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Company Profile
Business Information
Bataan Zircon Life Insurance Agency, Inc. was incorporated in September 2016. It is an
agency established on the backs of quality financial consultants recognized by Pru Life UK,
which is one of the leading life insurance companies in the Philippines, with 20 years of
excellence in providing relevant and innovative life insurance products designed to meet the
specific needs of the public.
Our traditional business model is aligned with the primary purpose of Pru Life UK that is to
carry on the business of life insurance and to undertake and write insurance upon the lives
of individuals and every insurance appertaining thereto or connected therewith, including
reinsurance; to make contracts for insurance and re-insurance for all risks, hazards,
guarantees, and contingencies to which life, accident or health insurance is applicable, to
indemnify against legal liability, to compute endowments and grant, purchase or dispose of
annuities; to procure/acquire reinsurance of its risks, to issue policies stipulated to be with or
without participation in profits and to purchase for its own benefit or for its obligations and
any policy of insurance, and perform such other powers related to or incidental to the
business of life insurance.
The current workforce of Bataan Zircon is comprised of three (3) Unit Managers, forty-five
(45) Assistant Unit Managers, one hundred thirty eight (138) Agents, with the record of
PhP21.2Mil Annual Premium Equivalent (APE) in 2016.
Company Strategy
Purpose: To build long term relationships with our customers and clients and provide
exceptional customer services by pursuing the business and selling products of Pru Life
UK.
Goals:
Strengthen Pru Life UK penetration in Bataan and Central Luzon
Regional expansion in the same field to cater neighboring municipalities and province
Develop a strong base of key customers
Increase agency/branch workforce and performance
To build good reputation in the field of insurance or Pru Life UK business and
become a key player in the industry.
As an agency and branch of Pru Life UK Philippines, we engaged our business guided with
the principles set out in fulfilling the mission and vision of Pru Life UK in general.
While the agency was incorporated in 2016, its early roots could be traced from January
2002 with a few quality professional financial consultants trained and licensed to
represent Pru Life UK Philippines in Pilar Bataan. Ensuing from the dynamic growth of
Pru Life UK Philippines and the need to aggressively offer the best financial solution to
Filipinos and Bataeños, in particular, the pioneer agents worked hard to grow in numbers
and concerted their efforts and individual business to establish the agency in September
2016. With just two months of hard work since its incorporation, Bataan Zircon qualified
to the stringent requirements of Pru Life UK to become a branch. In November 2016 it
was duly appointed as Pru Life UK pioneer branch in Bataan, making it more equipped
with the right training modules and avenues for practice and business.
Chart 1 illustrates the growth of Pru Life UK agents in and aggregated APE in Bataan
from 2010 to 2016.
Bataan Zircon undertakes various programs to help protect, sustain and improve
biodiversity in the province of Bataan and help local communities – regular activities
include participation in regular run or walk for a cause, tree planting, turtle conservation
program and financial wellness seminars to enrich the local community and teach them
the value of financial security.
Expansion Project
There is huge potential for income growth in the Philippines. Such potential should be
maximized if there would be more people selling Pru Life UK’s products and making the
public understand the benefits of having insurance policies. Bataan Zircon will continue
to aggressively market its quality product and services and facilitate the company’s
recruitment and training programs.
In view of the growth strategy for this year and the next five years that is to increase our
sales force, the company’s plan is to expand its operation and workforce by establishing
a satellite office of Bataan Zircon Life Insurance Agency, Inc. at the heart of Subic Bay,
Zambales by April 2016.
While the main Bataan Zircon branch will continue to strengthen its operation in the
province of Bataan, it will expand its operation to adjacent province to increase the
penetration rate of insurance and Pru Life UK in Luzon. Notably, per capital income in
the country has improved, but the penetration rate of insurance in the Philippines has not
changed over the past decade. Total insurance premiums collected annually in the
country remain at nearly one percent of gross domestic product. The triple increase in
per capital income in the country from ten years ago means that more Filipinos can now
afford insurance policies. However, there is such a low rate of penetration rate in the
country because insurance firms fail to actively promote and aggressively sell insurance
products. While Pru Life UK intends to address this failure in the Philippines by
aggressive agent recruitment campaign and enhanced quality training in general, Bataan
Zircon will widen its coverage in North Luzon starting off with the satellite office at Subic
Bay Freeport, in particular.
Subic Bay Freeport has seen a flurry of activity, ranging from developing and improving
infrastructure, building new housing areas, improvements of the shipyard facilities, and
ongoing tourism development. Flock of professionals and businesses in the area is also
considerable. Its proximity to Bataan also makes Bataan Zircon’s business expansion
more lucrative.
Total Investment Cost PhP ________________
(Covering office lease, Licenses, etc)
Project Schedule
1Q 2017 => Preparation of satellite office site, permits, licenses,
contract
April 2017 => Inauguration
May 2017 => Commercial operation
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Key Officers