income, P678.12 million in new business annual premium equivalent, P27.14 billion in assets, P3.40 billion in net worth, P550 million in paid-up capital, P90.77 million in net income, and P21.39 billion in invested assets as of second quarter of 2021.
The company’s wide range of coverage, customized plans and offerings, as well as the ease of processing, smooth transactions, and excellent overall customer experience have created the foundations for its success.
Cocolife has recently undertaken a massive effort to improve its customer experience journey through expanded investments in digitization. Armed with a technology roadmap, the company sought to develop its digital customer engagement platforms, increase operation efficiencies, promote information security, ensure business continuity, and future-proof the company against industry incumbents and disruptors. Through all this, Cocolife seeks to back its range of products with a best-in-class customer support team.
“Cocolife remains strong amid challenges with its secure financial standing and a reliable, competent, and service-oriented team. Our Belief system, Customer Service, Product Quality and Reliable delivery makes our Brand Value. Cocolife is highly transparent and a guide for an individual or any corporation when it comes to diversified array of financial products & services,” the company noted.
Such efforts are rooted in the company maxim, “Believing in the Filipino”. Cocolife aims to enable and support the Filipino dream — to be free from financial burden and inadequacies. The company achieves this by improving the lives of the Filipino people through its comprehensive suite of insurance products and services, leveraging on Filipino values and heritage.
“Cocolife is and will always be all-hands in helping its fellow countrymen. For more than four decades, Cocolife continues to uphold its commitment as an insurance company Filipinos can trust as their partner in achieving their dreams,” the company said.
A leader for a new age
Atty. Martin Loon is the youngest president and CEO of Cocolife, being elected to serve the company’s Board of Directors when he was only 32. Nevertheless, his young age did not hinder his capacity to lead, as under his leadership, Cocolife earned its highest revenue in its 42-year history, two years in a row, despite the challenges brought about by the pandemic. For the first time in company history, it also received zero audit findings from its two ISO Audits for the years 2020 and 2021.
Apart from the prestigious award bestowed by the Global Business Review, he was also previously named as an Awardee of the Circle of Excellence for the Category Young Leader of the Year by the Asia CEO Awards for 2021.
“This achievement reminds us of the importance of our mission: to serve others more and find ways to be better. We hope to make COCOLIFE a world-class insurance company, a beacon of hope that Filipinos can truly be proud of,” Mr. Loon said.
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