"We are expecting a 15-percent improvement in first year collections this year. We were not badly affected by the controversies that have plagued the industry. Despite the difficult business conditions, we’re glad that we have managed to survive," Berkley chairman Felipe R. Diego said in a press briefing recently.
In just five years of operation, Berkley has emerged as No. 3 in the educational plan sector and No. 4 overall in the pre-need industry in terms of new business. Berkley, on the other hand, is wholly-owned by Berkley International LLC, a joint venture by two insurance giants in the United States with a capitalization of $100 million.
Diego attributed the company’s success to the unique marketing strategy of Family First Inc., a 100-percent-owned subsidiary.
Unlike other financial services companies in the country, Family First sells its products through a direct marketing program.
Compared with the usual marketing strategy where an agent visits houses and offices to do a sales presentation, Family First employs people who approach individuals in shopping malls or prestigious office buildings to invite them for a presentation.
The firm’s target market are families in A, B and broad C income range.
Family First now has five branches located in SM Megamall, Enterprise Center in Makati, Festival Supermall in Alabang, SM Southmall in Las Piñas City, and the recent addition to its distribution network – SM North City.
Diego said the company is looking at putting up service centers in key cities and provinces, including Cebu to attract more investors.
Aside from its solid financial backing, Berkley was given a PRS A plus rating by the Philippine Rating Services Corp., acknowledging its above-average capacity to meet its financial commitments in the future compared with other Philippine corporations.