New York Life aims for top 5 spot in RP market

American insurance firm New York Life is steadily growing its market in the Philippines to hopefully attain one of the top five slots in the local life insurance market.

George B. May, president and chief executive officer of New York Life Philippines, said after a mere four and a half years in the Philippine market, the company has climbed to the eighth position from its previous rank of 34 in 2004.

NYL Philippines now has total assets of P1.6 billion. The local insurance firm is majority-owned by New York Life International while a minority bloc is held by Lucio Tan-owned Allied Bank.

NYL Philippines, May said, is the first insurance firm to offer flexible and tailor-made insurance plans in the local market.

For instance, planholders are given the flexibility to design their plan in terms of the amount of premium they pay, the length of their plan and where they want their insurance fund to be invested.

Plan holders, are also given the option to choose from several funds being managed by ING Bank, allowing the planholder to get a higher yield.

NYL Philippines has likewise added a new feature – the Life Event Rider, which allows planholders to temporarily stop paying their premium for a limited period of up to four months and yet provides continuous insurance protection during certain periods that could drain the planholders’ financial resources.

There are six life event riders, according to May. These are weddings, birth or adoption of a child, death of a spouse or child, loss of a job through involuntary employment, divorce, separation or annulment and natural disasters.

NYL Philippines has already been able to provide life insurance cover for 25,000 Filipino families with a total protection worth P5 billion.