theceomagazine.com | 49According to the Insurance
Commission, total premiums in
the Philippine insurance industry
reached PHP259.6 billion in 2017,
up 11.9 per cent on 2016 results.
The three sectors – life, non-life
and mutual benefit associations –
all experienced positive growth in
terms of assets, premiums earned,
net worth and paid-up capital
or guaranty funds. The industry
posted total assets estimated at
PHP1.55 trillion at the end of last
year, which was 18 per cent higher
than at end-2016.the best practices in insurance, risk management and
sales management.”
These principles are also evident in BDOI’s
interactions with its industry partners. “We build
strong and supportive partnerships through
constructive engagement, working hand-in-hand,
listening and learning from each other, and ensuring
that all parties are treated fairly and benefit from the
partnership. As a brokerage, having the right partners
is critical to delivering the best solutions and
services to our clients,” Tracy observes.
These cultural changes saw huge company-wide
improvements in discipline, execution, and the
rigour in which BDOI accredits insurers. In
accrediting an insurer, the firm employs a set of
criteria that is religiously reviewed and rated
annually. “This ensures that when we broker for our
clients, we only refer them to stable and reputable
insurers that can pay their claims,” Tracy explains.
“We have also instituted scorecards on claims
efficiency, measuring turnaround times on claims
processing and policy issuance.”
BDOI has continued its trajectory of significant
growth by leveraging its size and parentage,
achieving economies of scale, fulfilling its claims
advocacy as a broker and customising relevant
products and services that serve clients’ needs.
“I’m very proud of our track record. We remain
unmatched in the local insurance industry –
doubling premiums produced and commissions
generated, and tripling net income after tax in the
past four years,” says Tracy. Between 2013–17,
BDOI’s net income after tax grew by a massive
307 per cent, reaching PHP730,000 last year. »A STRONG
industry
Interview | INSPIRE