Loyola confronts crisis; boosts market presence

Celebrating 40 years of service in the country’s ever-challenged pre-need insurance industry, Loyola Plans Consolidated Incorporated (LPCI) is bent on intensifying its market presence advocating trust to stay ahead in the competition amidst the economic challenges.

LPCI chairman Jesusa Puyat-Concepcion said that it is the company’s core competency of providing quality service to their plan holders that have made them stay longer in the tough playing field of the insurance industry.

Coupled with their family’s strong advocacy of helping other people, LPCI made calculated risks and decisions that has not in anyway compromised the investments of their plan holders, stressed Concepcion.

And as the industry is once again faced with deep woes due to the effects of the global economic crisis, Concepcion admitted fears of possible indirect threats to their operations.

Although she assured that at the moment LPCI is financially sound and stable, there are still fears that the crisis may result to a decrease in industry confidence from the market especially that even big multinational insurance institutions have been hit.

Recently insurance giant American Insurance Group (AIG) faced bankruptcy and it has driven the Philippines largest and most diversified insurance firm, Philippine American Life Insurance Co. (Philamlife) to be up for sale.

Concepcion said that no one anticipated this collapse but it has shown the volatility of the global economy and the precariousness of the industry.

She said that for their company to offset the possible “tsunami of after effects” that this recent pre-need crisis could bring, they have adjusted and lowered their projections as they cannot bear to continue predicting high volumes.

“Right now the confidence of the market in the industry has to be restored and we will be working hard to achieve this through giving more service and improving our products so we will not fall short on mere promises,” said Concepcion.

She pointed out that trust and prudence are important values that should be established by a company engaged in the insurance business.

Now as the crisis progresses, with more companies falling, LPCI aims to soar above viewing these challenges as a sign to advance, develop, and improve their operations and services.   

And by adopting advanced computer technology, LPCI is reinforcing its service arsenal with new, easier and faster approaches to facilitate transactions to delight plan holders.

“We aim to deliver value and good service so that our plan holders can pass on their good experience from the company to other people who will also be encouraged to invest for their future,” said Concepcion. 

Forty years ago, the concept of pre-need, particularly the memorial plan, is an impossible proposition for Filipinos since preparing for someone's death then was considered a taboo.

But the founder of LPCI, the late Sen. Gil J. Puyat, Sr.; held a different view as he noted that a memorial service company like theirs could succeed if founded on genuine service and integrity thus the company entered the pre-need industry in 1968 leading the young industry into a multi-billion market that it is now.