Cebuana Lhuillier - Company of the Year
Company: PJ Lhuillier, Inc (PJLI), Makati City, Philippines
Company Description: Formally established in 1988, PJ Lhuillier Inc., through its flagship brand, Cebuana Lhuillier, is the Philippines' largest microfinancial services company. It offers a wide variety of financial services such as collaterized and non-collaterized microloans, microsavings, money transfer, microinsurance, bills payment, eLoad, corporate pay-out, and business-to-business solutions.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Insurance - Large
Nomination Title: Cebuana Lhuillier
Tell the story about what this nominated organization has achieved since 1 January 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
The month of March is a busy month for firefighters in the Philippines. While known as the “Fire Prevention Month,” incidences of fire are also higher due to summer temperatures. In 2017, the country has already seen more than 13,000 incidence of fire in the first half of the year, with the Bureau of Fire Protection (BFP) noting that there we more casualties and damage to property – decimating livelihood, homes and lives in hundreds, with up to P158.4million of damage to property in the first three months alone.
For ordinary Filipinos, especially those whose only means of livelihood depend on “mom-and-pop” ventures, being a victim of fire often times amount to going back to zero. It is for victims, particularly those who live in communities below the poverty line, why Cebuana Lhuillier continues to strive to bring further attention to their microinsurance products, particularly their best-selling product ACP Gold Plus, to emphasize that there is a means to “rise up” after losing everything to fire. In fact, the company was able to provide assistance to up to 36 different conflagration areas, with a total of more 7,100 families affected in 2017 alone.
Upping the ante of its commitment to provide assistance to fire-stricken communities is the company’s CLAIMS RAPIDO team, a trailblazing initiative where a dedicated team of Cebuana Lhuilllier personnel will personally go to the fire-stricken area to immediately process microinsurance claims among the fire victims. For 2017, the organization has started releasing claims on the spot, nixing its previous two-day window in claims releasing. Fire Cash Assistance worth PHP 5,0000 up to PHP25,000 (for five COC holders) is provided to all claimants upon presentation of complete documents.
In the Philippines, microinsurance is slowly gaining traction as an affordable means for every FIlipino to gain protection for emergencies and natural disasters. This is through the relentless push of the government, which estimates that 28.4 million Filipinos are now covered by some form of micro insurance product, 30 percent of this comes from Cebuana Lhuillier’s microinsurance efforts.
In late 2017, Cebuana Lhuillier has already managed to settle, through its microinsurance arm, more than 180 million pesos in payouts, providing every day Filipinos with financial security and protection during times of natural calamities and personal tragedies.
In January of 2018, Cebuana Lhuillier also teamed up with AXA, GIZ Philippines and the Department of Trade and Industry (DTI) in the introduction of a micro disaster risk insurance (DRI) product especially intended for the country’s micro, small and medium enterprises (MSMEs), which will help more than 95% of all industries in the Philippines. Cebuana Lhuillier will serve as the gateway to reach across MSMEs.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2017 (up to 150 words).
-Settled up to PHp180M in pay-outs for microinsurance claim
-Cited by the government as one of the biggest contributing factors in the push for microinsurance penetration in the Philippines, contributing 30% of the 26.6M Filipinos covered by microinsurance
-Expertise and innovations in the microinsurance field cited by GIZ Philippines, leading to the appointment of President & CEO Jean Henri Lhuillier as interim chair of the Mutual Exchange Forum on Inclusive Insurance (MEFIN), composed of 7 member countries in the ASEAN region
-Collaboration with AXA Philippines, GIZ Philippines and the Department of Trade & Industry set to introduce a microinsurance product specifically for use of the SME industry during times of disaster
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2017? Overall Innovation