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Manila Bulletin devider Business devider MaxiLife enters PH insurance business

MaxiLife enters PH insurance business

Published Oct 26, 2022 01:55 pm

Maxicare, Pin-An Holdings and the Gokongwei Group’s JE Holdings have formed a new life insurance firm MaxiLife to offer a comprehensive life insurance plans that considers affordability and customer experience. .

Sean Argos, Maxicare president and chief executive officer, said the newly-formed insurance company will offer various life insurance options, which will complement their existing health maintenance organization (HMO) services.

MaxiLife is a comprehensive life insurance company that will offer new innovations in customer experience, affordability, and availability, Argos said.

He added that MaxiLife will leverage the technological advantages of the Pin-An Group as well as the ecosystems and leadership experiences of Maxicare and the Gokongwei Group.

“MaxiLife provides us with an opportunity to reach beyond what traditional HMOs offer and to give Filipinos next-level benefits that they have not seen before. It fulfills our mission of helping Filipinos live their best lives,” Argos said in a statement on Wednesday, Oct. 26.

MaxiLife has a P2 billion capitalization, the fourth highest paid-up capital in the insurance industry, and double the minimum capital requirement set by the Insurance Commission for new insurers.

“This new investment in the insurance industry marks a growing confidence in the manner by which the industry has been regulated over the past six years,” Insurance Commissioner Dennis B. Funa said.

MaxiLife will be led by Jose Pastor Puno as president and chief executive officer of MaxiLife.

"This is an opportunity and honor that I cannot pass up: heading a new venture that will revolutionize both the healthcare and insurance industries in the Philippines,” Puno said.

He added that combining both MaxiLife and Maxicare will allow them to offer life insurance and HMO coverage within one ecosystem.

He said that MaxiLife aims to offer insurance coverage to the current Maxicare members who are afforded treatment, prevention, and wellness benefits through their HMO agreements with the company.

Lance Gokongwei, JE Holdings and MaxiLife chairman, meanwhile, expressed that the new venture will have a huge impact on the country.

“We have always been proud of the way our group has revolutionized and transformed industries to make lives better and provide better choices,” Gokongwei said.

“MaxiLife provides us with an excellent platform to create meaningful breakthroughs in the delivery of healthcare services to Filipinos who wish to invest in their physical well-being,” he added.

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