HEALTH and maintenance organization (HMO) Maxicare has tied up with Pin-An Holdings Corp. and JE Holdings to launch MaxiLife, the newest life insurance company with a net worth of P2 billion.
Such amount—being the industry’s fourth highest paid-up capital this year—is 100-percent more than the P1 billion capitalization requirement set by the Insurance Commission (IC) for new insurers.
MaxiLife’s net worth is built on the resources of Maxicare and its parent company Pin-An Holdings, and JE Holdings of the Gokongwei Group.
“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,” IC Commissioner Atty. Dennis B. Funa said.
He cited MaxiLife for being the first to be founded as a new domestic life insurance firm under Section 194 of the Insurance Code of the Philippines as amended by Republic Act 10607.
The newly-formed company will offer various life insurance products that will complement the existing HMO services of Maxicare. Initially, these include Basic Group Life Insurance, Group Critical Illness, and Group Critical Illness Accelerated Life.
Leveraging on the technological advantages of the Pin-An Group as well as the ecosystems and leadership experiences of Maxicare and the Gokongwei Group, clients can expect for latest innovations in customer experience, affordability, and availability.
“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,” said Maxicare President and CEO Sean Argos.
Serving as president and CEO of MaxiLife is Jose Pastor Puno, who held the same positions at Maxicare for a decade.
“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,” he said, adding that combining both MaxiLife and Maxicare will allow them to offer life insurance and HMO coverage within one ecosystem.
According to him, MaxiLife seeks to offer insurance coverage to the current Maxicare members who are afforded treatment, prevention, and wellness benefits through their HMO agreements with the company.
As such, it will be embedded into the Maxicare group plans, making it convenient for members since they will only have to deal with one ecosystem, and guaranteeing that they are given the best possible care.
“In the traditional health or life insurance model, risk has to materialize first before the consumer becomes entitled to any sum. For us, the value is not in waiting for a health risk to materialize but rather in reducing that risk. No other insurance company right now can claim this,” Puno explained.
Lance Y. Gokongwei, chairman of both JE Holdings and MaxiLife, said he believes 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. 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 said.