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June 23, 2024

Life insurers partner with Insurance Commission for nat’l awards program

The Life Underwriters Association of the Philippines (LUAP) has formally launched its first-ever national awards program for the country’s top life insurance advisors and companies.

LUAP inked a memorandum of agreement (MOA) with the Insurance Commission to continue fostering the culture of excellence in the insurance industry.

In partnership with the commission , LUAP unveiled the Philippine Life Insurance Agents Awards (PhilLIAA).

LUAP national president Karen Yulo said the association wants to honor and celebrate the dedication, passion, and success of our life insurance agents, financial advisors, insurance professionals, as well as the companies that produced them through PhilLIAA.

“They have played a vital role in making sure that our growth is never hindered by our current situation. And in the past two years, they have shown us their resilience and hard work to help the industry bounce back stronger, notwithstanding the unfavorable economic effects of the pandemic,” Yulo said.

This year’s program has three categories, namely the Elite Awards, the Asian Circle of Excellence (ACE) award, and the Gintong Kalasag that is the newest addition to the awards this year.

The Elite Awards is open to licensed life insurance professionals who are LUAP members for 2022.

To be eligible for this award, the insurance professional must be able to meet the requirements set by LUAP including annualized premium, persistency rate, and case count.

Meanwhile, the Asian Circle of Excellence (ACE) award is given to the Top 10 life insurance professionals in each of the life companies in the Philippines.

Lastly, the Gintong Kalasag Award will be given to the Top 10 life insurance advisors in the Philippines based on their annualized premium.

Insurance Commissioner Dennis Funa said the insurance industry still managed to achieve growth and development, thanks to the efforts of the insurance companies, agents, underwriters, and industry professionals.