Cocolife: Insurance and innovation – PeopleAsia
Under Atty. Martin Loon, president and CEO of Cocolife, the biggest Filipino-owned stock life insurance company recently implemented a full-scale “re-engineering” of its systems and processes so that every Filipino can enjoy “a life well-lived.”
By Grace C. Diez
Photography by Mark Chester Ang
The only thing constant in life is change. And the sooner people learn to face up and adapt to it, the better.
Having anticipated the changing needs and priorities of the Filipino, Cocolife, which also prides itself for being the biggest Filipino- owned stock life insurance company and the first ISO-certified Filipino company in the country, rolled out innovations that make it more relevant in modern times — especially in a world that has been drastically changed by the pandemic. First on the agenda is digitalization. The initiatives came as soon as lawyer Martin Loon came on board as Cocolife president and CEO in 2019. He fully understood that the next step in modernizing Cocolife was to fully embrace automation and digitalization. Such a move was deemed necessary if they were to become a “customer first” organization.
“We embarked on digital transformation because it would allow us to capture growth opportunities, accelerate sales productivity and, most importantly, serve our customers well. We continue to strive to create seamless experiences, from purchase to claims. At the same time, we’re also transforming the conversation away from death or loss, focusing instead on a life well-lived,” Loon says.
In its commitment to improve the lives of Filipinos, Cocolife invested in market research and forged partnerships on areas involving “product-solutions.” By being present in the digital realm, it hopes to understand the needs of its market better in order to provide it with the right products and services.
“We conducted the Cocolife Cares survey to know the current thoughts and feelings of Filipinos. Survey results revealed that a single event could reduce many Filipino families from financial freedom to financial destitution. We then designed products and forged partnerships to bring much-needed insurance products and services closer to our customers,” Loon explains.
The Cocolife Cares study further revealed that Filipinos have an increased awareness about the value of security and protection. It showed that 36 percent of respondents intend to buy life insurance plans, while 31 percent want to invest in HMO (health maintenance organization) plans. A total of 30 percent want to invest in some form of insurance. What’s stopping Filipinos from purchasing these products? They’re bogged down, according to the study, by financial concerns and insufficient sources of credible information.
Martin Loon, who is pictured here with his own family
Cocolife responded to these findings by developing products and services to suit the current landscape. The company, for instance, created more entry-level and affordable insurance products like term plans, individual personal accident plans, variable insurance plans and comprehensive health plans.
All of Cocolife’s re-engineering efforts for internal and external stakeholders did not go unnoticed, earning for the company a series of recognitions from a number of international award-giving bodies. This year’s Global Business Review Magazine Awards recognized Cocolife as this year’s “Most Outstanding Life and Health Insurance Company in the Philippines” and “Best Life Insurance Management Team“ for providing comprehensive insurance products and services to Filipinos for over four decades now. Recently, Cocolife has been included as one of HR Asia’s “Best Companies to Work for” in Asia 2022 (Philippines edition).
“Building a secure and protected future starts today. It starts with working with the right partners who understand what Filipinos need. That is why we at Cocolife take so much pride in our products and services because they were all created with Filipinos in mind. We are truly a Filipino company trying our best to serve the needs of Filipinos,” he concludes.
Great ways to start investing in your future
Cocolife designed these affordable and flexible insurance solutions so that more Filipinos can prepare for their future.
Cocolife Protect and Protect Plus – The plan features premiums as low as P2,000, which are designed to provide Filipinos and their families the financial security they need in the event of an accident resulting in injury, disability or death. The coverage for both Cocolife Protect and Protect Plus range from P500,000 to P1,000,000 for accidental benefit with additional burial benefit offered under one-year, two-year and three-year terms as options.
Cocolife Term Shield – This term life plan provides guaranteed financial protection equal to 100 percent of the face amount in case of loss. Term Shield is a flexible plan which Filipinos can tailor according to their budget and financial goals. Its coverage can be as short as one year or as long as 20 years or up to age 65. For as low as P13 a day, a 25-year-old policy holder can enjoy up to P1,000,000 in life coverage for an entire year. In addition, the plan also allows convenient renewal and conversion to a new permanent life insurance plan without any proof of insurability within a given timeframe.
Cocolife LifeVest – Cocolife LifeVest cushions the impact of unforeseen financial burdens on families. Its death benefit also comes with both level and increasing benefit options. On the other hand, the product’s investment component helps clients grow their savings. What’s more, the plan has extensive coverage reaching up to age 100. Keeping the policy active for at least 10 years also entitles clients to a loyalty bonus that will be credited to their fund at the end of the 10th policy year, and every 10 years afterward.
Cocolife Aruga – The first-of-its-kind plan in the Philippines, it is a life and health insurance plan that covers your medical expenses while providing for your future needs. It provides coverage until age 85 and has several primary benefits: benefits for major and minor health conditions; death benefit; and return of premium for clients. Cocolife Aruga is ready to cover major health conditions — whether it is a life impact, a major loss or a specific illness — with a guaranteed cash benefit equivalent to 100 percent of the plan’s face amount less any minor health condition benefits paid prior. The death benefit provides life insurance protection equivalent to 100 percent of the plan’s face amount, less any minor health conditions benefit paid, upon the insured’s passing.