Two insurers form alliance

New York Life Insurance Philippines (NYLIP), the subsidiary of leading American insurer New York Life Insurance Co., and CAP Life Philippines of the CAP group of companies, has embarked on a marketing alliance aimed at capitalizing on the strengths of each company.

The alliance is a first for NYLIP, which officially launched operations in the Philippines in August last year as part of an expansion program involving Asia and Latin America. NYLIP is a unit of New York Life Insurance Co., the fifth largest life insurance company in the United States with over $100 billion under its management.

"The partnership is the realization of the vision of both George May, NYLIP chief executive officer and president, and CAP president Enrique Sobrepeña. That vision is to reach out to the farthest regions of the country," said Saloon Tham, NYLIP senior vice president and chief financial officer.

Tham notes that the exact scope of the alliance is still evolving and expanding. The two players are exploring possibilities emphasizing on each other’s strengths.

NYLIP is likewise prepared to partner with other leaders in the financial service sector as a means to realize its dream of offering insurance to Filipinos in the farthest reaches of the country.

"There are many companies that want to ally themselves with us," said Mr. Tham. "Through a rigorous selection process, we make sure that we ally only with the best. For its part, cAP will be able to tap the advances in products, administrative systems, sophisticated and state-of-the-art IT system of New York Life."