The Coronavirus disease 2019 (Covid19) may have turned the globe upside down, but this did not deter insurance companies like Malayan Insurance Co. Inc. from continuing to provide relevant services towards Philippine business and families. Instead of celebrating Malayan’s 90th founding anniversary this 2020, Mr. Paolo Y. Abaya, Malayan’s president and chief executive officer pursued strategies and executed campaigns to innovate and improve the customer experience for Malayan’s clientele. He observed that “the key for business resilience would be innovation and execution of well-thought out plans, which has kept us in this business for nine wonderful decades,” Abaya said.
During the recent YGC CEO Forum held in virtual form near the close of 2020, the Malayan Insurance president believed that the local insurance industry will continue to remain resilient despite the uncertainties and risks that may come in the coming months. The non-life insurer’s willingness to adapt and innovate will be key factors for companies to thrive and grow.
“In this business, only the strongest and most flexible survives, and our commitment to service as well as the Yuchengco Group of Companies (YGC) core values will continue to be the defining aspects that separate us from our competitors,” said Mr. Abaya.
For Malayan Insurance, the company strove to enhance digital accessibility in all forms especially for its intermediaries, as well as product agility to be able to answer to the unique and evolving needs of the insuring public.
An MBA graduate from the SingaporeManagementUniversity, Mr. Abaya noted that the pandemic had clearly shown that companies which have efficient digital platforms especially for retail, have the best chances of keeping the flow of business steady. “Whether it's about selling products, filing of claims, or collecting premiums, digital is the way to go,” said Abaya during the YGC CEO Forum for media.
“This has been the trend for the last decade, but the pandemic has catapulted the importance of digital systems right into the forefront of any business,” Mr. Abaya added. “We also have tie-ups with online payment platforms and we have been in constant communication with our clients and intermediaries to convince them to shift to our digital issuance and payment facilities,” he stated.
When asked during the Forum what is the YGC way and how will that help future proof the conglomerate’s businesses, the third generation Yuchengco, grandson of taipan Ambassador Al Yuchengco, answered that Synergy has been the YGC way, wherein in coming together, the companies of the YGC provides their customers with better values and best outcomes.
“Synergy has been the YGC way, wherein in coming together we provide our customers with better value and better outcomes. Through Synergy the YGC companies support each other, and each others' customers towards shared goals,” said Abaya. “Another value that I personally learned from my grandfather, Ambassador AY, is the value of giving-back to our countrymen and the need for the private sector to be involved in nation-building. The YGC companies and our corporate foundation, AY Foundation, were very active during this pandemic, and the last two typhoons”, noted the younger Yuchengco.
Top of its class
Malayan’s 90 years of experience stands as a testament to its continued strength and service to the Filipino insuring public, recently reaffirmed by a prestigious global finance rating agency.
The oldest of the Yuchengco Group companies, Malayan Insurance has retained its financial strength rating(FSR) at B++ (Good) and its long-term issuer credit rating (Long-Term ICR) at“bbb+,” according to AM Best, the world’s most authoritative insurance rating and information source.
Malayan continues to lead the Philippine non-life insurance industry in terms of gross premiums written (GPW) with P12.249 billion as of previous year, and based on assets, according to the Insurance Commission (IC).