Maxicare, the biggest HMO in the Philippines, its partners Pin-An Holdings, and the Gokongwei Group’s JE Holdings announced the formation of MaxiLife, the newest member of the Philippines’ dynamic life insurance industry.
In citing MaxiLife, Insurance Commissioner Atty. Dennis B. Funa said that MaxiLife is notable for being the first domestic insurer to be founded as a new domestic life insurance company 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.
MaxiLife is a comprehensive life insurance company that will offer new innovations in customer experience, affordability, and availability, as it leverages on the technological advantages of the Pin-An Group as well as the ecosystems and leadership experiences of Maxicare and the Gokongwei Group.
According to Maxicare President and CEO Sean Argos, “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.”
The country’s newest insurance player MaxiLife has a 2 billion pesos capitalization, the fourth highest paid-up capital in the insurance industry this year. This is 100 percent more than the 1 billion pesos requirement for capitalization set by the Insurance Commission for new insurers.
“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.
The capitalization is built on the resources of Maxicare, the Gokongwei Group’s JE Holdings, and Pin-An Holdings Corporation—the parent company of Maxicare.
Appointment of New President and CEO
Mr. Jose Pastor Puno will assume the position of President and Chief Executive Officer of MaxiLife. He was formerly the President and CEO of Maxicare, a position he held for ten years.
“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,” Puno said.
Puno added that combining both MaxiLife and Maxicare will allow them to offer life insurance and HMO coverage within one ecosystem.
He said that MaxiLife aims 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. This will make it convenient for members since they will only need to deal with one ecosystem, and ensures 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.
Mr. Lance Gokongwei, chairman of JE Holdings and MaxiLife Chairman, expressed that 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.”
Puno mentioned that they will be offering Filipinos competitive pricing to provide them with more access to insurance products.
“Aside from more accessible price points, we will also leverage modern technology so that we can offer better customer experience, given that we will be packaging insurance and HMO together as symbiotic products.”
MaxiLife will be offering Basic Group Life Insurance, Group Critical Illness, and Group Critical Illness Accelerated Life as its initial products.
When asked of his vision for MaxiLife in the immediate future, Puno said, “While Maxicare will continue being the dominant HMO in the country, MaxiLife will certainly soon become a significant player in the life insurance industry.”