‘As we embark on our second century, my vision for the company is for us to remain true to our commitment of ‘A Lifetime for Good’ for its policyholders and build an even wider InLife community serving Filipinos wherever they are in the world.”
That was the vision of Raoul Antonio E. Littaua when he was named President and CEO of Insular Life Assurance Co. Ltd. or InLife back in June 2021.
At that time, the Philippine economy was just starting to slowly recover from the effects of the Covid-19 pandemic. By then, InLife was already one step ahead of the competition. That’s because the company was among the first to introduce a completely digital sales and service platform at the start of the pandemic early in 2020.
“This was done so that our advisers may reach Filipino families even under the strictest lockdown conditions, at a time when they need life insurance protection the most,” he said. “This quick pivot was possible as the company had the foresight to invest in digital technologies long before Covid-19.”
Automated underwriting
Littaua noted that InLife was the first company in the country to introduce automated underwriting which made it easier to add the other components like online presentations and digital payments.
“Equally significant was the proactive role that the industry’s chief regulator, the Insurance Commission (IC), played. To its credit, the IC was swift in coming up with the rules for virtual selling, while at the same time ensuring that the necessary controls were maintained,” he said.
The road to digitalization, however, was not a smooth one as not only did their advisers have to learn to use digital platforms; their customers also had to adapt to the new technologies.
“And then you have the issues with the infrastructure such as telecommunications which were not always robust, particularly in the provincial areas,” Littaua added.
In addition to going digital, InLife also introduced 12 new product innovations since the pandemic started. Averaging one new product every month, many of these new products were focused on health protection, the inclusion of Covid-19 in the coverage, for example, so that InLife “would be more responsive as possible to the needs of people at this time.”
E-stores
Two such products, Prime Secure Lite and Total ProtectER are, according to Littaua, even available direct through InLife and InLife Health Care e-stores.
The new products that the company developed over the past year are an indication that for Littaua, customer centricity “is not just a strategy or a set of processes and procedures – it is a philosophy, a deep institutional conviction to be precise.”
“As such, it means that even before we discuss how much a new initiative is going to make in terms of profit, we first ask, ‘How will this make it better for our customers?’ Everything else flows from that conviction,” he explained.
Littaua added that customer centricity was critical for InLIfe because the company is the only remaining mutual company in the Philippines. This means that InLife’s policyholders, customers are also co-owners of the business.
“If you think about it carefully, in essence InLife is a Filipino company owned by the very people it serves. And all the profits we make are invested in the very society of which we are part. That’s a pretty strong proposition for always choosing InLife aside from the fact that we have among the best performing products in the industry,” he said.
Stints in retail, sales
With stints in retail, sales, training and development, Littaua has spent most of his working life in the insurance business. He had previously worked in PrudentialLife Inc., Sun Life Assurance Company of Canada, Sunlife Financial and Allianz PNB Life Insurance Corp.
He did have an opportunity to work with a luxury Italian brand of lingerie and swimsuits from November 2011 to December 2013 but after that he decided that it was time for him to retire. At around the same time, a colleague was appointed as an Undersecretary of the Department and Environment and Natural Resources (DENR) and asked Littaua if he would like to work for the government.
He agreed and he became a Technical Consultant for DENR’s Foreign Assisted and Special Projects. During his two-year stay at the DENR, he handled the Philippine Solid Waste Management Project; Coral Reef Rehabilitation and Eco Tourism Development; Climate Change Adaptation and Biodiversity Project and Digitalization of Cadastral Lands.
“It was a short stint but one thing that struck me in that experience was finding out that many of the technology solutions to our environmental issues already exist, whether it’s managing solid waste or cleaning up the water or saving our coral reefs and forests,” he related.
“That these environmental issues still persist only underlines the fact technology is not just going to be the solution; human cooperation is the more critical factor. And it will have to be human cooperation that transcends national borders. After all, no country creates its own climate,” he added.
Civic duty
Littaua’s experience of working at the DENR made him realize that while he has “always endeavored to do my civic duty and serve the country at every opportunity, I don’t necessarily have to be in government to do so.”
This was one of the reasons that motivated him to join InLife in January 2018 when he was hired as the Senior Vice President and Chief Distribution Office. Since InLife is a Filipino company, all of its revenues are invested in the country, and this makes InLife an active partner in nation building “to the benefit of the very people responsible for our growth in the first place.”
“As the company’s CEO, I should see to it that we continue to grow and scale up, which will allow InLife to have an even bigger impact on social development,” he said.
For InLife to be an effective partner in nation building, it has to be able to overcome the challenges that the pandemic has brought. These challenges include the accelerated pace of technology due to the pandemic, the rise of artificial intelligence, the changing work place because of the work from home scenario. Other challenges include “social and global issues such as rising inequality, the erosion of trust in institutions and the really big one, climate change.”
“But to my mind, I think the biggest risk to the company is the risk of us doing nothing – if we stand still either because we are too overwhelmed, or we’re paralyzed into avoidance and inaction, or we have become completely indifferent to the changes around us,” Littaua said.
Rally behind a cause
His immediate task, therefore as CEO, “is to get the entire organization to rally behind a common and shared vision, to foster engagement and collaboration, to eliminate pettiness and manage internal conflict, and to push the change agenda so that every InLifer takes on the responsibility for building the future that we all want.”
“I may not be true to my ideals always, but I should find it most gratifying if, years from now, InLifers look back and on seeing how far we’ve come and how much we’ve accomplished, go on to say, ‘We did it ourselves,’” Littaua said.
Thanks to Littaua’s leadership and his team’s hard work and perseverance, InLife has been able to make a strong turnaround this year, with the topline back at pre-pandemic levels, and there are all indications that the company will end 2021 with double or even triple increases in various categories.
“InLife’s financials remain solid and strong, which should not be surprising for a company that has survived two world wars and countless disasters, both natural and man-made,” he said.
When asked about the company’s future plans, Littaua could summarize everything up in just one word – exciting. He sees InLife leading “in innovation, and we shall lead in customer value in its truest sense.”
“We have defined our mission as providing ‘A Lifetime for Good’ for Fiipinos. In essence that means we will be partners of Filipinos everywhere so that they may live longer, healthier, meaninigful lives. And the innovations we shall roll out in this regard are nothing short of exciting. Abangan!” he said.
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