The Life Underwriters Association of the Philippines (LUAP) launched its first-ever national awards program for the country’s top life insurance advisors and companies.
In partnership with the Insurance Commission (IC), LUAP unveiled the Philippine Life Insurance Agents Awards (PhilLIAA). A Memorandum of Agreement was also signed to signify LUAP and IC’s commitment to continue fostering the culture of excellence in the industry.
“We honor and celebrate the dedication, passion, and success of our life insurance agents, financial advisors, insurance professionals, as well as the companies that produced them through PhilLIAA,” Karen Yulo, LUAP national president said.
Yulo noted that life insurance agents have played a vital role in making sure the industry’s growth was never hindered despite the prolonged pandemic.
“And in the past two years, they have shown us their resilience and hard work to help the industry bounce back stronger, notwithstanding the unfavorable economic effects of the pandemic,” she said.
During the launch on Thursday, March 17, LUAP shared that this year’s program has three categories, namely the Elite Awards, the Asian Circle of Excellence (ACE) award, and the Gintong Kalasag which is the newest addition to the awards this year.
The Elite Awards is open to licensed life insurance professionals who are LUAP members for 2022. To be eligible for this award, the insurance professional must be able to meet the requirements set by LUAP including annualized premium, persistency rate, and case count.
Meanwhile, the Asian Circle of Excellence (ACE) award is given to the Top 10 life insurance professionals in each of the life companies in the Philippines. This award was established in 2003, making LUAP the first underwriters association in Asia to give recognition to life insurance professionals.
Lastly, the Gintong Kalasag Award will be given to the Top 10 life insurance advisors in the Philippines based on their annualized premium. LUAP mentioned that this is, by far, the highest merit in the insurance industry.
In his message, Insurance Commissioner Dennis Funa congratulated LUAP for the successful launch of the awards program.
He also noted that the insurance industry still managed to achieve growth and development, thanks to the efforts of the insurance companies, agents, underwriters, and industry professionals.
LUAP, the country’s premier association in the life insurance industry, is a dynamic organization composed of well-trained, competent, and highly respected professional insurance agents.
Formally set up in 1983, LUAP remains committed to promoting avenues for life underwriters to upgrade their skills and knowledge.
Life insurance agents and companies in the Philippines are eligible to join the awards program. Entry to the PhilLIAA incurs a standard registration fee.