HEALTH and upkeep group (HMO) Maxicare has tied up with Pin-An Holdings Corp. and JE Holdings to launch MaxiLife, the latest life insurance company with a internet price of P2 billion.
Such quantity—being the trade’s fourth highest paid-up capital this 12 months—is 100-percent greater than the P1 billion capitalization requirement set by the Insurance Commission (IC) for new insurers.
MaxiLife’s internet price is constructed on the sources of Maxicare and its father or mother 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 mentioned.
He cited MaxiLife for being the primary to be based as a new home life insurance agency beneath Section 194 of the Insurance Code of the Philippines as amended by Republic Act 10607.
The newly-formed company will supply varied life insurance merchandise that may complement the prevailing HMO providers of Maxicare. Initially, these embrace Basic Group Life Insurance, Group Critical Illness, and Group Critical Illness Accelerated Life.
Leveraging on the technological benefits of the Pin-An Group in addition to the ecosystems and management experiences of Maxicare and the Gokongwei Group, shoppers can count on for contemporary improvements in buyer expertise, 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,” mentioned Maxicare President and CEO Sean Argos.
Serving as president and CEO of MaxiLife is Jose Pastor Puno, who held the identical 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 mentioned, including that combining each MaxiLife and Maxicare will permit them to supply life insurance and HMO protection inside one ecosystem.
According to him, MaxiLife seeks to supply insurance protection to the present Maxicare members who’re afforded therapy, prevention, and wellness advantages by way of their HMO agreements with the company.
As such, it is going to be embedded into the Maxicare group plans, making it handy for members since they’ll solely should take care of one ecosystem, and guaranteeing that they’re given the absolute best 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 defined.
Lance Y. Gokongwei, chairman of each JE Holdings and MaxiLife, mentioned he believes the new enterprise could have “a huge impact” on the nation.
“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 mentioned.
