FORTUNE Life Insurance Co. Inc. (Fortune Life) has expressed optimism that it will be able to hit its sales goals for this year, backed by its strong sales force, as well as its plans to make use of digital applications.
During Fortune Life’s 2019 Annual Awards held at the Citystate Tower Hotel in Manila on Wednesday night, Fortune Life President D. Arnold A. Cabangon shared the company’s positive outlook.
“I am confident that with the full support of our management and operations team, together with our sales force and in coordination with the Insurance Commission [IC], we will be able to meet or even supersede our sales target for 2019. May our combined passion and expertise drive us to another year of success,” Cabangon said in his speech.
The 2019 Annual Awards marks the 34th awarding ceremony of Fortune Life where it celebrates the accomplishments of its sales force.
For this year, Cabangon said that the company is set to launch its own iOS and android mobile applications, which are seen to widen its reach in terms of market share and distribution channels.
“In the pipeline are the development of IOS and android apps; these will give us more reach and a new distribution market. This is the sustainable digital road map that we are doing for the company,” he added.
He also pointed out that the company will sustain its advocacy programs to further help clients and reach more people.
“We were able to reach these clients through our values advocacy program in partnership with DepEd [Department of Education] and Marylindbert International. We are also participating in the financial institution trade fairs organized by the AFP [Armed Forces of the Philippines] together with other government financial agencies. The other thing is our active participation in the rural bank conferences,” he said.
Echoing the sentiments of the company’s president, Fortune Life EVP and General Manager Evelyn T. Carada said the outlook for this year is indeed positive as the company sustains its programs, as well as incorporates new ones.
She also said that meeting the minimum net worth requirement of P900 million this year under the Insurance Code will not be a problem for the company as it currently has around a net worth of P1.3 billion, which is the amount required for 2022.
“We are good. Right now, we are at P1.3 billion [in net worth], so we are already at the level of the requirement for 2022,” she added.
During his speech, Insurance Commissioner Dennis B. Funa said that, despite the challenges that the insurance industry faced in 2018, it was still able to emerge stronger, which is why he believes that the industry will still grow positively this year.
“I’m very optimistic that 2019 would also be plentiful if not more so. Generally, the outlook of our country’s economy is geared toward improvement, a healthy economy will provide us a better spring in our growth plus the trust that the people have given us will provide us with unspeakable advantage,” Funa said.
He cited the challenges that arose in 2018, among others, the accelerating inflation as well as apprehensions on the Tax Reform for Acceleration and Inclusion (TRAIN) law.
Funa enjoined the attendees at the awards night to work harder and keep the trust of their clients as there are more people to serve and more opportunities to be tapped for the insurance industry.
“As I speak about hard work, let me assure you that you are not alone. We at the IC are working equally hard to ensure the truth to the vision of the industry through the commission remains strong, sustainable, and globally competitive, always ready to serve every Filipino to its best and fullest. And I know that we will work harmoniously together. Again, my congratulations to Fortune Life, of course to the late ambassador, and to your top sales producers. I look forward to meeting you all again in the 2020 awards night,” he added.