Danvil Plans builds up trust fund to P4B as of end-Oct

Danvil Plans Inc. (formerly Berkley International Plans) has built up its trust fund to P4 billion as of end-October this year due to its aggressive sales and marketing strategy, the company said in a statement.

Danvil is now owned and headed by former Berkley chief financial officer Daniel Villanueva, following a management buyout early this year. Included in the purchase are Berkley’s affiliates led by marketing arm Family First Inc.

The company said 67 percent of the trust fund is invested in long-term government securities while the rest consists of cash and equity holdings.

“This comes at an auspicious time for the company which is marking its 10th year in the industry and is starting to release benefits to its first wave of claimants from maturing plans,” Danvil said.

The company said its prudent financial management over the past 10 years has enabled it to attract a substantial percentage of the pre-need industry pie, placing it consistently among the top five in terms of new business for the educational plan sector.

Based on its audited financial statements for 2006, Danvil had total assets of P5.3 billion.

It implemented in June the 24-hour free look program for all its products in line with efforts to improve services to the general public.

Under this program, customers will now have more time to scrutinize the company’s products and its features in order to determine the suitability to their families’ needs and situation.

Since the launch of the program, the company has cancelled a total of more than 600 plans bought, equivalent to more than 6,000 units and totaling more than P6 million worth of initial premiums lost.

Danvil assistant vice president Aurora Dino said the company’s utmost concern is customer satisfaction.

“Especially under the new ownership, the clear mandate is to create only goodwill and prove our sincerity in serving our customers. If the client, for one reason or another, determines that our product is not, after all, what he needs at this time, then he can return it until one day after date of purchase and be entitled to a refund from us,” Dino explained.

Many first-time buyers in the pre-need industry admit to not fully understanding the nitty-gritty of the product they bought, especially the so-called fine print of the contracts they sign. The 24-hour free look, according to Danvil Plans, will address this problem and give clients sufficient time to review their commitment and back out if they so want within the allowed period.