Philam Life was founded in 1947 and offers various life insurance and financial products. It aims to be the undisputed leader in life insurance and wealth management in the Philippines by empowering Filipinos to achieve financial security. Over the next 4 years, the company plans to renovate its main building, strengthen its marketing strategies, and enforce strict policies to improve its operations, competitiveness and employee conduct.
Philam Life was founded in 1947 and offers various life insurance and financial products. It aims to be the undisputed leader in life insurance and wealth management in the Philippines by empowering Filipinos to achieve financial security. Over the next 4 years, the company plans to renovate its main building, strengthen its marketing strategies, and enforce strict policies to improve its operations, competitiveness and employee conduct.
Philam Life was founded in 1947 and offers various life insurance and financial products. It aims to be the undisputed leader in life insurance and wealth management in the Philippines by empowering Filipinos to achieve financial security. Over the next 4 years, the company plans to renovate its main building, strengthen its marketing strategies, and enforce strict policies to improve its operations, competitiveness and employee conduct.
Philam Life was founded in 1947 and offers various life insurance and financial products. It aims to be the undisputed leader in life insurance and wealth management in the Philippines by empowering Filipinos to achieve financial security. Over the next 4 years, the company plans to renovate its main building, strengthen its marketing strategies, and enforce strict policies to improve its operations, competitiveness and employee conduct.
Download as PPTX, PDF, TXT or read online from Scribd
Download as pptx, pdf, or txt
You are on page 1/ 26
Strategic Human Resource
Overview What is Philam Life? • Philam Life was founded in 1947 by Corneliua Vander Starr, the founder of AIG, and his partner Earl Carroll.
• Philam Life offers an extensive line of products in the life
insurance industry that provides solutions to various financial needs including life protection, health insurance, savings, education, retirement, investment, group and credit life insurance. Affiliations • November 27, 2009, Philam Life bought a 51% stake in Ayala Life and formed a joint venture with the Bank of the Philippine Islands (BPI). Ayala Life was renamed BPI-Philam Life Assurance Corporation (BPI-Philam) in 2010
• Philam Life partnered with Apple for the creation of iPos,
which is a dedicated application for generating proposals via iPad. Achievements • Presidential Citation from the Philippine Government in 1994 for the company’s invaluable contribution to nation- building and service to the country • Asian Management Award for General Management • Asian Management Award for Financial Management • 11-time Reader’s Digest Platinum Trusted Brand Award • Asia Trusted Life Awards 2018 • One of the Best Companies to Work for in Asia 2018 Vision Statement We are the undisputed leader in life insurance and wealth management.
Mission Statement A Philam Life policy for every Filipino family. We empower Filipinos to achieve financial security and prosperity. Values and Objective
• Integrity - We do right things right for our stakeholders,
customers, company, agents and employees. • Passion for Excellence - We strive for the best in everything we do through continuous improvement and innovation. We are ambitious and persistent in achieving our goals • Malasakit - We care deeply for the well-being of our stakeholders, customers, company, agents and employees. • Kusang-loob - We are proactive and we have a sense of urgency and responsibility. Target Market Philam Life provides various financial planning services for every individual. The proposals the company generates are done based on client preference, needs, and priorities. Some of the products are:
o Active Family Provider o Philam Vitality
o Active Joint Critical Protect o Group Health Choice o Moneyworks for Education o Classic Corporate Personal o Future Protect Accident o Money Tree Elite o Health Link o Credit Life Prime The target contact demographics to be a policyholder, as iterated by the Business Development Manager, is anyone, as long as the client consist of the following characteristics:
• Client must be at least 18 years old
• Client must be a resident citizen • If client is a non-resident citizen, he/she must undergo policy signing in the Philippines • If client is from the United States, he/she must undergo FATCA (Foreign Accounts Tax Compliance Act) Clearance • If client is a resident alien, he/she may acquire a policy only if allowed by the mother country. • Client must be compliant to the requirements of the desired policy (i.e. must not have had critical illness in the past, etc.) Competitors Direct Competitors Indirect Competitors • Sunlife Financial • St. Peter
• Philippine AXA • Social Security System (SSS)
• ManuLife • Philippine Health Insurance
Corporation (PhilHealth) • Insular Life • Pagtutulungan sa Kinabukasan: • Pru Life UK Ikaw, Bangko, Industria at Gobyerno (Pag-IBIG) • Cocolife • Government Service Insurance System (GSIS) SWOT Analysis Strengths Weaknesses
• Generation of paperless • Unmodernized exterior
proposals via iPos structure of the main application in partnership Baguio office with Apple • Level of aggressiveness is • Top in Net Worth and not on par with the Assets among competitors competitor’s tactics SWOT Analysis Opportunities Threats
• Proximity of target market • Degree of competitors’
marketing tactics • Financial literacy of the millennials • Saturated market; Possible entry of new competitors in the area/region • Bad economy (increased cost of living) Strategic Planning Issues 1. Work Facility—interior displays a professional-looking work environment, yet it will become beneficial to put forward the enhancement of the exterior of the building. 2. Marketing Strategy—the level of aggressiveness is not on par with the competitor’s tactics. 3. Human Resource—news regarding agents not stating honest information and favorable proposals regarding the manner of product presentation. 1st Year
YEAR SUMMARY OF RESOURCES PERSON/S EXPECTED
ACTIVITY NEEDED RESPONSIBLE OUTCOME Presentation of Budget for: - Admin - Acknowledgemen the strategic plan - Studying the - Division t and execution of to the main office feasibility of head/officer the plan 1 project - Zone head - Increased On-site proposal participation on assessment - Cost for the strategy researches 2nd Year
YEAR SUMMARY OF RESOURCES PERSON/S EXPECTED OUTCOME
ACTIVITY NEEDED RESPONSIB LE Redesigning the Budget for: - Admin - Improved exterior main building or - The - Contracted design of the building renovation (CTA: for renovation engineers 2 the next years) - Additional - Inviting appearance space for competitive for the equipment and central business man power / district temporary place of business 1) Work Facility Factors to Consider • Placement of the employees working regularly in the building • Safekeeping of equipment and supplies • Work space required for construction • DBP Branch does not hold enough space for business Recommendation 1. Maximization of the DBP Branch 2. Temporary relocation of regular employees
Expected Outcome
- Improved view of people about the building and the
business 3rd Year
YEAR SUMMARY RESOURCES PERSON/S EXPECTED
OF NEEDED RESPONSIBL OUTCOME ACTIVITY E Strengthenin Budget for: - Marketing - Improvement on the g marketing - Implementatio Officers flow of customers. strategies n of new - Agents - Improved 3 marketing - Division competitiveness strategies head/officer among competitors. - Research on - Adaptation on the marketing improvement strategies regarding advertisements. 2) Marketing Strategy Factors to Consider • Philam Life’s Marketing Principles— 1. Philam Life Baguio does not implement decision-making for this issue especially for projects requiring big funding. 2. Philam Life opt to have real people in their advertisements, not necessarily celebrities, and that television advertising, in their perspective, is a mere expense. 3. Philam Life discourages marketing on the streets, wherein agents will approach people in public for sales talk. Recommendation 1. TV ads & ads in the Social Media platform 2. Hosting of Health & Fitness Activities for Philam Vitality Promotion i.e. Fun Run 3. Creating seminars for people regarding financial literacy Expected Outcome - Improvement on the flow of customers. - Improved competitiveness among competitors. - Adaptation on the improvement regarding advertisements. 4th Year
YEAR SUMMARY OF RESOURCE PERSON/S EXPECTED
ACTIVITY S RESPONSIBL OUTCOME NEEDED E Strict Budget for: - Human - Decrease in enforcement and - Trainings Resources incident reports observation of - Meetings Department - Honest and ethic 4 the company - Seminars /managers abiding rules and - Superiors employees policies (CTA: - Supervisors - Better appreciation of the process 3) Human Resource Factors to Consider • Apprehension for Agents Violating Standard Practices 1. Removal of agent’s licenses 2. Blacklist the agent to eliminate chances of recruitment from other companies within the industry 3. Payment for damages Recommendation 1. Mandatory implementation for attending learning sessions 2. Periodical report of policies and customer profiles
Expected Outcome
- Decrease in incident reports
- Honest and ethic abiding employees - Better appreciation of the process 5th Year
YEAR SUMMARY OF RESOURCES PERSON/S EXPECTED
ACTIVITY NEEDED RESPONSIBLE OUTCOME Reinforcement Budget for: - Human - More of the marketing - Evaluation resource motivated and human - Cost of the departments/ employees 5 resource trainings and managers - Healthier and schemes seminars for - Marketing emotional employees officers wellbeing of the employees - Improvisation of the overall view of the organization Thank you! Sources:
