Cocolife’s commitment to service and strengthening the lives of the Filipino citizens have been carved on efficiency that is being provided through their products as a part of necessities. Holding onto an ethical base of service that is being provided proves Cocolife to be a stable, reliable and quality driven company where their corporate structure is functioned on a moral structure base.
Their CSR programme has been providing medical missions and scholarship to the children of coconut farmers from the time of its initiation. This showcases the ease of access for all their services. Their corporate goal is stated as “believing in the filipino”, that states their motive of strengthening the faith of the citizens in them. This in turn, has helped them maintain a robust business platform for its partners.
The concept of CSR in Cocolife affirms the ministration involved in the initiatives that are vital in nature. Their strategies state their long run capability of providing its clients the satisfactory aspects to be a partaker with Cocolife. Outcome emerging from Cocolife influences its supply effects which portrays consumerism pitch. Cocolife shares a major credit with its committed workforce for building its current legacy and in paving the way for future endeavors.
Cocolife’s Annual report 2020 has listed the following CSR activities:
- Cocolife has held an event as the first ever Coco Conglomerate which was attended by 2000 runners where participants have teamed up to raise funds for Cocolife’s Foundation. Inc, and operation smile.
- Took part in Covid-19 Donation drive where the frontline workers received essentials
- Cocolife donated one real time polymerase chain reaction machine to the UP Manila National Institute of Aid of Filipino to fight against Covid by increasing testing capacity.
- 3 core relief operations took place through Cocolife are Davo Relief Operation, Ulysses Typhon Operation and Taal Eruption Relief operations.
- Providing 50,000 Filipino families with about Peso 1 billion in Covid-19 related claims.
- Cocolife’s initiative to extend humanitarian consideration to their insured for Covid related cases, made the company to cover Php 140M- worth of healthcare assistance.
- Adoption of payout channel innovations, that facilitates customers to receive their proceeds from maturities and policy loans into their bank accounts in less than a day.
Various activities related to Corporate Social Responsibility of Cocolife includes Promoting good health and improvement in livelihood by infusing welfare aspects, popularizing environmental awareness to uphold sustainability, and as a community-oriented organization, it enhances its support for the communities across the world. Cocolife’s initiative to extend humanitarian consideration to their insured for Covid related cases, made the company to cover Php 140M- worth of healthcare assistance. It has also innovated payout channel, that facilitates customers to receive their proceeds from maturities and policy loans into their bank accounts in less than a day.
Building a better tomorrow for the Philippines
The board that is set up for the formulation of policies helps in achieving efficient Corporate Social Responsibility activities, as it is responsible for the functioning of good governance. This systemised board helps in creating a path to attain welfare prospects. Cocolife aims to achieve higher standards of corporate governance through initiatives structured on the base of rules, guidelines and laws that pertain to the activities taken.
“Everything pre-pandemic feels like a lifetime ago. Going over my 2019 report, I was reminded of the challenges and obstacles the new management team had to surpass for Cocolife to meet its goals and have a successful year. However, nothing prepared us for a pandemic where the challenge to us was to literally survive. But we forged ahead. We did not lose heart. We fought and we continue to fight strong. This is the reason why I am immensely proud of Team Cocolife. I never once doubted that we will be able to cope in this situation, but each stakeholder worked beyond the call of duty” said Atty. Jose Martin A. Loon President & CEO of Cocolife. “Without a doubt, each one of us stepped up and gave our best because we were motivated by our vow to serve others. We have been able to prove – that a team composed of purely Filipino talents, Filipino skills and Filipino dreams – was able to revive and recreate this great institution. Although grand, the challenge continues. As long as we remain committed to the values of excellence and integrity, as long as we respond to the exigencies of the company with creativity – all of these goals will be within reach. Cocolife has a continuing obligation to improve, to transform, to continue to keep the faith and belief. Cocolife is nothing without its people – the people we serve. What use is there to count profits and gains if not for the lives we change for the better?”
The president’s message gave a brief about their core initiatives. These initiatives are intended for a larger mass to find grievance solutions to its clients and to meet their demands as a majority of the population were vulnerable to the pandemic situation. As a part of their digitization goal, Cocolife launched their first online application form. It also set up a data loss prevention system, along with a new firewall. As they were headed to off-site activities and online transactions, risk management and compliance driven governance, initiatives were built based on profitability, capital efficiency, financial and operational risk management.
The main aim of Cocolife is to construct a nation to empower the Philippines and its citizens with financial freedom. They own a systemized set of quality insurance products, built on the core values of reliability, excellence, teamwork, integrity and empathy. Thereby Cocolife is a life insurance company that not only functions on materializing its goals, but it is also present to deal with the problems arising in the livelihood of its customers. It has created a niche among the insurance sector by addressing the social welfare of its customers while also functioning as a profit oriented organization.
Article by Ramya. S