Best in Corporate Governance Award

PIRA cites Oriental Assurance Corp.

By CHINO S. LEYCO

People, especially those young professionals, tend to ignore the importance of being insured. The realization only comes once catastrophe has already struck, like what happened when the twin destructive typhoons “Pedring” and “Quiel” hit the nation.The estimated damages due to floods brought by the typhoons reached multi-billion pesos, hard-earned money that could have been saved if only people realized the importance of insurance before hand.

Insurance, a thing to remember to save you from certain loss of your hard-earned assets, like cars, houses and machineries, that sometimes beyond people’s control. But aside from the feeling of being at ease in times of catastrophes, it is also important to be insured by a trusted non-life insurance company, an insurer that has “malasakit” (concern) to their clients. “Malasakit,” this was what the organization of all non-life insurance companies in the Philippines was looking for when it chose the Oriental Assurance Corporation as the recipient of its first Best in Corporate Governance award. In choosing Oriental Assurance, the Philippine Insurers and Reinsurers Association (PIRA) wanted to promote a virtue that is unique and notable to Filipino culture, a genuine concern to customers. Domingo N. Cotoco, Oriental Assurance chairman, says that the award shows the company’s processes and structures that enhancecorporate accountability and promote honesty among its people, while taking into account the interests of stakeholders.

“The award was based on Oriental Assurance’s transparency to its clients, financial condition, qualifications of our board of directors, the social responsibility of the company and its management performance,” Cotoco says. He adds Oriental Assurance has been always striving for the value that enables all its employees and agents to do more or give more than what is expected of them by their clients. “We are all fair, honest, dedicated, knowledgeable in our work, and respectful of one another. We do things that are always to the best interest by preserving confidentiality in all our dealings with them,” the chairman declares.

Oriental Assurance, one of the most trusted non-life insurersw in the country, provides protection to property, aviation hull, marine insurance, merchandize floater, motorcar, bond, engineering, personal accident, liability insurance, electronic equipment insurance, crime insurance,equipment floated insurance as well as reinsurance.

To date, Oriental Assurance remains one of the leaders of the country’s non-life insurance industry with P735 million gross premiums at the end of 2010 and it is expected to grow by 22 percent to P900 million this year.

Latest data from the Insurance Commission indicate that the number of players in the non-life insurance sector fell from 87 in 2009 to 80 last year, but despite the decline, Oriental Assurance remained at the 14th ranking.

“We eye that within two to three years, we will be in the top 10 bracket as we plan to increase our branches and agents as well as continue working with the bancassurance,” Cotocostates.

Amid global uncertainties brought about from the debt crisis, Cotoco acknowledges that the country’s non-life insurance sector was not spared by the effects of the Europe and US problems. “We never cease to satisfy ourdesire to increase our knowledge and improve our competencies in our field of expertise,” he adds. The Oriental Assurance chairman also reveals that the company has unselfishly extend its professional responsibility and if need be, “our personal care in serving not only our immediate clients, but even beyond their family members when the need arises.” Founded by Don Gonzalo H. Cotoco in 1962, he strongly believed in insurance that he decided to devote his whole life to it. Starting out as an agent for leading insurance companies in that time, he went on to start his own insurance firm, serving as the company’s first chairman and president. Later, he was to pass on this legacy to his son, Nazario H. Cotoco, then to Domingo N. Cotoco, who continued to lead the company, inspired by his grandfather’s strong conviction in the importance of insurance.

Must be a graduate of a reputable school (UP, Ateneo, San Beda), Bar Passer, With experience in civil litigation for at least one (1) year, Full time position available, Male 25-30 years old.

General Clerk

College graduate/Computer Literate                                                         Male or Female Not more than 30 years old

College graduate/Computer Literate                                                         Male or Female Not more than 30 years old

Building Maintenance –Level VI

Mechanical Engineering graduate Male, not more than 35 years old/Computer Literate With two (2) to three (3) years similar or subordinate experience

The most recently concluded trip to Bohol sponsored by Oriental is just the latest of these incentive trips.  The group, composed of intermediaries and some Oriental bosses, left for Bohol on June 6, 2009 and checked in the Panglao Island Nature and Resort Spa Hotel.  The place was as beautiful as I had expected and the cottages that were to be our accommodations were so cozy and extremely relaxing.  Surrounded by nature, it was so easy to forget the hustle and bustle of Manila.

Within the next few days, our itinerary was full. We visited the Chocolate Hills and it was everything all the tourism posters portray it to be, and then some.  An interesting fact about the Chocolate Hills, however, was that the steps to the viewing deck used to be two hundred and thirteen (213), but since so many lovers would go there, they added another step to make it easier to remember – 214, alluding to February 14.  We also toured the famous church known as “Baclayon,” a structure many say was built with egg whites mixed with seashells and corals. We also had a chance to see the “Daouis”   Church which boasts of a well near its altar and a man-made forest whose Mahogany trees were planted by the people themselves, and which now line the highway road. Finally, an educational trip was likewise included when we went to the local bee farm. I found to be very informative and a little exciting, although I couldn’t bring myself to pose with the bees.

Apart from the beautiful tourist sites, it was also the treatment we received that made the trip well worth all the effort. The food served in all the buffet meals offered a wide selection of good eats that could rival four-star hotels in Manila. The best surprise, however, came one night when we were treated to a thirty-minute body and foot spa, a special service offered by this most exquisite resort, courtesy of Oriental of course!

All in all, it was definitely a most rewarding experience for me, and I’m sure for everyone who was on that trip.  Thank you so much to Oriental, especially to the lady with a big heart and a humble spirit, Luz Cotoco, as well as to her mother, “Amah” or Lola. I’d also like to extend a heartfelt thank you to Jun Cotoco who made the trip possible through his untiring efforts. Thank you as well to LNC for finding the time to bond with us despite her schedule, as well as to Leah whose accommodating attitude made us all feel at ease.  Likewise, I would like to extend my appreciation to their account executive, Lea Pado,  who have willingly assisted us throughout the trip.

While rewards or incentives do foster some form of positive reinforcement for the repetition of the behavior, the more important thing about this particular incentive is that it fostered camaraderie amongst the intermediaries and created a stronger bond between Oriental and ourselves.  It also allowed us to see the beauty of our country and realize how blessed we are as a nation. This is the true reward from this experience and it is my hope that this Bohol trip be merely one of many more to come.  Congratulations Oriental!

Upon arrrival at Changhi Airport, we were whisked to a Mongolian lunch at Kublai Khan BBQ Restaurant on two comfortable tourist buses and given a city tour  of Singapore which first brought us to Merlion Park for a group photo ending  with a short walk through the Botanical Gardens and a breathtaking view of the city from Mt. Faber. It was  a well spent afternoon.

Checking in at Superstar Virgo was another matter.  There was confusion as to boarding time and exactly where we should line up. Dinner would be in the cruise ship. There were about a hundred or more Indian nationals forcing themselves ahead of us and since the A-H1N1virus was the news of the day, the group fortunately had hospital masks to cover our noses from the crowd.

On board finally, we were met by the friendly cruise ship staff who were mostly our kababayans whether at the front desk, in the restaurants or in the entertainment salons. After a sumptuous dinner buffet at the Mediterranean Terrace and a good night’s rest in our cozy cabin, the cruise began,  The sea was calm and the  soothing vibration of the ship easily lulled me to sleep.

Day Two started with a fine breakfast at Bella Vista, my choice of three restaurants, before reporting for the OAC Scavenger Hunt at the ship’s helipad wearing the bull cap given to us before the trip. We were made to perform some exercises and dancing before dividing into two teams for the hunt. It was a bit hot for some of us so we decided to tour the ship and ended up in the Duty Free shops on board. After lunch at Bella Vista we disembarked at Port Klang, Malaysia to board two buses which brought us on a tour of the Blue Mosque, the KL Tower, KL Chinatown and Suria KLCC Shopping Centre.  We rushed back to the ship to have dinner at the Pavilion Room before watching a live and very entertaining show at the Lido Showlounge.  It was a long and tiring day and we were “bitin” because Malaysia seemed to offer good and inexpensive shopping but the visit was too short.

After breakfast on Day Three, we were free to enjoy the ship’s amenities and I found myself in the Casino for a short gambling experience with slot machines. I was disappointed to find out that they are no longer the one-armed bandits I knew from years back, but computer-generated dollar-swallowing monsters! We were soon about to dock after I made a brief visit to the Captain’s Galley and was impressed with the whole technical set-up.  It was time to disembark which took some time, on to the Meritus Mandarin Hotel for check-in, dinner at the Gold Coast Restaurant (famous for its crab dish) and on to Orchard Road to enjoy The Great Singapore Sale!

Our OAC hosts sure know how to treat their Oriental Superstars to the hilt. Having Day Four and Five breakfasts at the top of Meritus Mandarin Hotel was a grand feeling plus they hosted delicious Singaporean meals for lunches and dinner outside the hotel.  We could not ask for more during this five-day sea cruise adventure cum Singapore Holiday. We enjoyed it so much.   It was a most wonderful, relaxing and fun time for us all.  Thank you.  Maraming, maraming salamat po!