Young customers, young leaders drive the next disruption in insurance

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Rico Yan, Julie Vega, Puneeth Rajkumar, Sidharth Shukla, Abir Goswami, Raj Kaushal, Amit Mistry, Brittany Murphy, Heather O’ Rourke all have something in common between them. They were all talented, very popular in their respective segments and they all died of cardiac arrest. The heartbreaking part of their stories is that they were at the prime of their career when the tragedy struck. These tragedies have made the common folks realise the vulnerabilities of our health. How delicate our body is and how grateful we should be for each of the days we wake up and go to sleep.

The Covid-19 pandemic has given a reality check of our existence, the importance of time and the value of relationships. The pandemic has given a new realm of perspective towards financial security and a healthy lifestyle. It has driven many towards financial planning and this is increasingly being observed among the younger generation. It is being reported that many of the new fund investors and insurance clients in 2021 belong to the 25-30 age group. An age where, either they are starting a new job or planning to start a new family. A group of young talents who have already begun securing the future for themselves and for their family.

Empowering the youth with security

People who are at the autumn of one’s life have the capital and the resources but little or no liabilities or responsibilities in their family but a young adult who has limited income capacity has the largest number of liabilities and responsibilities. A young adult, typically in the 25-30 age group has to calibrate his/her income to take care of his elderly parents and most probably an infant child. Tapping on this strenuous situation, many of the insurance companies are tailoring their products and services towards these young breadwinners. The recent Covid-19 pandemic just pushed the cynical ones as well.

While scanning through several insurance schemes of several companies, you are bound to come across Cocolife, a Philippine-based insurance company. It is one of the first insurance companies in the Philippines to be certified by ISO 9001:2008 certification and regulated by the insurance commission. Here are some of the healthcare products offered by Cocolfe today. 

Cocolife has something called HMO program that requires fixed premium per enrollee for convenient access to cashless medical treatment through a network of hospitals and clinics across Philippines. The company provides a customizable and flexible program to cover in-patient care, out-patient care, emergency services, preventive care, annual checkup, dental coverage, and financial assistance in the event of an accidental or natural death. It also has a program that assists an individual with financial support in the event of hospitalization due to an illness or accident.

Cocolife also provides a set of services that protects not only an individual’s income but also secures his/her family’s financial well being in the event of any untoward incident. The company also has an insurance plan that allows an individual to insure and invest for all kinds of needs, be it a lavish wedding, new house or car and subsequently, children’s education. Cocolife has made provisions for customizations to accommodate an individual’s retirement plans. The company is aggressively promoting a new product called the ‘Zenith Med’ that allows access to high investment returns and exclusive access to a wide network of accredited hospitals. The company reveals that the plan can be used for any kind of medical needs including pregnancy, critical illness, major hospitalization and emergency cases.

Young Turks bear the flag to the future

With the insurance sector getting a wider acknowledgement on a global scale from the younger generation, it is imperative for the companies to hand over the baton to the age group that understands the new age demands. Board members at Cocolife have appreciated and welcomed the contributions of its younger members and thus, have appointed them at the helm of affairs for some key portfolios.

Cocolife appointed a slew of young bloods to chart a new path in the market. This includes president and CEO, Atty. Martin A. Loon. Cocogen Insurance company, a subsidiary of Cocolife, has also appointed a new president, Atty. Darren De Jesus. Atty. Julio Bucoy was appointed the president of Cocolife Asset Management Company, another subsidiary of Cocolife. Another subsidiary worth mentioning is Cocoplans, a company that offers a suite of pension plans and education plans. It is headed by Atty. Josine Alexandra S. Gamboa. 

Clockwise from top left: Atty. Martin A. Loon, president and CEO of Cocolife, Atty. Darren De Jesus, president of Cocogen Insurance company, Atty. Julio Bucoy, president of Cocolife Asset Management company and Atty. Josine Alexandra S. Gamboa, president of Cocoplans

A glimpse of some of the achievements of Cocolife under the stewardship of the new young president and CEO, Martin Loon,

  • Due to the swift digitalization process before the pandemic ,the entire workforce was able to transition to a work from home model.
  • Ensured reduced processing time of all COVID-19 claims alongwith 24/7 accessible hotlines.
  • Cocolife impacted 50,000 Filipino families with about P1 billion in Covid-19 related claims
  • Cocolife marked one of its highest income in 2019, despite the pandemic
  • The Customer Experience team expanded its servicing capabilities from 5 to 7 days a week. 
  • Servicing more than 81,000 insurance-related concerns in 2019, an increase of 450% from 18,000 in 2018.
  • Increased client retainship by at least 5 percent.
  • Cocolife launched its first online application form. 
  • Set up of a new Data Loss Prevention system, a new firewall and a new virtual private network for data protection.
Cocolife recently bagged two awards from International Business Magazines.
Most Outstanding Life Insurance Company, Philippines 2021

Most Outstanding Healthcare Provider, Philippines 2021

Cocolife is looking up to these ‘millennial’ leaders to tackle the new disruptions in the ever-evolving insurance and finance sector. The new gens are poised for a fresh approach for the company that could lead them through the new digitalization wave and stay relevant to the latest generation of customers. The agile and adaptive thought process of the young and the mentorship from the more experienced board members is expected to set the pace for the post-pandemic era. 

Young leaders today bring with them the exuberance and the agility to meet the evolving demands and the knowhow for tackling the new disruptions. It is being observed that the whole new technological capabilities at the disposal of the current generation is enabling bolder risks and faster decisions.

Mincing words from Cocolife chairman Justice Bienvenido Reyes –

“Young leaders like President Martin Loon have significant advantages. They exhibit boundless concepts and skills at presenting their goals. They are dynamic and have the courage to take risks. They are full of optimism about their proposals for variations. With the unrelenting progress of Cocolife, Atty. Martin Loon has proven that he is indeed a good leader. He has an open mind and takes into consideration others’ ideas and points of view. He makes good leaders as well. He initiates good examples and motivates his subordinates to excel in their craft.”

Article by Ujal Nair

Also read: Modern Insurance companies excelling at securing health and wealth

Cocolife Empowering the Philippines through Goodwill

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