Reclaiming our relevance: A call for renewal in the Philippine insurance industry

by Michael F. Rellosa

As disruption reshapes the world of insurance, the Philippine Insurers and Reinsurers Association (PIRA) must evolve into a catalyst for innovation, collaboration and national resilience.

OUR industry stands at a crossroads. The Philippine insurance sector, once viewed as stable and traditional, now faces a wave of disruption that tests its very foundations. Economic uncertainty, political scrutiny, climate risk, digital transformation and shifting customer expectations have converged to create a perfect storm. These are not ordinary business cycles — they are existential challenges.

As the collective voice of insurers and reinsurers, PIRA was founded to lead, to represent and to unify. Yet today, we must confront a sobering reality: the world has changed faster than our structures, and what once worked may no longer suffice. The challenge before us is not merely to survive these shifts, but to evolve and unify fast enough to remain relevant — to our members, to our regulators and to the Filipino people we ultimately serve.

Every enduring institution must periodically rediscover its purpose. PIRA’s original mission — to protect and promote the interests of the nonlife insurance sector — remains vital. But in this era of rapid change, that purpose must expand. Our members now seek guidance in digital transformation, a credible voice in shaping public policy, and a platform for collaboration on emerging risks and opportunities. To remain relevant, PIRA must redefine itself as more than an association — it must become the strategic compass of the industry, helping its members navigate change with foresight and confidence.

This means moving beyond the old model of membership toward genuine partnership. We must empower our members not as passive recipients of services, but as co-creators of solutions. Imagine an association where companies work together to address shared challenges such as data integration, risk modeling, catastrophe management and sustainability. Where committees evolve into agile, time-bound task forces that tackle pressing issues like artificial intelligence in underwriting, ESG reporting or digital distribution. When our members collaborate in this way, PIRA becomes more than an organization — it becomes a living network of innovation and trust.

At the same time, our voice in national policy must grow stronger and smarter. In an environment of shifting regulation and public scrutiny, the industry needs an advocate that speaks with authority, evidence and conviction. Our advocacy must be grounded in research and analytics, not anecdotes. We need to invest in data and foresight capabilities that allow us to respond swiftly and credibly to new laws, regulatory proposals and crises. PIRA must be the first to articulate the industry’s collective position — firm, reasoned and responsible.

Equally important is how we deliver value to our members. The next generation of insurance professionals operates in a digital, mobile and fast-paced world. Our association must meet them there. A PIRA Knowledge Hub — an online library of insights, compliance tools and best practices — could give members 24/7 access to relevant resources. Webinars, podcasts and micro-learning sessions could keep professionals engaged and informed. We can even use digital platforms to track trends and benchmark performance across the industry. These are simple but powerful ways to make PIRA’s presence felt in the everyday work of our members.

But relevance is not only about services; it is about purpose. Insurance has always been a promise — one that stands firm when others cannot. It is, at its heart, a social contract built on trust and responsibility. As an industry and as an association, we must embody that same spirit of protection and shared purpose. Through initiatives that promote financial literacy, disaster preparedness and climate resilience, we can demonstrate the critical role of insurance in nation-building. We should tell these stories — of companies that innovate, of professionals who serve with integrity, of an industry that quietly sustains the nation’s resilience.

Of course, transformation begins with leadership. PIRA’s board of directors and senior members must model the agility and openness that we ask of others. This means rethinking governance, embracing collaboration across sectors and investing in digital and human capital. Leadership today is not about defending the status quo — it is about shaping the future with courage and vision.

Relevance is never a given; it is earned, day after day. As we face the next chapter of our journey, PIRA must rediscover its strength — not as a gatekeeper of tradition, but as a driver of transformation. The opportunity before us is profound. We can choose to adapt, to innovate and to lead — not just for ourselves, but for the stability and prosperity of every Filipino who depends on the promise of insurance.

The path forward will not be easy, but it is clear. With unity, foresight and purpose, PIRA can reclaim its role as the heartbeat of the Philippine insurance industry’s renewal — and in doing so, help secure a stronger, smarter and more sustainable future for all.

Source: www.manilatimes.net