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INTERVIEW: Philippine insurers ‘retooling’ themselves for ‘new normal’

Insurance companies based in the Philippines are “retooling” themselves amidst the ongoing coronavirus pandemic.

Philippine Insurers and Reinsurers Association (PIRA) Executive Director Michael Rellosa, in an online interview, said majority of PIRA’s members have realized that “the only way to survive is to change.”

“Majority of PIRA companies are recognizing that working from home is the new normal,” he said. “They have to change their culture, they have to change the mindset.” Januario Aliwalas, the Secretary General of the Association of Insurers and Reinsurers in Developing Countries (AIRDC) conducted the 15-minute interview that touched on what PIRA is doing to help its members cope with the challenges of the pandemic.

Rellosa noted that PIRA has been conducting webinars as a way of teaching member companies on how to operate by working from home. PIRA is also connecting these companies to technology vendors who could help them leapfrog to a digital way of doing business.

The PIRA Executive Director noted that even the Insurance Commission has recognized these opportunities to change and adapt to more efficient ways of working. “Gone are the days when you meet in a conference room, because it is there where Covid can be transmitted,” he said.

For more details, here is the video of the interview:


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