Malayan Prom Night the Malayan Group Christmas Party 2016

13 Malayan Prom Night The Malayan Group Christmas Party 2016

Malayan Magazine Editorial A December to Remember In December 19, 2016, the Malayan Group had reminiscent of high school prom night. a big Christmas celebration at One Canvas in Makati. It was truly a night to remember as all It was a year with many reasons to celebrate and employees donned their best formal wear and the Malayan Group company-wide party was a enjoyed a night of party and performances fitting cap to 2016.

May the good things of life be yours in abundance, not only at Christmas but always.

AMBASSADOR ALFONSO T. YUCHENGCO Chairman, MICO Equities, Inc.

Malayan Vision The Malayan Magazine Martin D. Yuchioco Malayan equals Non-life Insurance Editor-In-Chief

Mark Gregory C. Miranda Angel F. Felicia Mission Statement Writing, Layout and Design Malayan guarantees to provide its Ma. Gertrudes G. Lim Circulation policyholders the best non-life insurance The Malayan Magazine is a quarterly publication of Malayan Insurance for its employees, subsidiaries, protection, and fair and prompt settlement affiliates, clients, and the general public. Please address all concerns to: Communications Unit,IMC Department Yuchengco Tower 1, 500 Quintin Paredes Street, 1006 Binondo, Manila • Tel. No.: 242-8888 of valid claims at all times local 8647 • Fax No.: 628-8755

2 Malayan Magazine 4th Quarter Issue 2016

Contents News 4 Malayan Awards its Shining Stars

6 Malayan Employee recognized as new YGC Values Exemplar

7 Malayan Annual Managers Conference & Fellowship Night

8 The Malayan Plaza celebrates 10 years of success 4

13 Malayan Prom Night The Malayan Group Christmas Party 2016

Features 19 A.M. Best’s Special Report: Non-Motor Personal Lines Growth in Southeast Asia Could Provide Opportunities To Reinsurers

21 CSR Corner 6 22 Regulars Bowling Tournament 2016 24 25 Writer’s Nest New Hires

26 Birthdays

Malayan Magazine 3 News Malayan awards its Shining Stars

Malayan Insurance recognized its first effort, impact to business, modelling of batch of Malayan Shining Stars in a core values, and ability to inspire and ceremony held at the Ramada Manila motivate other employees. Central in Binondo, Manila on the 3rd of October 2016. The awarding was led by President Ms. Yvonne S. Yuchengco and Chief The Malayan Star Awards aims to Operating Officer Mr. Paolo Y. Abaya. recognize Malayan employees whose Erickson Montecillo gave the acceptance contributions made them model speech on behalf of the awardees. employees during the previous year. The Shining Stars were nominated by their Congratulations to Malayan’s Shining fellow employees and were selected Stars and may you all continue to shine based on such factors like extent of and be a source of inspiration to all!

44 MalayanMalayan Magazine Magazine 2015 Malayan Shining Stars Jennifer Rajal (BAC-LEX) Angelo Catalig (BITD) Baby Lyn De Ocampo (Corporate Offices) Lynel Rodiano (Finance) Raymond Morales (FNAC) Mae Jan Fontelo (HR & Admin) John Paul Benedicto (Sales) Malayan awards its Erickson Montecillo (Sales-Branches) Jason Zabala (Tokio Marine) Anne Germaine Ramos (Underwriting) Shining Stars Nathaniel Oblena (Rising Star)

Nathaniel Oblena (Rising Star) Jennifer Rajal (BAC-LEX) Angelo Catalig (BITD)

Baby Lyn De Ocampo (Corporate Offices) Lynel Rodiano (Finance)

Raymond Morales (FNAC) Mae Jan Fontelo (HR & Admin) John Paul Benedicto (Sales)

Erickson Montecillo (Sales-Branches) Jason Zabala (Tokio Marine)

MalayanMalayan Magazine Magazine 5 News Malayan Employee recognized as new YGC Values Exemplar

Ms. Mae Jan B. Fontelo (center) was recognized as Exemplar for Sense of Urgency

For the 9th year in a row, YGC honored its class Filipino practices. He shared his admiration employees who have best personified its core for Filipino Traits and urged Filipinos to be more values. The YGC Values Exemplar Awards appreciative of themselves and their unlimited was held last October 12, 2016 at the RCBC potentials. Savings Bank Corporate Center in BGC, Taguig. YGC executives, led by Malayan Insurance The YGC Values Exemplar Awards is a yearly Chairperson Mrs. Helen Y. Dee, graced the program of the YGC HR Council. MICO HR and affair. Malayan Insurance President Ms. Yvonne Administration Head Ms. Cecille V. Huidem S. Yuchengco and COO Mr. Paolo Y. Abaya chairs the Council with ER Head Ms. Georgia headed the attendees for MICO. V. Bicos as secretary. For this search, MICO Claims Head Mr. Jun M. Noche was part of the MICO’s very own Ms. Mae Jan B. Fontelo, HR Selection Committee and MICO Staffing Head Assistant, was recognized as Exemplar for Ms. Danna M. Pitahin was cited as one of the Sense of Urgency for doing better the 30-day winning nominators. turnaround time in sourcing and hiring 45 Project Employees for Toyota Insure project which generated substantial production in 2015.

The award’s theme, “The Power of One” was lifted from Chairperson Mrs. Helen Y. Dee’s call for action to the YGC community reiterating that each one can so something great by simply being committed to his duties and responsibilities.

In his inspirational remarks, Irish motivational guest speaker Mike Grogan highlighted world-

6 Malayan Magazine News Malayan Annual Managers Conference & Fellowship Night Malayan Insurance Managers from Metro Manila Sales and Provincial Branches held their Annual Managers Conference on October 10 to 14, 2016 at the 32nd floor of the Malayan Plaza in Pasig City. They also enjoyed a fellowship night at the 33rd Floor of the Plaza on the last day of the conference.

A Leadership Advancement and Managerial Proficiency (LAMP) Program was also conducted for the Branch Managers on October 13, 2016. The program was facilitated by HR and Admin Division Head Ms. Cecille V. Huidem.

Malayan Magazine 7 8 MalayanMalayan Magazine Magazine News The Malayan Plaza celebrates 10 years of success In commemoration of ten years of personal care packages. The Malayan enduring growth, The Malayan Plaza Plaza also raffled off gift certificates threw a grand celebration for its unit for Starbucks and Mercury Drug Store, owners last November 18, 2016. toiletries, and home appliances. The event was hosted by Mr. Bien Food, drinks, and entertainment made Sta. Ana, Head of the Malayan Plaza the event even more memorable. Front Desk, and by Ilaine Rodriguez, Mr. Sta. Ana treated the guests with Head of the Property Management lively renditions of disco hits as the unit Office. Ms. Yvonne S. Yuchengco, owners enjoyed the sumptuous dinner Chairperson of the Malayan Plaza, buffet. Unit owner Mr. Xavy Y. Zialcita opened the celebration with a also lured the crowd to the dance heartwarming speech to welcome floor with a brief DJ performance. all the unit owners invited to the event. Atty. Jose Martin Morente, President of the Homeowners Association, closed The unit owners participated in the event with an uplifting toast to the several exciting games, and winners future success and continued strength bagged cookware, tool kits, and of The Malayan Plaza.

MalayanMalayan Magazine Magazine 9 Gallery Todo Asenso Product Presentation Malayan Insurance had a presentation of micro insurance product Todo Asenso on October 4, 2016 in Batangas City. Shown in photo is Team Malayan led by President Ms. Yvonne S. Yuchengco, Sales Head Mr. Jun U. Cotoco, Lipa Branch Head Mr. Larry D. Inciong, BMD Head Mr. Frank P. Dagohoy, Regional Head Mr. Joel Q. Tabing, IMC Product Specialist Ms. Kaye Suelto and Aldous Anacion together with client representatives.

Malayan attends Trevi Foundation Anniversary Malayan Insurance key officers and employees, led by President Ms. Yvonne S. Yuchengco, attended the 20th Anniversary of Trevi Foundation on November 4, 2016 at the Manila Peninsula Hotel.

Malayan attends SCPA Anniversary Malayan Insurance led by President Ms. Yvonne S. Yuchengco and Sales Head Mr. Jun U. Cotoco, attended the 20th Anniversary of Sanitary Care Products Asia (SCPA) on October 2016 at the company’s head office in Taguig City.

10 Malayan Magazine Gallery Ortigas Branch Product Presentation The first Branded Product Presentation to agents of MICO- Ortigas Branch was held last November 2016. Coming from IMC Department, Product Specialist Ms. Rosselgean Consignado discusssed Malayan’s retail fire product line, which was followed by Product Specialist Ms. Kristine Bernadette Suelto who tackled the Personal Accident product line. It was a rich discussion with several questions from agents of Malayan’s newest Branch in Metro Manila.

Topnotchers Luncheon A luncheon for Malayan Insurance Topnotchers was held on November 23, 2016 at Ramada Central Manila in Binondo. The MICO topnotchers were honored for their success in their respective Internal and External Trainings & Seminars. The topnotchers were joined by Malayan officers led by President Ms. Yvonne S. Yuchengco and COO Mr. Paolo Y. Abaya.

TOPNOTCHERS LIST Aileen P. Martinez (Makati Sales Office) Jennifer Elaine R. Acierto (TMD-UW) Ma. Margie P. Miralles (Makati Sales Office) Shearpl Archelle Kryll Almanza (Motorcar) Arisa Salome B. Miranda (Reinsurance/Foreign) Jerick Paul I. Bawiga (Sales-Brokers) Mary Pauline A. Mogol (Business Application Systems) Alice Bernadette F. Berja (HR Services) Marie Racquel Natividad (Learning & Development) Harryzel Constantino (BAC) Maria Felisa L. Pesigan (Distribution & Development) Hilda L. Cornel (Sales-Brokers) Maria Victoria Reyes (Learning & Development) Jose Lorenzo L. Dimaano (Learning & Development) Eva P. Santiago (FNAC) Jovenelle P. Dote (Centralized Issuance) Tracy A. Santos (Internal Audit) Genyl A. Ejada (FNAC) Jonas C. Sison (FNAC) Mary Grace D. Galopo (Learning & Development) Mandy C. Velasquez (Marine Underwriting) Ervi L. Lopez (Claims) Mari Rose V. Velasquez (Makati Sales Office) Regine C. Mahinay (Internal Audit) Melissabeth B. Zambrona (Claims)

Malayan Magazine 11 Gallery

Malayan Group wins in 1st AIC Badminton Tournament The Malayan Group was proclaimed Champion of the 1st Association of Insurance Claimsmen Inc. (AICI) Inter- Insurance Company Badminton Tournament held on October 8 and 22, 2016 at the Courtzone Badminton, Paco, Manila. Malayan’s winning team was composed of Mr. Ericden Dionisio (TMD), Ms. Mary Ann Ong (Lex Services), Mr. Jun De Leon (Distribution Development), Ms. Sharon Navarro (Fire Underwriting), Ms. Mae Jan Fontelo (HRS), Mr. Edward Fong (FNAC), Ms. Jenielyn Ricardo (Collection), and Mr. Jesper Abolencia (Actuarial).

Davao Insurer’s Club 2016 Sportsfest Malayan Insurance participated in the 2016 Davao Insurer’s Club Sportsfest held on October 15, 2016 at the Greenheights Club House, Buhangin, Davao City. Malayan was part of the Gray Team which was declared Champion in Basketball, Water games, and Freethrow Shootout (Women).

Malayan joins HOG Rally 2016 Malayan Insurance joins the Harley Owners Group (HOG) Rally 2016, one of the biggest gatherings of all bike clubs and premium motorcycle owners and enthusiasts in the country on November 12, 2016 at Promenade, Greenhills. HOG is the official riding club of Harley Davidson of Manila and Malayan Insurance representatives promoted Malayan’s Motorcycle Insurance.

12 Malayan Magazine News Malayan Prom Night The Malayan Group Christmas Party 2016

It was a night of class and glamor as Malayan prowess but as well their creativity and wit. It was Insurance held its’ company-wide Christmas Underwriting group who took home the crown. Party last December 19, 2016 at One Canvas Big prizes were also given away for the Event Place in Makati City. employees. Aside from 120 pcs Robinsons Gift The Prom Night themed-event was even made Certificate worth 500 pesos, major prizes were more special with the presence of Malayan also raffled. Major prizes include Panasonic Insurance President Ms. Yvonne S. Yuchengco, window-type air conditioner, Go Pro Hero 5, El Chief Operating Officer Mr. Paolo Y. Abaya together with other MICO officers. Nido Tour Package, Hong Kong Tour Package and iPhone 7. The Dance Club set the mood of the program with their powerful cotillion production num- Dan Paulo Constantino of Budget and Control ber. While the talented Glee Club members and Isah Pura Sadornas of Collection Department serenaded the audience with their superb solo were crowned as the Prom King and Prom Queen. and group performances. Both were hailed as the best-dressed male and fe- One of the highlights of the program was the male who definitely stood out among the crowd. group competition. The theme of presentation Later in the evening, COO Paolo Abaya played is “Celebrating High School Life”. Five groups the music as employees grooved and enjoyed showcased not just their singing and dancing their cocktail drinks.

Malayan Magazine 13 The Malayan Group Christmas Party 2016 December 19, 2016 One Canvas, Makati City

14 MalayanMalayan Magazine Magazine The Malayan Group Christmas Party 2016

MalayanMalayan MagazineMagazine 15 Gallery Luncheon for Newly Regularized Employees A celebration luncheon was held for the newly regularized employees on November 14, 2016 at the 10th Floor Training Room, Binondo Manila. Gracing the luncheon event was Malayan Insurance President Ms. Yvonne S. Yuchengco.

Basic Non-life Insurance Seminar Shown in photo are the Basic Non-Life (BNL) Insurance Seminar graduates held last November 28, 2016 at the 10th Floor Training Room, Binondo Manila. The BNL Seminar was conducted by the Learning and Development Department and prepared the participants and aspiring agents for the licensure examination given by the Insurance Commission (IC).

Malayan supports Philharmonic Orchestra Malayan Insurance supported the Philippine Philharmonic Orchestra in their Christmas Concert-outreach program held last December 18, 2016 at Victorias City Cultural Center, Negros Occidental, and December 19, 2016 at Natalio G. Velez Sports and Cultural Center, Silay City, Negros Occidental. Malayan Insurance sponsored the travel insurance of the Philharmonic Orchestra.

16 Malayan Magazine Gallery Malayan Insurance and Munich Re support Global Fund’s fight against epidemics Malayan Insurance, the top non-life insurance provider in the Philippines, partnered with one of the world’s leading reinsurers Munich Re to provide in-kind contributions for the Global Fund, an international financing institution and multi-stakeholder partnership designed to accelerate the end of AIDS, tuberculosis and malaria as epidemics. Malayan Insurance and Munich Re conducted pro-bono risk assessment surveys on the central warehouses of the principal recipients of the Global Fund in the Philippines (Pilipinas Shell Foundation Inc., Save the Children Philippines, and Philippine Business for Social Progress) to help protect and insure their assets, which composed mainly of health care and pharmaceutical products and laboratory equipment. Aside from risk assessment services, a discussion on the Philippine insurance market was also conducted by Malayan Insurance.

FNAC Bohol Trip Incentive The First Nationwide Assurance Corporation (FNAC) recognized its top bank referrors and sales representatives through a trip in Bohol on November 11 to 13, 2016. The Bohol trip had the most number of qualifiers since FNAC launched its yearly trip incentive promo in 2010. Qualifiers enjoyed a 3 day 2 night vacation at the prestigious Bellevue Hotel. Highlight of the event was the fellowship night and award ceremony where each qualifier was recognized and awarded with certificates.

Malayan Magazine 17 Gallery i4u Christmas Gift Packs Turn-over Cubao and Marikina agents are shown in photos receiving their Christmas Gift Packs for being top producers of the 2016 i4u Personal Accident Insurance Christmas Cards promo. Together with the top producing agents are the employees and staff of Malayan Cubao and Marikina Branch.

Mr. MDYuchioco in ISJ General Course 2016 Vice President and Integrated Marketing Communications Head Mr. Martin D. Yuchioco represented the class of The Insurance School of Japan 43rd General Insurance Course in Tokyo, Japan. The ISJ General Course was conducted under the joint of Japan. Mr. Yuchioco delivered the Class auspices of The General Insurance Association Response during the Opening Ceremonies last of Japan and The General Insurance Institute October 17, 2016.

Year-End 2016 Snaphots Some snapshots just before the Y2016 came to a close.

CEO YSY with Underwriting

COO PYA with Accounting Department CEO YSY with Accounting Department

Year-End Collection Meeting

18 Malayan Magazine Non-Motor Personal Lines Special Report Growth in Southeast Asia Could Provide Opportunities To Reinsurers Acknowledgement A.M. BEST SPECIAL REPORT Market Review, December 22, 2016

Insurers across Southeast Asia are keen to explore vehicle markets such as Indonesia, Thailand, and Malaysia opportunities outside of the traditional commercial fire and have weakened a primary source of premiums in these motor lines that historically have dominated the non-life markets and is increasing pressure on this profit margins. markets in which they operate. Moving into new lines brings This in turn is raising insurer’s awareness of the need to numerous challenges, which will lead these insurers to develop other lines of business. seek partners to provide advice, support, and risk sharing, especially during the early stage of new product launches. Another factor driving expansion into other lines is that per capita GDP in many Southeast Asian countries is The new niches that are opening up as a result could provide now considerably higher than it was a decade ago, with new growth momentum to reinsurers. While these niches a consuming middle class that has grown considerably in may be too small to be attractive to large global reinsurers, size. This has created the potential for non-motor insurance they will be more attractive for smaller reinsurers, including products that could remain in demand even as consumers regional reinsurers. However, only those with relevant cut down on big-ticket items such as automobiles. One capabilities in helping cedants develop these new business lines and networks will be able to capitalize on this opportunity and be able to strengthen their relevance in the market. For these niches to be sustainable and offer steady growth, reinsurers will need to demonstrate the ability to keep innovating efficiency and to manage concentrations, as the cedants will reduce cessions as they become more familiar and comfortable with the new products.

Southeast Asian Insurers Looking Beyond Motor and Commercial Fire Insurers in the major Southeast Asian markets are facing increasing challenges that may leave them amenable to comprehensive reinsurance solutions, with support not limited to providing capacity but more importantly targeted at product development and innovative distribution. Insurers are becoming more aware that they need to develop new sources of growth within their domestic markets, whether that means new lines of business beyond their traditional commercial fire and motor insurance products, or reaching new market segments by broadening their distribution channels.

Multiple factors are pushing insurers to look beyond motor and commercial fire. First, with motor insurance representing the largest line of business, sluggish to declining sales (Exhibit 1) in major motor

Malayan Magazine 19 example is spending on travel, which has been growing motor in the case of Malaysia – and will thus encourage strongly across the region even as overall auto sales slump the development of new lines of business as well as more (Exhibit 2). For insurance companies, the growth in travel variation in policy wordings for products that are currently has created opportunity to create consumer awareness to tariffed. buy protection against inconvenience of lost luggage or the CSR Corner cost of accidents and health emergencies overseas. Indeed, Finally, personal lines targeting the urban affluent and middle travel has been a significant driver behind personal accident class segments, alongside commercial fire, have to date premium growth in many Southeast Asian markets. been the main source of growth in Southeast Asian markets, with nearly all of that coming within metropolitan areas. Other examples of insurance opportunities among the However, we are starting to see insurance executives in emerging Southeast Asian middle class are health many Southeast Asian markets express an interest in seeking insurance and income protection products, with demand growth from lower income segments, including those outside for each remaining strong. Reducing financial hardships urban areas. This is partly due to saturation and competition due to serious health issues, and the need to supplement in the cities, but also in anticipation of government policies inadequate public and private health insurance schemes, aimed at increasing insurance penetration in rural areas are of interest to new middle class households. Meanwhile, (which ultimately helps to stabilize government budgets) and more affluent consumers are showing interest in insurance stimulating economic growth outside of the cities through products to fund medical tourism. The experience in infrastructure investments. Lower-income rural residents neighboring India indicates that the potential exists in are considered more vulnerable to financial hardships from Southeast Asia. Personal accident/health represents 27% weather events or illness of the sole breadwinner than their of the Indian non-life market’s gross premiums and is the urban counterparts, and thus have an even greater need single largest business line (with motor own damage ranked for insurance. second at 24%). However, with the exception of Vietnam (where personal accident/health insurance also accounts Serving this segment, however, does not just require for around 27% of non-life premiums, leading the non- introducing a new product; it requires changes to existing life market ahead of motor), health insurance accounts business practices. The significantly lower per-policy for between 10% and 16% of gross premiums in major premiums will require low-cost distribution and simple, Southeast Asian markets such as Indonesia, Malaysia, and efficient administration, as well as simple product features Singapore. that appeal to first-time insurance buyers. A partner that seeks to help insurers capture this large segment The third reason for the rising potential of non-motor personal will therefore not only need to have technical insurance lines business has to do with changing economic structures knowledge, but also capabilities to help with distribution and regulations. In terms of the former, the growth of the and a good understanding of this consumer segment, formal employment sector has helped improve insurance which may have very different behaviors from those in the penetration by facilitating the distribution of insurance metropolitan areas. Insurers will likely borrow many ideas products to workers. In Vietnam, for example, this has from microinsurance. (Continued on page 27) helped health insurance to grow faster than motor insurance in recent years. As for regulations, tariffs continue to play a role in some Southeast Asian markets, including Malaysia, Thailand, and Indonesia. While tariffs have helped to produce above- average underwriting profitability and provide market discipline, they have also had a dampening effect on insurance penetration and reduced the incentive for product and channel innovation. The trend toward gradual removal of regulatory limitations (with Malaysia having started in July 2016) could disrupt the profitability and stability of tariffed business lines – fire and

20 Malayan Magazine CSR Corner SEP Christmas Party Isinulat ni Ma. Gertrudes G. Lim

Ang proyektong Street Education Program o mas kilala sa tawag na SEP ng Malayan Insurance ay nagsimula na at muli, katuwang (Continued on page 27) ang San Lorenzo Ruiz Parish at Childhope Asia Philippines. Sa pamamagitan nito, mabibigyan ng pagkakataon ang mga piling kabataan na magkaroon ng impormal na edukasyon. Mayroon humigit kumulang sa tatlumpung (30) batang lansangan ang nakikinabang sa programang ito. Tinuturuan silang sumulat, bumasa, bumilang at iba’t ibang kapakipakinabang na aralin. Sa bawat araw ng pagpasok, mayroon silang pagkain at mabuting aral na natutunan. Kasama sa programa ang regular na patingin sa doktor, mobile education, counseling at pagsubaybay sa mga gawain ng mga bata sa lansangan. Nakikinabang din ang mga magulang ng mga bata ito sa programa dahil sila ay binabahagian ng iba’t ibang kaalaman pangkabuhayan.

Disyembre 16, 2016 ng idaos ang Christmas Party ng mga bata. Masaya silang lahat sa kanilang natanggap na bagong kasuotan at sapatos na nagmula sa kanilang pangangaroling sa Malayan. Lahat ay sumali sa iba’t ibang palaro gaya ng stop dance, bring me, kalamansi relay, trip to Jerusalem at Pinoy henyo. Natapos ang kasiyahan sa pamamagitan ng pagsasalo sa masarap ng pagkaing hinanda para sa kanila.

Malayan Magazine 21 Sports 2016 Malayan Bowling Tournament

Ceremonial Throwing of the Ball representatives (standing l-r) Mr. Jessie Bajada (RI Accounting), Mr. Estelito Limbo (GSPD), Ms. Rowena Publico (Collection), Mr. Cyrus Abeleda (Marine Underwriting), Mr. Joel Mariano (FNAC), (sitting l-r) Mr. Rodolfo Mangalino (Surety), Mr. Julian Fidel Rosario (TMD), Mr. Regidor Oligo (TMD) and Mr. Ramon Roque (TMD)

Team Underwriting was the Champion The Teams that participated in this year for Class A in the Malayan Bowling tournament are Team Underwriting, Tournament 2016. With 9,680 pinfalls, Team Officers, Team HR & Admin, BITD, Team Underwriting edged out the Team QSD, Team Tokio Marine and Investment, Officers that garnered 9,317 pinfalls. Team Financial Management and Office of the President, Team Sales and Office For Class B, the Team composed of of the COO, and Team FNAC, BAC & Sales and Office of the COO, was Lex. proclaimed champion with 7,559 pinfalls. The Team of HR & Admin, BITD The Finals was held on November 28, 2016 and QSD came in second place with at Paeng’s Midtown Bowl, Robinson’s 7,111 pinfalls. Place Manila.

22 MalayanMalayan Magazine Magazine 2016 Malayan Bowling Tournament

Class A Champion: Underwriting Class B Champion: Sales, Office of the COO

BOWLING WINNERS

Class A Champion: Underwriting 2nd Place: Officers 3rd Place: Tokio Marine, Investment

Class B Champion: Sales, Office of COO 2nd Place: HR & Admin, BITD, Quality Service 3rd Place: Underwriting

Highest Single (Male-Class A): Ramon Roque Highest Average (Male-Class A): Cesar Toledo

Highest Single (Female-Class A): Babylyn Atienza Highest Average (Female-Class A): Cecile Orozco

Highest Single (Male-Class B): Danilo Joseph Santos Highest Average (Male-Class B): Danilo Joseph Santos

Highest Single (Female-Class B): Jennet Ramoso Highest Average (Female-Class B): Leizl Canlas

MalayanMalayan Magazine Magazine 23 This section will feature articles and literary works by Malayan Insurance’s talented employee writers and bloggers. Writers’ Nest Ready, Set, Seoul: Going Beyond Kimchi and K-pop By Arisa Miranda of RI/Foreign Subsidiaries

With Korean dramas and Korean idol groups getting South Korea’s internet connection is one of the more popular (referred to as Korean Wave or Hallyu), fastest in the world with an average speed of 26.7 people all over the world are also getting more and Mbps (Akamai Technologies Q4 2015 The State of more inclined to visit the Land of the Morning Calm. the Internet report). At the airport, Pocket/Mobile This is evident with the rise in Korean tourism and Wi-Fi devices, called Wi-Fi Egg, are available for rent they even projected a 20% growth in 2016 (Union at approximately Php300 a day. This is optional of International Associations, August 2016). Because as your chosen accommodation is surely offering the best way to explore a culture is to immerse oneself free Wi-Fi, so worry no more in updating all your in the local scene, right? social media accounts. “FreePublicWiFi@Seoul” or “SeoulPublicWiFi” can also be detected in tourist Friends would usually ask me for some tips for their spots most of the time. Korea trips, but majority of their questions involve the visa application process. For us Filipinos, we would Take note of the appropriate attire during your need to get a visa before we can step in the Korean visit since Korea has four seasons. Just to give you peninsula, unless you are only bound for Jeju Island an idea, during my spring visit last year, I had four which is visa-free. This may sound a little hassle for layers on—two trench coats, one long-sleeved polo, some, but trust me, Korean visa might actually be the and a shirt. When I came back during summer, my easiest one to get. You just need the application form, usual Manila outfit worked fine. Please also wear employment certificate, Income Tax Return (ITR), bank comfy shoes and expect a lot of walking both uphill statement, and bank certificate. After completing and downhill. I frequently give this advice after I these documents, you can apply personally and for free mistakenly roamed the streets of Seoul and visited to the Korean Embassy so you won’t have additional one of their grand palaces in high-heeled boots. travel agency charges. Lines can be very long, but For more cultural immersion, try wearing a hanbok, they are systematic that once your number is called, Korean traditional clothing, and you can even score the average processing time is only five minutes (or free passes to the five palaces in the city while you less!). They will issue your single entry tourist visa in strut your inner Korean royalty just like Jang Geum just a week, valid for 59 days thereafter. Visit Korean and Ju Mong. Embassy’s website (http://embassy_philippines.mofa. go.kr/) for more details. Aside from historical and cultural sites, there are also lots of shopping districts, romantic date Plane tickets will not hurt your pockets either, as places, as well as bars and clubs. Yes, you can find there are several budget carriers offering seat sales almost anything that fits your interest. Plan your from Manila/Cebu to Incheon, which is the airport itinerary ahead and list down all the activities you mainly catering to Seoul tourists. For instance, I once want to do. There can be a lot of choices and you got Php6,000 roundtrip ticket with 20kg baggage might be overwhelmed with all the things Seoul can allowance for the return trip. Not bad, right? All you offer. Travel blogs are just a click away with all the have to do is to watch out for promo fares. If you can’t recommended destinations for every personality. catch these sales, plane tickets are also said to be cheapest six weeks before your flight. Book wisely! Visa? Plane ticket? Accommodation? Itinerary? All check! There are several accommodations that are within every budget. Guesthouses are usually less expensive, and Now that you are ready to go to South Korea, I will you can even have a feel of the standard Korean living. just leave it to you to see for yourself and discover Some are offering traditional-themed rooms complete its wonders. So, what are you waiting for? Get your with paper-pasted windows, antique furniture, and 2017 planners do their job and have fun mingling heated floors (perfect during winter). I always stay at with the Seoulites! You will realize that there is those near the subway stations, five-minute walk at really more to this peninsula than kimchi and K-pop. most, for easy access to public transportation. Annyeong~

24 Malayan Magazine New Hires

1 2 3 4 5 6 7 8 9 10

1. Calvin M. De Leon 3 Jose Allan S. Huy 5 Myra G. Catapang 7 Rex Emilson M. Yumang 9 John Marx S. Padecio Sales Clerk Technical Assistant Head, Affinity Programs Jr. Adjuster Risk Engineer Binondo Sales Office Claims Imc Claims-Motorcar Tokio Marine-Underwriting

2 Rb D. Salvador 4 Ronald V. Canilao 6 Marius Michael D. Cancio 8 Al-Jay H. Fermin 10 John Rafael P. Ramos Data Encoder Sr. Underwriter Sr. Account Executive Sales Assistant Jr. Adjuster Centralized Issuance Fire Underwriting makati Sales Office makati Sales Office Claims-Motorcar

11 12 13 14 15 16 17 18 19 20

11 Martin Rosendo L. Campos 13 Merlinah Louise C. Lunod 15 Marvin L. Arceo 17 Cathy Lou S. Quimson 19 Faith L. Pabia Associate Lawyer Training Assistant Branch Clerk Agency Recruitment & Development Branch Clerk Legal Learning & Development Tarlac Manager- Vismin Learning & Naga Development 112 Saviour M. Del Rosario 14 Jayson R. Flores 16 Harley Hunt A. Garcia 20 Jericho S. Mapa 18 John Stanley A. Asis Branch Clerk Filing Clerk Actuarial & Risk Mgnt. Assistant Claims Processor Sr. Account Executive Olongapo Tokio Marine-Policy Issuance Actuarial And Risk Management Bac Distribution Development

21 22 23 24 25 26 27 28 29 30

21 Rea Lyn G. Delos Reyes 23 Queena S. Aguilar 25 Armelita O. De Guzman 27 Lovelyn C. Cruz 29 Jairo P. Lingat Accounting Clerk Claims Processor Branch Clerk Collection Assistant Field Sales Representative Fnac Tokio Marine-Claims Baliwag Collection -Pampanga, Fnac

22 Rowena C. Ilagan 24 Melvin C. Gutierrez 26 Josie P. Medez 28 Robert Roy S. Pablo 30 Maria Concepcion B. Menor Field Sales Representative- Cavite Account Executive Associate Lawyer Risk Inspector Sales Office Head Fnac makati Sales Office Legal General Santos Quezon Ave. Sales Office

31 32 33 34 35 36 37 38 39 40

31 Sharon Ann G. Punzalan 33 Mary Joy C. Corbito 35 Marianne D. Baloy 37 Sarah Jean T. Cuyba 39 Rely G. De La Rosa Collection Assistant Branch Clerk Sr. Collection Specialist Recon Clerk Branch Clerk Collection Tuguegarao Collection Cash Management Legazpi

32 Edilbert P. Sison 34 John Kenneth I. Sinco 36 Jean Yasmine L. Mendoza 38 Freddieliza A. Doria 40 Nina F. Bello Affinity Development Officer- Vismin Jr. Adjuster Sales Clerk Audit Staff Account Executive Imc-Marketing Services Claims-Motorcar Direct & Dealership Internal Audit Distribution Development

41 42 43 44 45 46 47 48

41 Denise Stefi P. Agdigos Sr. 43 Luigi R. Gabriel 45 Joshua James A. Bravante 47 Jenelyn J. Matandag Account Executive Online AdminiStrative Assistant Technical Assistant Bookkeeper Direct & Dealership Licensing Services Office Claims Bac

42 Maychil G. Modequillo 44 Angela Maree U. Tapucol 46 Bernard V. Limpin 48 Eruel C. Castillo Branch Clerk Claims Processor Area Cashier- Vismin Applications Systems Developer Cebu Bac Cash Management Business Application Systems

Malayan Magazine 25 17 KAZUNORI TSUJI TOKIO MARINE-OFFICE 18 KENETH L. SY CASH MANAGEMENT february 18 JERWIN C. ALCANTARA GENERAL SERVICES & PURCHASING 1 BERNADETTE C. GARCHITORENA DIRECT & DEALERSHIP 18 HAZEL JANE F. VILLACORTA CEBU 1 JOSE LORENZO L. DIMAANO LEARNING & DEVELOPMENT 18 GODFREY PAOLO M. LAYA MAKATI SALES OFFICE 2 BENITO S. CASTILLO JR. RI ACCOUNTING 18 CASELYN A. MELCHOR DIRECT & DEALERSHIP 2 RALPH ARMAN D. SIA FNAC 19 SHEENA IRENE M. LAWAS DAVAO 2 RODOLFO A. SIMBUL COLLECTION 20 mARY JANE L. VILLENA CLAIMS-FIRE 2 JHOLINA ROSE C. SANTIAGO BAC 21 mARIEL S. BEO CENTRALIZED ISSUANCE 3 CESAR M. TOLEDO OFFICE OF THE PRESIDENT 21 ISAH PURA B. SADORNAS COLLECTION 4 mARIE JUIN B. PASCULADO TOKIO MARINE-UNDERWRITING-NON-PROPERTY 22 ARNOLD L. QUESTIN TOKIO MARINE-CLAIMS 4 IVAN WARREN G. POQUIZ TECHNICAL SERVICES 23 mARIA FRANCESCA ELE R. DAVID SALES-BROKERS 4 JOHN MARX S. PADECIO TOKIO MARINE-UNDERWRITING-PROPERTY 23 LYNNYMME L. COMIA BUDGET AND CONTROL 4 RELY G. DE LA ROSA LEGAZPI 24 ROSALIE S. CAGAPE SALES-BROKERS 5 SATURNINO G. ESTEBAN II mARIKINA SALES OFFIC 24 HERALD H. SERENA FNAC 6 AMB. ALFONSO T. YUCHENGCO mICO EQUITIES CHAIRMAN 25 EDEN ROSE S. MABAN FNAC 6 PAUL DUNHILL L. ONG MAKATI SALES OFFICE 26 BELINDA I. AYCAIDE ALABANG SALES OFFICE 6 ELYJANE JOY G. PANGANIBAN CASH MANAGEMENT 26 ARVIN C. RAZON TOKIO MARINE-ADMINISTRATION 7 CRIZELDA A. FONTILAR FNAC 26 CRISTINA R. PANGANIBAN CABANATUAN 7 CAMILLE P. SANQUI BAC 26 JONEL M. GARCIA MARINE UNDERWRITING 7 FAYE MISTY S. REYES DISTRIBUTION DEVELOPMENT 27 KATSUKI TAKARADA TOKIO MARINE-PRODUCTION 8 YVONNE S. YUCHENGCO OFFICE OF THE PRESIDENT 27 SHIERLYN R. FAGELA OLONGAPO 8 IAN ERICK C. GACUSAN BAC 28 TWENY M. VARGAS REINSURANCE/FOREIGN 9 CRISTOPHER C. HERNANDEZ FNAC 28 mARIEL MEDIL CEBU 9 CARLAH B. BANES ILOILO 29 LUTHER A. VALLENTE BUSINESS APPLICATION SYSTEMS 10 ERLANDO B. ANCOT BUSINESS APPLICATION SYSTEMS 29 mERCIO A. DABON JR. TOKIO MARINE-PRODUCTION 10 SUSANA C. FONG INVESTMENT MANAGEMENT 30 AILEEN C. BOGNOT QUEZON CITY SALES OFFICE 10 GERALDINE A. SENIDDO COLLECTION 30 NOEL I. ALCOBA TOKIO MARINE-PRODUCTION 10 ALELIE KRIZZA D. PEDIENGCO COLLECTION 30 ELY M. MARIN CENTRALIZED ISSUANCE 10 KENNETH VON G. COLOT CEBU 31 JOSHUA G. BRIZUELA SALES-BROKERS 11 JOEY G. LUCAS REINSURANCE/FOREIGN 31 mARY JANE C. DE PAZ CENTRALIZED ISSUANCE 11 PETER JOHN C. FABULA MOTORCAR UNDERWRITING 13 VIRGILIO L. MAGDAYAO OFFICE OF THE UNDERWRITING DIVISION HEAD 13 FLORIAN B. VILLAMIN SURETY april 13 JAN KENNETH S. MELENDRES PERSONAL ACCIDENT UNDEWRITING 1 mARY ANN A. BRINGAS CENTRALIZED ISSUANCE 13 JEONGMI OH TOKIO MARINE-PRODUCTION 3 RODRIGO A. CONCEPCION CLAIMS-MOTORCAR 13 mASAMI GO TOKIO MARINE-PRODUCTION 3 PATRICK M. GALLOS SALES-BROKERS 14 ALEXANDER V. BARRERA CAVITE 3 mARIA BEATRIZ A. ADVERSALO BUSINESS INFORMATION 14 VIKTOR ERIK RHEVAL E. ABE BINONDO SALES OFFICE 3 JUAN PAOLO J. MALLARI LEARNING & DEVELOPMENT 14 JENIELYN B. DILIM LIPA 3 NORBERTO V. ROMANO JR. DUMAGUETE 14 VALENTINE A. OCAMPO SALES-BROKERS 3 mA. LAIKA T. TOLENTINO CENTRALIZED ISSUANCE 14 ARMELITA O. DE GUZMAN BALIWAG 4 JASON T. CORPUZ FNAC 15 INA MA. B. RIVERA DIRECT & DEALERSHIP 4 mARIA MELECIA VICTO P. AGBAYANI CENTRALIZED ISSUANCE 15 mARK FRANCIS C. TAGACTAC CAGAYAN DE ORO 5 JEZREEL JEIEL D. MATA PERSONAL ACCIDENT UNDERWRITING 16 JENIELYN M. RICARDO COLLECTION 5 GERALD R. TORRES TECHNICAL SERVICES 17 mYRNA D. ORENSE LEX SERVICES 6 JOSE MA. C. DUCON DISTRIBUTION DEVELOP 17 CHARMAINE G. PASCUAL FIRE UNDERWRITING 6 RYAN OLIVER Y. SEE CHINATOWN SALES OFFICE 17 ANNITH VICENCIO INTERNAL AUDIT 7 HILDA M. LUCES OFF. OF THE STRATEGIC JAPANESE OFFICER 17 mARILOU G. SANCHEZ MAKATI SALES OFFICE 7 ALFREDO D. GATUS III TOKIO MARINE-PRODUCTION 18 LARRY D. INCIONG LIPA 7 GENEVIEVE C. CALIPAYAN CEBU 18 mA. BERNARDITA R. CAWAD REINSURANCE/FOREIGN 8 RYAN T. BRANZUELA BUSINESS APPLICATION SYSTEMS 18 JOVY L. ALVAREZ CORPORATE PLANNING 8 ANTHONY M. LABINDALAWA PERSONAL ACCIDENT UNDERWRITING 18 mARCIAN AZENITH N. MARIANO ZAMBOANGA 8 JOSE CHITO I. CARIQUE BUSINESS PROCESS 20 PAULINO F. ABELLA CLAIMS 9 JEREMIAH R. ABLAO CLAIMS-MOTORCAR 20 mA. CECILIA A. COLLADO HONDA-QUEZON AVENUE 9 DELSA O. GUDEN DAVAO 20 ROMMEL G. MANANSALA BRANCHES MANAGEMENT 9 GENYL A. EJADA FNAC 20 mELVIN V. FORONDA CLAIMS-PERSONAL ACCIDENT 9 CYRUS R. INGENTE TECHNICAL SERVICES 20 mELOU JANE A. REMOLLENA LAGUNA 9 ARNEL M. GARCIA CENTRALIZED ISSUANCE 21 CARLA T. MASILLONES FNAC 10 KYRA T. GALVEZ QUALITY SERVICE 22 JOYCE L. JERUSALEM FIRE UNDERWRITING 10 IARA B. PEREZ CLAIMS 23 mA. GERTRUDES G. LIM IMC-CORP. COMMUNICATIONS 11 LESLIE ANN B. MAGALLON BACOLOD 23 JINKY C. PLAZO CLAIMS-MOTORCAR 11 ERUEL C. CASTILLO BUSINESS APPLICATION SYSTEMS 23 RENZ MAR R. CONCEPCION PERSONAL ACCIDENT UNDERWRITING 12 SERLIE B. BULDA CAVITE 24 IMELDA D. MORALES CASH MANAGEMENT 12 DAISUKE FUJII OFFICE OF THE STRATEGIC JAPANESE OFFICER 24 JONAS C. SISON FNAC 12 JENNELYN GEM S. BARCHETA DIRECT & DEALERSHIP 24 ADELO A. ABELEDA ENGINEERING 12 RITCHEL K. FRANCISCO FNAC 24 FREDERICK T. PINEDA OFF. OF THE FINANCIAL MGMT. DIVISION HEAD 12 RODINA Y. SIQUIOCO OFFICE OF THE SALES DIVISION HEAD 26 RICHARD M. GERARDINO DAVAO 12 mARIUS MICHAEL D. CANCIO mAKATI SALES OFFICE 26 mARIQUIT C. SISTER HONDA-KALOOKAN 13 EFREN REY A. RABANAL TOKIO MARINE-CLAIMS 27 RHODORA A. SANDOVAL ACCOUNTING 14 BIANCA ANA D. PARAS DAGUPAN 27 RAQUEL J. PALISOC CLAIMS-REINSURANCE 14 mELISSA G. OCAMPO RI ACCOUNTING 28 ERVI L. LOPEZ CLAIMS-MISCELLANEOUS 14 JULIAN FIDEL B. ROSARIO TOKIO MARINE-UNDERWRITING-PROPERTY 28 mONTESSA CARLA D. EUGENIO DIRECT & DEALERSHIP 15 NONA A. BACAY LAGUNA 16 CARLO ANGELO B. DIAZ BAC 16 REYNARD L. DELA CRUZ BUDGET AND CONTROL

march 17 JEAN KARLA D. UNIDA QUEZON CITY SALES OFFICE 1 FORTUNATO L. ADORNADO LEGASPI 18 JASON L. ZABALA TOKIO MARINE-PRODUCTION 1 JENNIFER CANDY M. ALIPIO QUALITY SERVICE 18 CLAIRE ANNE P. PRODON HONDA-MANILA 1 WILMA C. VILLANUEVA HR & ADMIN 18 SARAH JEAN T. CUYBA CASH MANAGEMENT 1 mARIA VICTORIA L. REYES LEARNING & DEVELOPMENT 19 ARLYNE L. GUINTO MAKATI SALES OFFICE 2 ROSEL R. STA. MARIA GENERAL SERVICES & PURCHASING 19 JAN CHRISTOPHER B. RIVERA BAC 2 RAMON R. NAVARRO JR. FNAC 19 ERWIN A. SANTOS TECHNICAL SERVICES 2 JAZEL O. RUBIO BUDGET AND CONTROL 20 EVELYN J. SOTO LOWER LUZON AREA 3 THELMA G. GERONIMO QUEZON CITY SALES OFFICE 20 JOANA MARIE P. MANDAC LEGAL 3 JOSE MARI G. PRATS FNAC 20 mIGUEL RAFAEL M. DELA CRUZ CAVITE 4 ZYRA ANN P. LAT ALABANG SALES OFFICE 20 mARK JOEL L. LAGMAN DIRECT & DEALERSHIP 4 CALVIN M. DE LEON BINONDO SALES OFFICE 21 ROFELIA G. LUCIDO OFF. OF THE FINANCIAL MGMT. DIVISION HEAD 6 HENNY B. ANDAM CEBU 21 HERBIE ANNE V. DIMAGIBA FNAC 6 SHYRO B. TANO FIRE UNDERWRITING 21 BRYAN CHRISTOPHER B. TAN CLAIMS-PERSONAL ACCIDENT 6 BRYAN CARLO M. GOMEZ INTERNAL AUDIT 21 KYLE NICOLE M. LLANES CLAIMS-FIRE 7 JOCELYN D. SICAT PAMPANGA 21 ROBERT GLENN L. DARLE DIRECT & DEALERSHIP 7 ANGELIQUE S. ALMONTE DIRECT & DEALERSHIP 21 mICHELLE B. BACULI FNAC 7 mARIEVIC S. PEDROSA CEBU 21 KATHERINE JOY D. KALALO DIRECT & DEALERSHIP 7 REY MART C. MIJARES TAGUM 22 JONATHAN C. RESUELLO INTERNAL AUDIT 7 EDEN F. APUADA TOKIO MARINE-PRODUCTION 22 ROGER C. DE PAZ COLLECTION 8 mARIA CLARISSA F. BERJA CENTRALIZED ISSUANCE 22 JULIUS D. LAGANZO PERSONAL ACCIDENT UNDERWRITING 9 mARY ANNE S. ONG LEX SERVICES 23 JEFFREY B. SANTOS CLAIMS-PERSONAL ACCIDENT 9 mYRA S. GUTIERREZ DIRECT & DEALERSHIP 23 PETER ANDREW S. PUNZALAN mOTORCAR UNDERWRITIN 10 ROANNE MARIE M. AGUILOS OFF. OF THE UNDERWRITING DIVISION HEAD 24 SARAH JANE SORTIDO COLLECTION 10 JOSELITO G. PADER HONDA-QUEZON AVENUE 25 mICHAEL M. PEREZ CLAIMS-MOTORCAR 11 mA. ALICIA T. MALUBAY OFFICE OF HELEN Y. DEE 25 mARY CHARISSE C. DAVE CENTRALIZED ISSUANCE 11 ALEX R. FAJARDO CLAIMS-MOTORCAR 25 mELVIN T. CELINO CENTRALIZED ISSUANCE 11 GHEANNE MARIE N. ALVIOR BACOLOD 26 IMELDA A. LIGUIDLIGUID CENTRALIZED ISSUANCE 11 ALFRED M. TANGHAL FIRE UNDERWRITING 27 FLORDELIZA L. REYES RI ACCOUNTING 12 HUBERT L. MAGCAMIT BUSINESS APPLICATION 27 ENRIQUE VICENTE C. DUCON CASH MANAGEMENT 12 BERNARD V. LIMPIN CASH MANAGEMENT 27 DOMINIC M. GONZALES REINSURANCE/FOREIGN 13 EDWIN V. LUCAS TECHNICAL SERVICES 27 ALVIN B. PILA TOKIO MARINE-UNDERWRITING-PROPERTY 13 ARIANE Y. IGUP BAC 27 NINO GERALD R. DE VEGA MAKATI SALES OFFICE 13 mARVIN L. ARCEO TARLAC 27 mARY JANE C. BUNO ACTUARIAL AND RISK MANAGEMENT 14 ROSEMARIE R. BUAN MAKATI SALES OFFICE 28 JENNIFER G. RAJAL BAC 14 ROCHELLE D. ASENTISTA RI ACCOUNTING 28 WINSTON G. BALIGNASAY FIRE UNDERWRITING 14 ANA MARIE B. ARANAS TOKIO MARINE-PRODUCTION 29 FERDINAND B. DELA CRUZ CLAIMS 15 mARIDEN M. MOLATO CENTRALIZED ISSUANCE 29 REGINE C. MAHINAY INTERNAL AUDIT 15 XEDRIC ANTHONY L. NG FNAC 29 JERICHO S. MAPA BAC 16 RONIE C. ABLAY CEBU 30 BENILDA O. ANG MOTORCAR UNDERWRITING 16 RAFAEL M. JANDOC JR. CLAIMS

26 MalayanMalayan Magazine Magazine (From page 20) technical expertise for new product development is mostly The trends mentioned in this section may be part of an associated with global reinsurers. However, the level of inevitable, natural evolution. As the benefits of economic involvement with local partners and the depth of local growth spread into more segments of society, further market knowledge that is required could also be favorable insurance penetration requires the development of lines for regional reinsurers that have such capabilities. Perhaps beyond the early growth leaders of commercial fire and what might be conceivable would be complementary motor. In many cases, this may involve the development of partnerships between medium-sized international reinsurers non-motor personal lines, reflecting the rising importance and regional reinsurers. of consumers to economies in Southeast Asia. Indeed, as markets develop they tend to have a higher proportion Ratings Perspective of premiums from such business lines. The proportion of Increasing consolidation among reinsurers and reinsurers non-motor personal lines in India certainly suggests a great in raising the bar for what is the minimum scale to compete. potential for the growth of such lines across Southeast Asia. There is no question that specialization becomes an While per capita GDP levels in India are lower than those increasingly important differentiator to help reinsurers found in major Southeast Asian markets, non-motor personal maintain their relevance. Without this, mid-sized players in lines, led by health insurance, makes up a far larger part of particular, including regional reinsurers in Southeast Asia, the overall non-life market than in many Southeast Asian are at risk of being increasingly pushed to the margins of non-life markets (Exhibit 3). the market.

An Opportunity for Reinsurers to help The potential of the Southeast Asian insurance markets to Southeast Asian Insurers Evolve include more non-motor personal lines (as well as other Helping Southeast Asian insurers to evolve profitability specialist lines as risks become more complex amidst within their local markets and serve wider segments of their evolving economies) provides reinsurers with a timely societies could open up an opportunity for smaller and mid- opportunity to position themselves as growth facilitators and sized reinsurers to differentiate themselves with specialist innovators, given their size disadvantage as pure capacity expertise and networks, rather than just capacity. providers. However, only those with the relevant capabilities will be able to successfully capture this opportunity. It’s Beyond introducing new products, this will require unlikely that this is a large universe – and those that do have reinsurers to develop new local distribution channels and the ability must also demonstrate that they can successfully supplier management to manage claims costs and help grow and defend this new niche over time before it would be with the regulatory approval processes. The new products considered a positive rating factor to their business profile. also must be operated efficiently at the lowest possible cost, since average non-motor personal lines (or small Insurers may value a reinsurer’s assistance in setting up business) premiums will likely be significantly lower than the the infrastructure during the start-up phase of a new non- average premium for commercial fire that has dominated motor personal/small business product and be willing to the insurer’s business mix. Ideally, this could be achieved share premiums and the risk of mispricing (especially where through automation in administration and underwriting, in markets are deregulated, product features are modified, and order to make the business scalable and help the insurers to little experience data is available to an insurer). However, efficiently administer a high volume of small-ticket policies these products are typically more homogenous and of and claims whilst minimizing leakages. small individual size. This makes it easier for the insurer to reduce business volumes with a reinsurance partner once There are many small and mid-sized insurers in the the insurer has become familiar with a new product and is Southeast Asian markets – Thailand, Indonesia, and the comfortable with its performance. Philippines, for instance, each have more than 50 non-life insurers – and these are daunting challenges for those that To manage the declining barriers to exit over time, operate at an expense ratio disadvantage. On the other reinsurers will need to demonstrate agility and the ability hand, there are also well-resourced large insurers that may to frequently roll out innovative and relevant products have focused historically on commercial fire yet now aspire and distribution solutions, whilst still maintaining efficient to grow into the personal/small business lines, but lack the operating expenses. Also, managing concentrations would distribution, processes, and product development expertise be important to contain the impact of increasing premium to do so profitably. So the opportunity for reinsurers to retentions over time, due to any one product and/or cedant. position themselves as growth facilitators may arise not just This may be difficult to achieve in practice, as markets are from the needs of the many small and mid-sized insurers, typically dominated by a small number of insurers. but from the ambitions of some large insurers as well.

Conversations with Southeast Asian insurers suggest that

Malayan Magazine 27 28 Malayan Magazine