InLife StrategicPlan

A Strategic Management Paper for Insular Life
InLife Philippines
Strategic Plan
A Strategic Management Paper Presented to
The Faculty of College of Business and Accountancy
Bachelor of Science in Business Administration Major in Marketing Management
National University
In Partial Fulfillment of the
Final Requirements For the course of
STRATEGIC MANAGEMENT
Presented by:
Blanco, Angeline Louise
Del Rosario, Frances Caryl B.
Gordo, Lorina Mae R.
Garcia, Cydrick Maru L.
Mendoza, Ryan M.
Presented to:
Ms. Arlene A. San Pablo
Blanco, Del Rosario, Garcia, Gordo, Mendoza Page 1

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TABLE OF CONTENTS
I. Introduction and Company Background……..…………………….………..….…….…..4
II. Research Methodology and Limitations ……………………………………………....…5
III. Mission and Vision …………………………………………………………………...……..5
3.1 Company Mission ……………………………………………….………………...…5
3.2 Company Vision ………………………………………………..…………………....5
3.3 Review of Mission/Vision …………………………………………………....…..….6
3.4 Recommendations …………………………………………………...…………..….7
IV. External Assessment ……………………………………………………………………….9
4.1 General Environment ……………………………………..……………...……...….9
4.2 Economic Forces ………………………………………………………………….…9
4.2.1Economic Growth and Interest Rates……..…………………......………9
4.2.2 Employment, Income Levels, GDP and Economic Policy Changes…9
4.3 Political Forces ……………………………………………………………..…………...…..10
4.3.1 Creditor’s Rights……………………... …………………………………….……11
4.3.2 Whistleblowing Policy…………… ………………..…………..……………...…11
4.4 Technological Forces …………………………………………………………………..…..11
4.4.1 Financial Services Network ………. ………………………..…………...……..11
4.4.2 Digital Transformation …………………………………………………………..12
4.5 Social-demographic Forces ……………………………………………………..……..….13
4.5.1 Emerging Generational Group Markets and Consumer Behavior…...…..….14
4.5.2 Occupation and Level of Income Dynamics ……………..……………………15
4.6 Legal Forces ……………………………………………………..………….…….….……..16
4.6.1 Tax Rates……………………………..………………………….……..…………16

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4.6.2 Contracts………. …….…………………………………...……………..…….…17
4.7 Competitor Analysis ……………………………………………………………….……..…17
4.7.1 Competitive Intelligence Program ……...………………………………..……..18
4.7.2 Five Forces Competition Model ……………..…………………………………21
4.7.2.1 Threat of New Entrants …………………………………….……..….21
4.7.2.2 Bargaining Power of Buyers ……………...…………………….……22
4.7.2.3 Threat of Substitutes ………………..……………………….……..…22
4.7.2.4 Bargaining Power of Suppliers …………………...……….…………23
4.7.2.5 Rivalry among Competitors ……………………….......................…23
4.7.2.6 Industry Attractiveness …………………………...…………………..25
4.7.3 Main Competitors………...…………………………………………………………..……25
4.7.3.1 Main Competitor Profile ……………………………..………………………..26
4.7.4 Competitive Profile Matrix ………………………………………………………….…….27
V. External Environment…………………………………………..……………….………….29
5.1. External Critical Issues ………………………………………………..…………29
5.2. External Factor Evaluation Matrix (EFE Matrix) ……………………………..…30
References……………………………...………………………………………………………..32

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I. INTRODUCTION AND COMPANY BACKGROUND
Life is composed of natural positive and negative happenings. Risks and

uncertainties form health challenges to unexpected natural disasters, accidents, and
financial difficulties where individuals are exposed to massive potential risks throughout
their lives. That is where the purpose of insurance companies developed, like InLife where
it generally helps people to be futuristic on understanding this risk and providing financial
arrangements to be secured on these challenges. In Life also known as Insular Life is the
“first and largest local Filipino Life insurance company” and the only “mutual life insurance
company” handled by policyholders with Raoul Antonio E. Littaua being the CEO since
November 25, 1910. The organization specifically provides financial protection, savings,
investments, and retirement and applied 100 years of experience in wealth management.
The company’s tagline is “A Lifetime for Good” which entails a positive future that
emphasizes their commitment to positive change. While their logo eagle represents an
eagle that soar with keen and watchful eyes. Moreover, their brand story the company
believes in making a lasting impact by empowering individuals, guiding families,
supporting dreams, and fostering hope for every Filipino. This connects with the
company’s core values which include love of God and country, integrity, excellence,
prudence, respect for the individual, and teamwork. Additionally, the company also
participates in sustainability practices including saving fuel, energy, and water use,
prioritizing emission waste prevention, planting 10,000 trees, and have scholars.
More about the company's history: Insular Life extended its operations to the
Hawaii Division in 1934 during World War II. In 1943 Insular Life bought Filipinas Life
Assurance Company to help expand their business. Significant milestones were premium
reductions, industrial life insurance introduction, and mutualization in 1987. In the 2000s,
InLife relocated to Alabang in 2001 and diversified its services. Noteworthy achievements
included the launch of the i-Eagle web-based customer portal in 2009 and in 2010 assets
reached ₱ 72 billion consolidated assets and an all-time 2.6 billion in net income, and
included a Centennial celebration. Additionally, Continuous advancements in technology
trends such as the Automated Underwriting System, Bancassurance, partnerships, and
numerous awards market its success in the latter part of the decade. Overall, these

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emphasize the institution's dedication to continuous improvement in creating a brighter

future for everyone without leaving anyone behind.
II. RESEARCH METHODOLOGY AND LIMITATIONS
The research was based on qualitative data. Qualitative data is a process that
cannot be recorded, measured, or stated numerically (Contributor, T. 2023). This data
type includes interview transcripts, field notes, focus groups, observations, and open-
ended survey questions. Additionally, secondary research, these are the existing data and
material that have already been collected or summarized by other researchers and can be
used to improve the overall effectiveness of this study.
This study specifically concentrates on the strategic management of Insular Life

Insurance Company. Despite the presence of wide range insurance companies in the
Philippines with comparable market share and size. The paper provides detailed
examination of business techniques used by Insular Life Company to run its business and
become one of the largest insurance companies in the country. This study will primarily
explore Insular Life Company's enhancement plan without involvement of other insurance
developers.
3.1 Company Mission
Our mission is to provide a full-range of high-value insurance products and other

related services that empower families to attain financial security and fulfill their dreams,
thus helping build a stronger Philippines.
3.2 Company Vision
To be the market leader in the insurance industry to whom more Filipinos entrust
the financial security of their families. We are Insular Life, the pioneering and largest
Filipino life insurance company.

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VISION
“To be the market leader in the insurance industry to whom more Filipinos entrust the financial
security of their families. We are Insular Life, the pioneering and largest Filipino life insurance
company.”
Does their Vision statement answer the question “What do we want

to become?”
 Yes o No
Filipino’s Trusted Financial Ally
Table 1: Review of Vision
MISSION
“Our mission is to provide a full-range of high-value insurance products and other related
services that empower families to attain financial security and fulfill their dreams, thus helping
build a stronger Philippines.”
Does their Mission statement answer the question “What is our
Business?”
 Yes o No
Empowering Lives, Ensuring Security and Strengthening the Nation
Table 2: Review of Mission

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3.3 Review of Mission/ Vision
9 Components of a Mission Statement
YES NONE
Customers
Empower Families to attain financial
security and fulfill their dreams.
Products or Services
To provide Full range of high-value
insurance products and other related
services.
Markets 
Technology 
Concern survival growth and 

profitability
Philosophy Thus helping build a stronger Philippines. 
Self-concept 
Concern for Public Image
Concern for Employees 
TALLY 3 6
Table 3. 9 Components of a Mission Statement
3.4 Recommendations
Only three (3) out of the nine (9) components of a mission statement were found in
the InLife mission statement. As per suggestion, InLife should emphasize the diverse
markets it serves, its investment in top-notch technological services in the evolving needs,

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its dedication to sustainability and profitability, credibility as an insurance company making

the impossible possible of transforming financial desires into reality, business
transparency and active engagement on the community and their movement on the well-
being of their employees. Therefore, the Researchers suggested having a mission
statement of the following:
“Our Mission is to empower Filipino Individuals, Groups, Businesses, and Families

by providing a comprehensive range of high-value insurance and related services. Guided
by integrity, accountability, and transparency, we ensure customers have trusted and
secured products and services for protection against unforeseen risks. We are strongly
committed to safeguarding our client’s well-being by supporting them to achieve suitable
financial security and giving significance to each aspiration, thereby contributing to a more
prosperous and resilient Philippines.
Through our unwavering dedication to excellence in customer service, We

incorporate cutting-edge technology including Risk AI blockchain telematics, virtual
assistant, and mobile and online platforms, as we strive to deliver innovative insurance
solutions with accessibility and efficiency on services catering both online and face-to-face
interactions nationwide.
Above all our main business operations, we prioritize Corporate Social

Responsibilities by supporting SOCIETY through scholarship grants and individual
empowerment programs. For EMPLOYEES, we provide various employee engagement
programs such as financial literacies, educational initiatives, and business ethics.
Concerning the ENVIRONMENT, we mind carbon footprint in business operations and
also participate in foundations. Additionally, we cultivate meaningful PARTNERSHIPS to
address and increase impact on economic and environment activities collaboratively.”

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IV. EXTERNAL ASSESSMENT
This part identified the potential opportunities and threats that Insular Life should
be aware of. This part consists of five (5) external forces and in-depth competitor analysis.
4.1 General Environment
In the context of analyzing InLife as an insurance company focusing on the

general environment is paramount. The general environment encompasses macro-level
factors that are uncontrollable which are beyond an organization’s immediate control.
Considerations of these are significant for informing and influencing strategic decisions.
These include external factors such as international forces, economic drivers,
technological trends, socio-cultural dynamics, legal and regulatory frameworks, and
environmental considerations. These factors play a pivotal role in mitigating risks and
identifying and maximizing opportunities that ensure adaptability in a constantly evolving
business landscape of InLife. By navigating and responding effectively to these external
forces, InLife can adapt and thrive in a competitive dynamic environment, ensuring long
term success.
4.2. Economic Forces
Economic forces refer to the nature and direction of the economy in which
business operates. Economic factors have a tremendous impact on business firms. The
general state of the economy (e.g., depression, recession, recovery, or prosperity),
interest rate, stage of the economic cycle, balance of payments, monetary policy, fiscal
policy, are key variables in corporate investment, employment, income levels and GDP.
4.2.1 Economic Growth and Interest Rates

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Figure.1 Philippines General Insurance-Gross Written Premiums (PHP Billion) and annual
growth 2018-2027
The general insurance industry in Philippines is projected to grow at a compound

annual growth rate (CAGR) of 11.6 on 2027, reaching gross written premiums (GWP) of ₱
211.5 B. While forecasts on Global data as of 2023 showcases a significant growth,
attributed to increasing demand for, strong economy, infrastructure projects and natural
catastrophic insurance driven by sustained economic growth that impacts import and
export activities (Insurance Asia, 2023).
The success of Insular Life is closely related to the nation’s general economic
prosperity. People and business have more disposable income and resources as the
economy grows, which gives Insular Life Philippines more opportunities. According to
Insular Life (2023) the country’s first and largest Filipino-owned life insurer announced a
35% gain in its consolidated net income as it rode on the back of strong consumer
spending with the local economy opening post pandemic. With the growth of the
economy, employment levels of Insular Life Philippines will also improve its performance
due to the expansion of the said activity. Interest rate on the other hand determines what
industries grow and fall and where people position its financial capital. Insular Life
Philippines offer an interest rate of around 6.25% far higher than the ceiling rate of a
savings account. Making the rates go even higher when customers invest in stocks,
mutual funds, and real estate. Overall, these two forces provide a strong foundation of
Insular Life Philippines’ economic activity making its customers get the financial security
they deserve.
4.2.2. Employment, Income Levels, GDP and Economic Policy Changes
The employment rate and income levels have an impact on the demand for and
affordability of insurance products in the Philippines. Growing incomes and employment
rates are driving up demand for insurance and investment goods. Insular Life Philippines
needs to consider these trends while developing its range of products and advertising
strategies. In connection, GDP growth influences the overall consumer spending patterns
and economic activity of individual that impacts demand for InLife’s products and services.
In the first quarter of 2023 the insurance penetration rate in the Philippines fell to 1.75 %
of the country’s gross domestic product from nearly 2 % in the same year of 2022, this is
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below those of its ASEAN neigbors including Thailand’s 5 % and Indonesia’s 2 % as of

2022 (Inquirer Net, 2023). Moreover, Economic Policy changes affect InLife’s operations
and strategies including investment strategies, in compliance with new regulations,
capitalize emerging opportunities and mitigate risks in the market landscape.
4.3. Political Forces
The active participation of activist movements, protest and pressure groups, and
non-governmental organizations has a significant impact on policymaking in the
Philippines. These organizations must be a part of Insular Life’s tight collaboration with
these groups for the firm to have a better impact on both the corporate aims and the goals
of the community.
4.3.1. Creditor’s Rights
InLife complies with the Republic Act No. 9510 Credit Information System Act
(CISA) wherein creditors' rights to regular payments, providing information about the
company's financial position, and protecting creditors' sensitive information is taken into
account. InLife maintain compliance with various regulatory standards, including
capitalization, the updated Risk-Based Capital Framework (RBC 2), solvency, and
liquidity. The company declares its genuine financial position every quarter to the
Insurance Commission (IC) and the Securities and Exchange Commission (SEC).
4.3.2. Whistleblowing Policy
Corporate governance has a whistleblowing policy; they emphasize stakeholder

engagement and feedback as key drivers for improving governance standards. InLife
Insurance approach promotes open communication channels across multiple platforms,
including its official website, portals, and social media profiles. This commitment to
protecting whistleblowers' identities and building a culture of trust is consistent with their
whistleblower policy, which requires that all disclosures received in good faith be handled
with the highest discretion and integrity.

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4.4 Technological Forces
Technological aspect is one of the most significant aspects for an insurance

company as innovation driven by technologies has enhanced efficiency insurance sector
(OECD, 2017). Exploration to technological advancements specifically in data protection
and algorithmic decision making benefits from these innovations. Utilizing technological
force can be advantageous during this time with high inflation encounters in the country
that may increase customer interest.
4.4.1 Financial Services Network
InLife have their Financial Advisors and Agents on their distribution channel.
Financial Advisors are the backbone to guiding investment capital and facilitates decision
making process for financial institutions, investors and Entrepreneurs (Holloway, N., et.al,
2020). While Agents solely entertains customers to focus on selling insurance products to
individuals and businesses (Indeed, 2022). Financial Advisors and Agents are known to
have tech savy expertise as they utilize technology to leverage various digital software,
tools and platforms contributing to competitiveness and emphasizing their relevance on
the digital age. These significant leaders develop and adopt new technological solutions
such as online financial planning tools to have personalized financial advice interaction
with clients. They provide value added services to their clients such as Customer
relationship management (CRM) systems. Additionally they are cybersecurity advocates
by educating clients on cyber risks for assurance; make everything confidential on
customer sensitive financial information, safeguarding In Life’s clients. Additionally,
Branch Offices and Bank Branches integrates with InsurTech solutions for convenient
fraud detection and claims management that mitigates cybersecurity risks and reduce
operational costs.
4.4.2 Digital Transformation
The advancement of digital technologies reshapes the insurance industry and

impacts diverse product offerings, customer interactions, underwriting processes,
distribution processes, and claims management. InLife utilizing chatbots and virtual
assistants enhances efficiency in customer service and support. Moreover, mobile
applications and online platforms allow accessible and insurance policy purchases.
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Personalized quotes claim filing, policy management, and keeping in touch with
customers are adopted to ensure continuous communication. Machine learning algorithms
and blockchain technology for fraud prevention, detection, and risk assessment are
practiced together with data analytics. This showcases InLife’s ability to adapt to latest,
digital transformation refers to improve and simplifying different parts of the insurance
value chain. Subsequently, insurance companies can gain from the digital revolution in
several ways, including enhanced risk management, operational effectiveness, and
customer experience (Sabu, C. 2023).
4.5 Social Demographic Forces
According to the study by Qian X. (2021), the demand for Insurance companies
has increased ever since the COVID-19 pandemic started it heightened because of some
social trends including health awareness, risk transfer mechanism behavior, government
policies, and the influence of healthcare and regional disparities. Moreover, in the
following year unhealthy lifestyles, natural disasters, and accidents increased which put
individual’s lives at risk (Ilic, S. 2023). They inquire about insurance to protect something
valuable to them and also a purchase that has high value. Evolving societal norms,
diverse family structures, and economic changes impact individuals’ insurance needs,
people seek security amidst disparities that influence the insurance industry’s adaptability
to trends like single-parent responsibilities, and conflicts in relationships. The flexible
response of insurance companies extends to supporting financial needs which includes
the rising trend of start-up businesses and Entrepreneurship. Societal trends influence the
development of products, innovation, corporate social responsibility, globalization, and
overall operation of businesses including insurance companies. Namely, all people are in
the market of Insular, considering extensive financial service offerings from budget-
friendly to premium. But mostly seniors, retirees, Millennials, and Gen Z purchase in the
industry of insurance companies, with various needs in terms of financial security activities
(Wolff, E. 2023). Understanding the Social Impact of Insurance sheds light on the intricate
interplay between insurance practices and broad societal dynamics, and strategic
consideration of demographic trends in formulations of effective strategies is emphasized
(McCormack L.A. et.al 2019).
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4.5.1 Factor 1 – Emerging Generational Group Markets and Consumer Behavior
Growing up in an era of globalization, Gen Z’s with age range to 18-27 years old
born on 2006-2012 and Millennials that age range 28-43 years old born in 1981-1996 are
the ones who are mostly involved on Insurance companies. They significantly impact the
insurance industry. They are proficient in global awareness; prioritize health, financial
conscious, entrepreneurial spirit, career focus and a desire for personalization. These
generations are born into a digitalized world emphasizing budget friendly investments and
are tech savvy. Based on financial inclusion 2021 survey of Bangko Sentral ng Pilipinas
(2020) there is an increase on digital access points with 56% in 2019 and an increase
93% in 2021. Moreover, millennials are born on early globalization stages that are crucial
to purchasing auto, renters and health insurances preparing for family stability and
homeownership (Gorynsk, M. 2021). With the customer characteristics, Insular should
provide diverse offering that integrate financial planning tools, and keep track on evolving
trends and needs on innovativeness and digital experiences. Gen X born on 1965-1980
44-59 are more likely independent, resourceful hardworking and self-sufficient, these
characteristics establishes proactivity in financial planning and risk mitigations (Crosett, K.
2020). Therefore, insurance companies should focus on insurance offerings that protect
assets and ensure their financial independency. Moreover, insurances should emphasize
risk mitigation strategies for a comprehensive coverage. Lastly, Retirees or seniors
prioritize legacy planning and seek financial services to secure post-retirement needs.
Through this Insular should tailor estate planning, hassle free transactions, personalized
services for an excellent customer convenience.
Overall Insular should focus on multi-generational approach that caters diverse

needs and develop strategies that cater evolving market demands of wide range of age
groups, integrate technology like user friendly digital processes and educational initiatives
like financial literacies and insurance awareness, investment planning this improve
relationship with customers and expand market reach leading to increased market share
for Insular.

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4.5.2 Factor 2 - Occupation and Level of Income Dynamics
Figure 2. Total Family Income 2021
As of 2021, wages and salaries gained a larger percentage share of 52.7 % of

being the primary source of the total income of families. Understanding wages and
salaries being primary part of the level of income for most families allows financial
advisers and agents to tailor services basing to various income brackets and customer
priorities of low-upper income earners (Republic of the Philippines, Philippines Statistic
Authority, 2022)
Occupation and Level of Income are interconnected that directly influences

customer purchasing power together with their lifestyle and purchasing power. When
having a financial adviser Occupation and Level of income factors is the first thing that
they privately ask on their customers, since this is dependent on their plans in life. Which
this provides the advisers’ knowledge about the individual’s condition, offering a financial
service package suitable to one’s needs and desires on a long-run (Rehman, A. & Jamil,
S. 2016). Occupations expose individuals to specific risks that influence their insurance
priorities, in exampling, construction workers, firefighters and pilots jobs are risky wherein
they inquire to insurance coverage if such natural accident happen or it can also be
disability insurance, to protect against work-related injuries (Paramount Direct, 2015).

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Individuals with low income prioritizes inexpensive insurance that provide relevant
coverage for them, while middle income individuals seek balanced coverage of financial
services that they can pay on a month or yearly basis that focuses on necessities like
health and protection of property and other assets. While upper income earners have the
capability on purchasing premium services composed of comprehensive financial planning
solutions such as investment-linked product and life insurance, where in life Insurers
should consider tailoring services for these segments. These factors guide determination
and overall market segmentation adapts to diverse needs. To enhance engagement,
insurers should prioritize getting more financial agents and training them to guide
customers on specific needs based on demographic preferences and profile risks which
contribute to gain their trust towards the brand (Suvadarshini, A. & Mishra, B. 2021).
4.6 Legal Forces
As noted by Bikki Jaggi and Pek Yee Low (2000), the impact of legal systems
(LSs) on financial disclosures by firms from different countries. The results indicate that
firms from common law countries are associated with higher financial disclosures
compared to firms from code law countries. The findings also reveal that cultural values
have an insignificant impact on financial disclosures by firms from common law countries,
and the results on firms from code law countries provide mixed signals. The results for
multinationals are like the results for the total sample. The cultural values have no impact
on financial disclosures of multinationals from common law countries, and there are mixed
signals for multinationals from code law countries.
4.6.1 Tax rates
From the past, Insurance companies played a significant role to contributing to the
local taxes and revenue system of the Spanish Government in the Philippines during
colonial period (STI,2022). Until this modern era insurance companies continue to
contribute to local taxes and revenue systems that play a role in public services and
supporting government functions. Moreover, tax rates determine overall income of the
company ( Block, J 2021). Meaning, as other businesses including InLife, when tax rates

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are high it makes the profits reduced while with lower tax rates increase InLife’s
profitability.
4.6.2. Contracts
Contracts are important on insurance companies as mainly money are involved for
long-term financial goals that contain guarantees and exchange promises to risk
mitigations (Clews, R.J. 2019). Contracts creates a dual role in insurance companies
including InLife where it strengthens relationships with both policyholder-customers and
employees. It can be in written form which is more formal and preferred in businesses and
it can also be vocally informal. This dictates terms and conditions in terms of safeguarding
employee rights for employees while for policyholders’ forms core insurance policies,
determining coverages, obligations (Dizon, M. 2020). This minimizes company’s legal
risks since it creates a clear form of interactions that improves stability and trust within the
InLife’s ecosystem.
4.7 Competitor Analysis:
Currently the insurance life is getting wider in the Philippines. Insurance affects all
of our lives in a variety of ways. It is an essential component of our current lives, ensuring
our living standards, family stability, and property rights. Everyone in this country feels the
protective arm in some form of insurance, and the majority of us are impacted by the
various forms of protection. Because of the widespread public interest in various
insurance coverage, the regulation of this industry has become an essential part of the
government process.

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4.7.1 Competitive Intelligence Program
InsularLife SunLife Pru Life

Insurances Get enough coverage Sun Life has life This is a life insurance
to support your loved insurance plans to policy that provides a
ones. A life insurance meet your financial total peace of mind to
plus savings plan offers needs for every both parents and
you and your loved important stage in educationalists in
ones with a financial your life. From Ghana. In the unlikely
safety net. You don’t getting started with event of death of
have to worry about simple and parent, an agreed
where your family will affordable protection amount will be paid to
get their finances plans, to building support the child’s
should you suddenly funds with education for a period
pass away or suddenly investment-linked of time. This plan pays
lose your income due products to fulfill life out the outstanding
to a disability or goals. loan balance in the
sickness, especially if Find great options to unlikely event of death
they rely solely on you. grow your money and other insured
Secure your hard work and secure your events. Loans that can
with life protection future with Sun Life’s be covered under this
insurance. It will cover personal and family plan include mortgages,
your business life insurance personal loans, SME
obligations so you can products. As one of loans, microﬁnance
maximize your the top life insurance loans, car loans, etc.
earnings. If you are in a companies in the
partnership with Philippines, we can
another party, make help you achieve
sure both of you have financial security
coverage. Having throughout the
insurance coverage different stages of
minimizes the financial your life.
impact when an
essential associate of
the business passes
away.
Products For Individuals Education  Insurance with
 Life Insurance Ensure that your
investment
 Health child’s dreams are
Insurance within reach.  Traditional
 Education Education insurance
Insurance Ensure that your
 Investment  Health
child’s dreams are
Insurance insurance
within reach.
 Retirement
Insurance  Accident and
 Investment Estate preservation

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Funds Preserve your wealth disability

For Groups & before passing it on.  PRULink Funds
Businesses
 Income Preparing for life  PRUShoppe
Replacement milestones
 Health Care Turn your dreams
 Retirement into reality.
Fund
Management
 Credit Health protection
Protection Achieve physical and
 Accident financial wellness.
Protection
 Insurance for Income
Small Groups continuation
Bancassurance Provide for your
 Protection family’s needs, no
 Retirement matter what
 Investment happens.
 Wealth
Management
Retirement
Enjoy your golden
years.
Group life
Secure the lives of
your employees and
members.
Digital Insurance
Achieve your life and
financial goals with
accessible protection
from our online
partners.
Affordable The Conservative PRUMax Invest

Investment Investor A term life insurance
You want your
Start investing with at plan that gives you the
Investment capital intact and
s least P24,000 annually, accessible, and are best features of both
payable in your own willing to accept traditional and

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terms stable returns. investment-linked

Competitive Yields products
for Your Money The Moderate
Investor
Maximize growth PRULink Assurance
You prefer capital
potential of your stability with modest Account Plus
investment with its income, and are An investment-linked
diversified portfolio willing to acceptlife insurance plan that
including stocks, minimal volatility. offers financial growth
bonds, prime corporate with maximum
notes, and short-term The Balanced protection
Investor
money market
You are willing to
instruments accept volatility in
Peace of Mind your financial
Secure your family investment to
financially with a cash achieve income and
payment upon your capital growth.
death: the amount
The Growth
insured; 500% of the
Investor
current annual You prefer long-term
payment, plus 125% of capital growth with
each top-up payment, some income, and
minus 125% of each are willing to take
partial withdrawal; or substantial risk.
the amount your
The Aggressive
investment has grown
Investor
to, whichever is higher. You are willing to
accept significant
volatility to maximize
the potential returns
of your financial
investment.
Table 4. Competitive Intelligence Program

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4.7.2 Five Forces Competition Model
Figure 3. Five Forces Competition Model
4.7.2.1 Threat of New Entrants
Every industry confronts the threat of new competitors entering the market, just
like any other. This threat greatly influences an industry's branding, distribution, and
strategy. Partnerships, new players, and new operating models are emerging as a result
of the InsurTech movement.
Insurance Industry is significant because of high capital barriers and strong

economies of scale. While there are existing insurance competitions and new tech
startups entering the market, accessible process of government regulatory and
requirements are not easy together with places where insurances are sold. Additionally
switching costs where expenses and hassles associated with changing one insurance
provider to another make it a challenging part for new companies to attracting customers
compared to established Insurance companies like InLife, SunLife and PruLife. Navigating
these barriers requires strategical technological innovation, effective brand building efforts
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and is knowledgeable about regulatory processes helps to increase presence in the

market and structure a strong vision and mission and core values just like how InLife
started its business.
4.7.2.2 Bargaining Power of Buyers
The next two forces—the purchasing power and the provider power—refer to a
fundamental business law that establishes supply and demand guidelines. In any industry
where there are several options for obtaining goods and services, buyer power may be a
formidable force. Customers have the power in such a market to pressure industry
suppliers to offer better products at more affordable costs.
The Insurance industry serves a large customer base, InLife align their product
offerings based on specific needs of customers across individuals, businesses, industries
and many more. However they may have relatively few customers compared to other
industries, Insurance products together with long term commitments are involved where
limiting individual bargaining power. However, customer needs and preference
significantly shapes market trends and demand. In connection internet and online
comparison tools are in demand as several are digital natives that provide convenient
access about coverage options, insurance products and prices from multiple providers
including InLife. This transparency contributed to informed decision making and force
InLife to compete their service quality, coverage and price. Moreover, customers
prioritizes value for their money especially Filipinos are known to purchase that are on
sale, discounts, bundles, affordable, convenient and sustainable for their lives(Castillo, Dr.
Fermin G., Jr., 2018). Therefore InLife must balance competitive pricing while also
maintaining and continuously developing products and services to retain and attract
customers.
4.7.2.3 Threat of Substitutes
The threats of substitutes are limited or uncommon for InLife Insurance Company.
Diverse product Portfolios where InLife offers wide range of products tailored to various
needs, such as life insurance, health insurance, property insurance and more showcases
diversity of wide range products makes it challenging for substitute products to cover the
needs and risk addressed by insurance policies. Another, insurances can be complex that
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involves various detailed coverage conditions, terms and regulations which acts as a
barrier for entry to potential substitutes, as developing these kind of products requires
significant expertise and compliance to regulatory requirements. While risk management
methods are present such as risk retention, self-insurance and other government
programs it would not provide same level of traditional policies and comprehensive
insurance protection, which limits its suitability to various life conditions.
4.7.2.4 Bargaining Power of Suppliers
The Philippine Banking System (PBS) funding are from deposits mainly at 77.4
percent (16.1 trillion), bonds payable at 3.3 percent (694.2 Billion) and capital at 12.2
percent (2.5 Trillion) (The Philippine Banking System, 2022). This states relevant
information about the bargaining power of suppliers for insurance companies like InLife
particularly in relation to control over raw materials including here are coverage criteria,
agreements, assets, risk assessment, technology, workforce, strategies and compliance
together with the products and price. This indicates deposits, capital and bonds payable
are some of the primary sources of funding for banks including insurance companies,
rather than being dependent on external suppliers to get the resources for operational
needs. This suggests that InLife don’t rely that much on supplier’s for essential resources.
The pressure that suppliers can exert on businesses through price increases,
quality reductions, or strict controls over the availability of their products or services is the
exact opposite of the power wielded by purchasers. Agent and brokers have taken use of
their capacity to influence policyholder decisions in favor of placing business with
particular insurers. However, the diminished bargaining power of suppliers’ impact
negotiation dynamics which reflects that evolving landscape where insurers make
increased interactions directly with prospective clients that reduces intermediaries’
bargaining power and influence.
4.7.2.5 Rivalry among Competitors
Government insurance programs, risk retention groups, and self-insured entities,

insurers also compete with one another. Since external risks are the main force behind
product innovation, there is virtually little product differentiation in the modern market.

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Since insurance product prices are very heavily controlled, policyholder services quality is
the best option for insurers to set themselves apart.
In the insurance industry, the totalities of the rivalry among competitors have a
strong force which makes it a significant challenge for InLife. With a moderate number of
competitions in the Insurance industry, still price wars have a strong force that engages in
employing aggressive pricing tactics to gain a larger portion of the market share.
Insurance companies apply unique advertising and marketing strategy which therefore no
single player dominates this factor but it is significant to keep connection with InLife’s
customers through this. Amidst highly competitive saturated markets specifically on
health, life, accident, retirement and business insurance have high levels of market
penetration (Statista Research Department, 2023) wherein brand loyalty is needed to be
intact given its moderate levels. Additionally, partnerships are actively present and are a
driver to enhance competitiveness. Despite moderate industry concentration and growth,
InLife should still manage to employ latest and effective market retention tactics such as
being aware of the market and competitor movements on this aspect, considering low
differentiation in quality and moderate accessibility of products and services. To thrive the
intense rivalry, InLife should focus on innovative product coverages and customer centric
approaches, continuous partnerships including Healthcare providers, technological
companies, travel agencies and airlines, e-commerce platforms and non-profit
organizations. Lastly pricing methods should be played to sustain profitability.
COMPANY WITH YEAR OF MARKET SIZE (REVENUE, MARKET SHARE

ESTABLISHMENT PHP BILLION)
InLife 1910 25.9 21.58%
SunLife 1996 52.61 43.83%
Pru Life 1895 41.50 34.59%
Table.5 Market Share
InLife Insurance Company has a lot more to go compared to Sun Life and Pru Life.
But given that In Life is the first ever established Filipino Life Insurance company
operating more than 100 years it has the potential to be competitive enough among these

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rivals, and being the last to be established compared to others, it has the competitive
advantage on market insights from earlier companies, technological advancement,
strategic positioning, flexible organization structure and brand perception.
4.7.2.6 Industry Attractiveness
Insular Life (InLife), fueled by a strong customer-centric agenda, reported strong

sales performance in the first quarter of 2023. According to the Insurance Commission's
(IC) most recent financial statistics for life insurance companies, InLife generated P818
million in new business annualized premium equivalent (NBAPE) from January to March
2023. When compared to the first quarter of 2022, NBAPE increased by 113%, outpacing
the industry's growth of 18.16%. With these Q1 2023 numbers, InLife now ranks seventh
in NBAPE, up from ninth in Q4 2022. “InLife stays true to our mission to help Filipinos
secure the best future for themselves and their families. Our strong sales performance this
first quarter will further inspire us to carry on with our advocacy to spread the benefits of
life insurance and financial planning to as many Filipinos,” said InLife President and CEO
Raoul Antonio E. Littaua.
The latest IC report also confirmed InLife's position as one of the top five life
insurance companies in terms of net worth, assets, and net income. For the first quarter of
2023, the country's largest Filipino life insurer reported a net worth of P52.8 billion, assets
of P149.2 billion, and net income of P591.6 million. These figures ranked InLife second in
net worth, fourth in assets, and fifth in net income in an industry dominated by foreign
companies. (InLife, 2023)
4.7.3 Main Competitors
Many Filipinos consider life insurance to be a liability rather than a source of funds
in the event of an unforeseen accident or sudden death. However, this belief is changing
as more Filipinos recognize the value of financial investment in one's future, particularly
during these difficult times. In fact, 52% of the Philippines' 104.9 million people have life
insurance (KwikInsure, 2021).

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Figure 4. Main Competitors of InLife
The Philippines' insurance industry is dominated by large multinational

corporations, with top earners including Sun Life and Pru Life (Prudential). Insular Life
(InLife) leads the pack among local players, competing directly with international players.
(Gabriel Ulano, 2022)
“We recognize that due to the COVID-19 pandemic, more Filipinos have become
aware of the importance of financial planning and life insurance,” said InLife president and
CEO Raoul Antonio E. Littaua (pictured above). “We see that this heightened awareness
translates into a higher demand for both life and health protection products. And, as we
gradually ease out of the pandemic, we see that the demand for lifetime guaranteed
income will become more urgent. The need for protection from the risks of dying too soon,
living too long, and catastrophic illnesses – which are all within the province of the life
insurance business – will be as pressing a need in the future as they have ever been.
InLife takes this into account as we offer insurance with investment products during these
uncertain times.”
4.7.3.1 Main Competitor Profile
Sunlife is one of the biggest competitors of Insular Life. As a leading global

financial services company based in Canada, they provide a wide range of insurance,
retirement, and investment products and services to meet the diverse needs of individual
and corporate clients worldwide.
⬆ Premium Income: 2
⬇ NBAPE: 2
⬇ Net Income: 9
➡ Net Worth: 10
➡ Total Assets: 5
Figure.5 Financial Performance of Philippine Life Insurers in 2022

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In 2022, Sun Life maintained its dominance in the Philippine life insurance industry
by ranking first in both total premium income and new business.
In contrast, InLife remained one of the country's top five life insurers in terms of net worth,
net income, and assets. Sun Life ranked first in terms of total premium income, with
earnings expected to exceed $52.6 billion by 2022. The company has held the top
position in this category for the past 12 years. In parallel results, Sun Life also led in the
new business category by generating more than P9.7 billion worth of new business.
(Leyco,2023 via Manila Bulletin). This makes them one of the top competitors of
InsularLife.
The company began operations in 1996, marking 27 years in the Philippine life insurance
industry. Despite being relatively new in comparison to its competitors, Pru Life UK came
in second place. (Federico Suan, Jr, 2023)
4.7.4 Competitive Profile Matrix
InLife Sun Life Ph Pru Life Uk Ph
Critical Success Factors Weight Rating Score Rating Score Rating Score
1 MARKET SHARE 0.1 3 0.3 4 0.4 3 0.3
2 CUSTOMER 0.13 3 0.39 3 0.39 4 0.52

CENTRIC
SERVICES AND
INNOVATION
3 INTERNAL 0.1 3 0.3 4 0.4 4 0.4

COMMITMENT AND
REPUTATION
4 5P CONCEPT 0.11 4 0.44 4 0.44 3 0.33

(STRATEGIC
APPROACH:
PURPOSE, PRIDE,
PARTNERSHIP,
PROTECTION AND
PERSONALIZATIO
N)

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5 DISTRIBUTION 0.1 2 0.2 4 0.4 4 0.4

AND MARKETING
6 CUSTOMER 0.11 3 0.33 4 0.44 4 0.44

RELATIONSHIP
7 MANAGEMENT 0.1 4 0.4 4 0.4 4 0.4
8 FINANCIAL 0.1 3 0.3 4 0.4 4 0.4

CAPITAL
9 PRICE 0.05 4 0.2 4 0.2 4 0.2

COMPETITIVENES
S
10 SECURITY AND 0.1 4 0.4 4 0.4 4 0.4

SAFETY
TOTAL 1.0 3.26 3.87 3.79
Table 6. Competitive Profile Matrix
The ratings in CPM refer to how well companies are doing in each area. They
range from 4 to 1: 4 means a major strength 3 – minor strength 2 – minor weakness, and
1 – major weakness.
The Competitive Profile Matrix was based on the gathered information of each
company’s profile, market position, market share and sales, and brand popularity. These
are the factors that are important to assess whether Insular Life could gain more in the
market.
Sun Life Ph Insurance offers include financial services for education, estate
preservation, health protection, income continuation, retirement, group life, and other
insurance products. Pru Life UK Ph offer a wide range of retail financial products and
services, and asset management services in Asia, which has a strong presence in the
Philippines. Aside from life insurance products, they also offer health and protection
services and have partnered with a long list of banking institutions. Although these brands
and companies, including Insular Life, share a common intention and product lines to offer
to Filipino customers, According to the CPM, Inlife has the lowest score of 3.26, followed
by Pru Life UK's 3.79 and Sun Life's total weighted score of 3.87. As a result, Sun Life
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obtained a higher score than the two other insurance firms mentioned above. Market
Share, 5P Concept, Distribution and Marketing, Customer Relationships, and Internal
Commitment and Reputation were all given important weight. This is one of the primary
reasons that so many consumers choose these companies.
To summarize, it is clearly indicated on the CPM that Insular Life must focus on improving
the Insular Life Insurance (Inlife Insurance) brand, as this is the only company that
obtained the lowest score, in order to entirely perform better, Insular Life must prioritize
Inlife CSFs, specifically distribution and marketing, advertising and brand image.
Therefore, the following strategies created by the researchers were directed to Inlife.
V. External Environment
5.1 External Critical Issues
As a result, the overall average of the external factor matrix was 3.65, including a
1.80 weighted score for opportunities, indicating that the current strategy is ineffective and
inefficient in allowing opportunities to outnumber threats. The most attractive opportunities
are increasing insurance demand, changing the company culture and thinking to be more
customer-centric, and collaborating with the Philippine Eagle Foundation. These
opportunities will most likely be the company's key to success if carried out in line with the
company's own objectives. These opportunities can also operate as buffers, mitigating the
effects of some of the company's issues, such as the economic downturn, risk
management, competitive pressures, investment risk, resource allocation, and interest
rate fluctuations.

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5.2 External Factor Evaluation Matrix (EFE Matrix)

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Figure 5. External Factor Evaluation Matrix (EFE MATRIX)
The external factor evaluation matrix (EFE) is intended to assess the company's
external environment and identify potential possibilities and risks. Growing demands for
insurance, provide customer value beyond functional and economic goals, transform the
company culture and mindset to be customer centric, strengthening the financial and
partnership with the Philippine eagle foundation were all viewed as opportunities. Using
the EFE matrix, we identify the main external opportunities and threats affecting or
potentially impacting a firm. The weighted average for opportunities showed a total of 0.50
which is low significant influence factor, meaning there are lots of opportunity waiting for
Inlife if they use these opportunity strategically.
On the other hand, economic downturn, risk management, competitive pressures,

changes on consumer behavior, resource allocation and interest rate fluctuations were
identified as factors of threats. Overall Inlife Insurance gathered a total score of 3.65,
indicating that its strategies are effective in exploiting opportunities or defending against
threats. The company's strategy should be improved, with a greater emphasis on how to
capitalize on opportunities.

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Ross, Sean. “Why Interest Rates Affect Everyone.” Investopedia, 20 Aug.
2023, www.investopedia.com/articles/investing/112615/why-interest-rates-affect-
everyone.asp#:~:text=Interest%20rates%20go%20a%20long,guide%20much
%20of%20that%20movement.
Sabu, C. (2023). IMPACT OF TECHNOLOGY ON INSURANCE INDUSTRY. Journal of
Emerging Technologies and Innovative Research (JETIR). Retrieved from
https://www.jetir.org/papers/JETIR2302303.pdf
Secure Your Future with a Life Insurance with Protection Plan | InLife. (n.d.). Secure Your
Future With a Life Insurance With Protection Plan | InLife.
https://www.insularlife.com.ph/life-protection
Sharma, S. (2021). Insurance Distribution Channels: Planning The Shift To Digital Selling.
CallHub Retrieved from https://callhub.io/blog/insurance/insurance-distribution-
channels/
Suan, F., Jr. (2023, September 24). The top 10 life insurance companies in the Philippines
2022. TheWiseGuyPH. http://www.thewiseguyph.com/top-insurance-companies-
philippines-2018/#2_Pru_Life_Insurance_Corp_of_UK
Suvadarshini, A. & Mishra, B. (2021). A Study on Income as a Determinant of Buying

Decision-making Styles. Retrieved from
https://www.researchgate.net/publication/353010317_A_Study_on_Income_as_a_
Determinant_of_Buying_Decision-making_Styles
Varnai, K. & Sapio, N. (2023). How Insurance Companies Can Adapt as the Senior
Citizen Age Increases. Insurtech. Retrieved from
https://www.plugandplaytechcenter.com/resources/how-insurance-companies-
adapt-senior-citizen-age/

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Selimovic, J. et.al (2020). CRITICAL SUCCESS FACTORS IN INSURANCE

COMPANIES. Retrieved from https://hrcak.srce.hr/file/347149?
fbclid=IwAR1yxIQCh9R9Ma6u7xgb36XU62TpSbE-
bhqwAttwrJjELWfHozQ40olD5Ds
The Philippine Banking System (2022).RECENT TRENDS IN THE PHILIPPINE
FINANCIAL SYSTEM.Bsp.gov.ph. Retrieved from
https://www.bsp.gov.ph/Media_And_Research/Publications/ReportonRecentTrend
s2022-03.pdf
Trusted life insurance company in the Philippines | InLife. (n.d.). Trusted Life Insurance
Company in the Philippines | InLife. https://www.insularlife.com.ph/
Umiten, A. (2022). Inbound vs Outbound Marketing: Mastering Sales Outreach.
Revolution Ordering. Retrieved from
https://www.revolutionordering.com/blog/inbound-vs-outbound-marketing
IV. INTERNAL ASSESSMENT
STYLE
As known as the first and largest Filipino life insurance company, Insular Life
applies experience in financial protection, savings, and investments, and retirement to
help you make confident decisions for yourself and your family. The company is also a
proud Filipino company where they remain committed to serving the Filipinos. Perhaps
the most significant and popular form of insurance plan available is life insurance. One
kind of insurance policy that can pay for your funeral expenses and leave a legacy that is a
sum of money for your surviving family members is life insurance. People with families
should get life insurance, especially if they are the primary providers.
ETHICS/SHARED VALUES
The culture of Insular Life is what makes the company different. They create
employee experiences that matter. Insular Life continues to be a driving force and key
player in the insurance industry. They are a company with a strong culture and higher
purpose that is uniquely their own. They believe that a collaborative environment makes
for the best result-driven employees and partnerships. The company support diversity and
promote inclusion in the workplace. The company’s passion for empowering our
employees and enabling these highly capable individuals keep them on top of their game.

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6.3 MARKETING
Strategically promoting insurance goods and services to prospective clients is part

of In Life's marketing strategy. Target markets, client demands, and successfully
communicating the value of each insurance and investment coverage are the main
objectives of this dynamic industry. This promotes long-term customer relationships by
implementing In Life's growth plan via all distribution channels.
6.3.1 Product
Insular Life Company is an Insurance company in the Philippines that caters wide
range of financial products and services beyond the insurance coverage. Specializing in
financial protection, investments, savings, health plans family group, retirement and a
variety of customizable products, suitable to the unique and evolving financial needs of its
customers (Who We Are- InLife 2023).
Products offered by InLife are divided into 3 categories: For Individuals, Groups
and Businesses and Banc assurance (Products- InLife 2023)
InLife for Individuals emphasizes the importance of early consideration to availing

life insurance. This provides security and reliable policies to safeguard individuals and
their loved ones. (For Individuals- InLife 2023). Moreover, the company is committed to
supporting families in various needs with a response of easy customization of flexible and
affordable plans that prioritizes diverse budgets and lifestyles, minimizing worries on
unexpected future expenses.
For Individuals PLANS
Life Insurance Wealth Assure Plus, Abundance and Secure 5.
Health Insurance Wealth Assure Plus and Resilience.
Education Insurance Wealth Assure Plus and Abundance.
Investment Insurance Wealth Assure Plus, Solid Fund Builder and

Dollar Solid Fund Builder.

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Retirement Insurance Wealth Assure Plus and Abundance.
Investment Funds Low- Risk Investment Funds, Medium- Risk

Investment Funds and High- Risk Investment
Funds.
TOTAL: 6 TOTAL: 9
Table. For Individuals Products
(1) The Plan Wealth Assure Plus provides life protection, earn from investments,
increased insurance benefit, higher living benefits, accessible and cost effective investing,
health benefits and enjoy flexible options. Policy term is up to age 100 and eligibility 0-80
years old. (2) The Abundance Plan provides a combination of savings and life insurance
solution with systematic fund allocation, guaranteed regular payouts. Policy Term is up to
20 years or up to 65 years old and eligibility of 0-60 years old for 20 years policy term, 0-
45 years old for policy term up to age 65. (3) The Secure 5 Plan provides limited
guaranteed issue life insurance plan with coverage of 5 years, cash benefits quarterly,
and return of premiums at policy’s maturity at the end of the 5 th year and no medical
checkups needed. Policy Term up to 5 years and eligibility is 0-65 years old. (4)
Resilience Plan pay whole life and health insurance solution that offer guaranteed lump-
sum cash for critical illness, customizable health coverage, cash allowance for
hospitalization, Lifetime financial security, with coverage up to 99, health cash rewards
and a convenient 10-year limited pay period. (5) Solid Fund Builder and (6) Dollar Solid
Fund Builder policy term is up to age 99 and eligibility of 0-70 years old. The Solid Fund
Builder provides faster fund growth, peace of mind with life insurance benefits 1.25 times
the amount originally paid or the fund value investment, while, dollar solid fund builder a
US Dollar life insurance and investment plan with efficient fund growth, one-time premium
convenience, no medical exams and 125% life insurance benefits, and attachable riders.
(7) Low-Risk Funds prioritizes capital preservation that intended for those seeking stability
over potential high returns that are suitable on short to medium-term goals. (8) Medium-
Risk Funds are intended for balancing between stability and capital growth for long term
objectives combined with mix of money market, equities and fixed income. (9) High- Risk
Funds such as VUL equity are intended to those seeking significant capital appreciations,

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longer investment horizon for potential substantial returns and accepts higher market
volatility.
Figure 2. InLife’s Investment Funds (Low- Risk Investment Funds, Medium- Risk
Investment Funds and High- Risk Investment)
InLife for Groups & Businesses offers tailored group life insurance plans that
ensure well-being of employees. Customizable programs are available providing diverse
benefits including employee life insurance coverage, credit protection, health care,
retirement fund management, accident coverage (For Groups & Businesses-InLife 2023).
For Groups & Businesses Plans
Income Replacement Credit Protection and Financial Security Insurance
Health Care Wealth Assure Plus, Resilience, ER Care Basic,

ER Booster, ER Care All-In , ER Care Choice,
MedConsult, She’s Well, K12 Health Cover,
Dengue Flex, Maternity Care, Total Protect ER.
Retirement Fund Management Combination of retirement fund and life Insurance
Credit Protection Borrower Protection Plan
Accident Protection Accident Coverage Solution
Insurance for Small Groups Employee Secure Plan, Employee Secure Plus
Plan and Security Guard Plan, Teachers Group
Plan, Students Group Plan, Students & Teachers
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Plan, Student & Teachers (ST) Health + Plan and

Alumni Secure Plan
TOTAL: 6 TOTAL: 22
Table. For Groups & Businesses Products

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Table 3. InLife’s Health Care

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(1) Credit Protection and Financial Security safeguards financial loss on employee’s death
or disabilities. Additional benefits include coverage for terminal illness, accidents and
hospitalization. (2)-The products under Health Care helps during medical emergencies
with investment and health insurance, lives of individuals are financially secured to focus
on such recoveries. (3) The Retirement Fund and Life Insurance allows customization
through defined benefit or contribution schemes, with world-class fund managers, financial
loss protection, guaranteed interest, compliance with RA 7641 (retirement pay law) and
tax qualification. (4) Borrower Protection Plan, safeguards company and borrowers’
families from financial loss in terms of borrower death leaving unpaid loans, that provides
flexible terms either outstanding balance or initial loan amount, providing 24/7 life
insurance coverage and managing financial risk. This also includes extra coverage for
total and permanent disability of borrowers. (5) Comprehensive Group Accident Coverage
Solution, provides cash benefits to beneficiaries in case of insured employee’s death due
to accident and compensated for bodily losses, while if the employee survives,
customizable features of weekly indemnity for disability and medical expenses
reimbursements. (6) Employee Secure Plan gives prospective experience
reimbursements depending on pooled surplus at year-end; it covers life, accidental death,
disability, and complete permanent disability payments, including hospitalization and
surgical procedures, for employees in non-hazardous industries (3 to 160 lives) while (7)
Employee Secure Plus Plan is for office based or semi hazardous employees (15 to 100
lives). (8) Security Guard Plan and (9) Teachers Group Plan and provides benefits to life,
accident, disability and burial and hospitalization to these personnels. (10) Students
Group Plan provides life and accident insurance with dismemberment benefits in primary,
secondary and tertiary education along with hospitalization benefits. (11) Students &
Teachers Plan have same benefits to Student Group Plan and Personnel’s Group Plan
with minimum of 50 lives and should not exceed the number of students insured. (12)
Student & Teachers (ST) Health + Plan provides 24/7 life, accident and hospitalization
needs, to students. In addition teachers also get the same benefits for free. (13) Alumni
Secure Plan provides financial protection to alumni members against terminal illness,
sickness and injury and insurance benefits.

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Insular Life being a premier life insurance company, has partnered with Union Bank to
offer innovative life insurance solutions, including variable unit-linked (VUL) investments
accessible through Union Bank branches nationwide (Bancassurancce- InLife 2023).
Banc assurance Plans
Protection Sure Cover, Assurance, Assurance Prime,

Security, and Security Global.
Retirement Assurance and Assurance Prime
Investment Sure Cover, Prominence Max and Dollar

Prominence
Wealth Management Assurance and Assurance Prime
TOTAL: 4 TOTAL: 7
GRAND TOTAL: 16 GRAND TOTAL: 38
(1) Sure Cover allows securing future with a comprehensive life insurance suitable
for millennials, Genz’s and families that helps as a breathing room in the reality of
unexpected accidents and sickness. (2) Assurance conveys securing future with life
insurance and savings plan. (3) Assurance Prime Plan emphasizes investment-linked
insurance to grow assets that leaves legacy on future generations. (4) Security and (5)
Security Global are life insurance plans, no required medical exam and investment
options are available that protect families from financial loss. While the different is security
is insurance plan with investment while the other involves global funds as part of the
investment. (6) Prominence Max and (7) Dollar Prominence are one-time payment life
insurance and investment plan that covers individuals from 15 days to 70 years old, with
coverage up to age 99. While the difference is Prominence Max is denominated in
Philippine Pesos while the other is denominated in US dollars.

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Figure. Financial Services
Amaresan, S. (2023) Customer services are relevant because it’s the direct contact
between customers and business which retains and increase their value extraction.
Products of InLife are combined with services such as (1) Online Financial Calculator to
assess their insurance needs through personalized financial calculations. (2) Talk to
Financial Advisors for personalized guidance with experts to choosing most suitable
insurance plans aligned with financial goals of clients. (3) Payment channels are
convenient secure channels that ensure ease transaction and timely continuation of
coverage. (4) Servicing requirements are documentations and steps for policy servicing
and administrative processes for efficient customer service. (5) Fund Performance
communicates the investment performance of insurance funds that allows policyholders to
track growth on investments that is part of the insurance products catered by InLife.
6.3.2 Differentiating Attribute
Articulated by Frederiksen, L. (2023) Differentiation strategy allows the firm to gain

a competitive advantage among competitors in the specific marketplace, this involves
highlighting significant differences between the company and its rivals where it impacts
potential clients purchasing perceptions. InLife Insurance is an inherently Filipino
Insurance Company powered by INNOVATION and strengthened by its association with
IN LIFE. It that was once a part of Ayala which is known as the oldest and largest
conglomerate in the Philippines, leaving historical ties and shared legacies that created an
established reputation for InLife. It became mutualized in 1987 for a more independently

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approach, emphasizing direct policyholder management to obtain flexibility and customer-

friendly relationships (Dooc, E. 2020).
In the present InLife partnered with Oona Insurance Group last year that enhances
InLife’s focus on core life insurance and health care business, leveraging Oona’s
innovations expands cross selling opportunities of InLife in the Philippines. They also
partnerned with Unionbank that supports bancassurance and have Insular Health care as
one of the subsidiary, InLife foundation that prioritizes education, sustainable
environement, disaster response and employee volunteerism. InLife Wealth University a
financial educational channel and InLife Sheroes an advocacy and movement supporting
lifelong empowerment of women’s rights and advancement. All of these highlights unique
aspects of InLife’s business strategy and brand identity.
InLife’s distinctiveness is their website is well organized and attractive, making it a user
friendly website with uncluttered design, easy navigation, emphasized unique offerings
and optimized for mobile browsing and different screen sizes emphasizing simplicity and
ease of use.
Therefore, it’s good to evaluate and emphasize unique operations of InLife in

terms of being an established business, prioritizes digital tools, and partnerships yet they
should focus on providing distinct products and services and pricing.
Figure. InLife Previous Partner

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Figure. InLife Health Care, Foundation and Partnerships
6.3.3 Pricing
Developing pricing strategies is one of the most important tasks for businesses
because prices form the basis of their income. Several aspects of a business are
dependent on price, if price are properly managed, profits can rise; however, determining
which areas to concentrate on can be challenging which pricing tactics should be aligned
with the target market ( Pajic, D. 2020).

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Figure.
The pricing strategy used by InLife is mainly risk based pricing as the company
charge various prices on same level of coverage based on risk factors suitable to the
property or insured individual. The benefit of the pricing strategy is it ensures fair
premiums, prevents lower risk policyholders funding riskier offerings and provides
affordable coverage while maintaining financial stability (Insurance Information Institute,
2022).
The pricing of InLife Group monthly premiums starts at 3,000 for basic plan with up
to 5 million coverage (Coverage Amount- InLife 2023). On their Insular Health Care, price
ranges to ₱ 100 - ₱ 800, ₱ 1,000- ₱ 8,300, and ₱ 11, 750 - ₱ 61,000 (Insular Health Care-
InLife 2023). Price range for the affordable ones starts below 100 to hundreds per day
while for the expensive ones starts at thousands per day dependable to one’s risk tiers
based on factors like health status, driving records, age and other personal status.
6.3.4 Promotions
Promotion is the fourth P of the marketing mix once product, price and distribution
are all settled, it’s time for the offerings to shine through promotions. Promotions is a
strategic communication of a product or service that is vital on attracting customers,
building brand awareness and increase on sales (AQA, et.al 2022). Just like InLife have
their own strategies and techniques to promote their products both physical and online on
the evolving dynamic environment. Presented are the Promotion Strategies that
Businesses combines to increase relationship between their products/ services and target
customers that InLife needs to consider:

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PULL PROMOTION PUSH PROMOTION

STRATEGY STRATEGY
(Advertising, Email PROMOTION (Trade Shows, Sales,

Marketing, Word of STRATEGIES Point of Sale Display
Mouth and Social and Demo videos)
Media)
E-COMMERCE
SALES PROMOTION PROMOTION STRATEGY
STRATEGY RETAIL PROMOTION
STRATEGY (Online Discounts, Limited
(Inbound and Outbound) Time Offers, Referral
(Sales, Loyalty, Flash and
Program, Bundles and
Bundles, giveaways)
Digital Campaigns)
Figure
For the category of Pull promotion strategy, InLife utilizes advertising some of this
are including famous artist like Sharon Cuneta on their promotional materials that are on
printed form and also implement impactful commercials. Second, InLife practices email
marketing delivering valuable content about their company and offerings that targets
existing and potential customers. Third, Word of Mouth where InLife rely on satisfied
customers, recommending the product sharing positive experiences with it, InLife also
posts reviews of customers to increase reputation and trustworthiness as an insurance
company. Fourth, is social media wherein according to Pec, T. (2022) it is the most used
aspect on today’s digital era, Moreover customers and competitors are present and active
in these platforms that emphasizes its potent influence. InLife have Facebook, Instagram,
Tiktok, Youtube and Twitter. Moreover, for the Category of Push Promotion Strategy,
InLife participates in tradeshows and also does consultative selling practiced by their
designated financial advisors. While they also implement point of sale display showcasing
appealing graphics and layouts on their digital platforms practicing a user-friendly
approach. InLife also have demo videos about policy explanations and customer
testimonials yet they needed to create more of this as some are outdated.

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For the Sales Promotion Category, inbound is prioritizing customers that has
interest or have pain points towards the company giving them a more convenient
experience to know more about products offerings, while outbound is prioritizing
customers opposite to inbound as full force of marketing and promotional efforts should be
done (Umiten, A. 2022). InLife does prioritize Inbound strategies of creating informative
marketing, search engine optimization, downloadable resources about the company and
offering , chatbots and live chat and online calculators and tools. For outbound they do
door-to-door sales and event sponsorships where they get awards. Moving on for the The
Retail Promotion Category of InLife are implemented, especially on Insular Health Care,
that includes discounts such as 20% discount on exclusive signature frames, bundled
offerings that combines life insurance with investment components, and exclusive
membership privileges including a complimentary annual medical exams at accredited
facilities are some of the company’s strategies. Lastly the E-Commerce promotion
category such as digital campaigns, including webinars where it becomes a source of
educational platform for customers about the company’s offerings where they can interact
live, makes it a strategy worth continuing for InLife.
InLife would not achieve its successes without these promotions. Moreover, simply
implementing promotions is still not enough, on their state they should be consistent and
align these strategic and adaptable promotion tactics on the dynamic environment.
6.3.5 Distribution
Digital Channels
Bansal H, (2023) explains digital distribution channels in the context of insurance

companies has become increasingly relevant because it’s the process for Insurers to
engage and reach with customers, present products and services and an excellent
customer experience.
InLife Insurance
Website & Social Media & Online Direct

Mobile App Online Platforms Marketing
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Client Client Client
Figure
For InLife Insurance, the distribution channels encompass three avenues through
which they communicate with clients. It can be through their website & mobile application
that provides access to various informations, products, and services about their company.
Websites of InLife such as InLife Health Care, InLife Solutions, and sheroes, agrregrators,
online insurance brokers, comparison websites, and online chatbots websites caters more
the new customers. While mobile app caters more the existing customers allowing them to
directly access policies, manage accounts, monitor funds, transact, and connect with
InLife (InLife App- InLife 2023). Social media and online platforms provide digital presence
for engagement and promotions for clients to keep updated about InLife. Example of this
is affinity and partner channels of InLife with UnionBank, Alida a leader in total experience
management. Direct Marketing of InLife enables personalized outreach and
communication catering distinctive client concerns including here are emails. Moreover,
on these digital tools, options of financial advisors and insurance agents are present that
allow them to have smooth interactions.
Physical Channels
Face to Face Communication is the ability to talk personally offline to a person

during conversations, this demonstrates importance, interpret thoughts and feelings,
enhance credibility and trust, build relationships, gather reliable feedback, and address
sensitive issues (Grossman, D. 2022). InLife practices face to face communication which
Physical Channels are brought out; therefore this provides personalized guidance and
facilitates physical interactions to strengthen relationship with customers impacting their
retention and loyalty on InLife.
InLife Insurance
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Financial Advisors/ Branch Offices &

Insurance Agents Bank Branches
Client Client
Figure
InLife insurance have intermediaries to conveniently reach their customers in

various ways suitable to the process they desire. InLife are composed of financial advisors
and insurance agents which InLife invest training and development to these advisors as
they play a crucial role on providing advices, guiding clients all over the purchasing
process up to the end of the term condition of the package availed (InLife Alpha- InLife
2023). Another it through their branch offices where customers can set appointments to
tackles about the product purchase intention and other inquiries. There branches are
located at Makati and another is in MuntinLupa City named on their website as Amorsolo
CX (ILCC Digital Office) for payment and services and another is through support on
banca fa/rm (Branch Locator –InLife 2023).

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A Strategic Management Paper for Insular Life

A Strategic Management Paper Presented to

The Faculty of College of Business and Accountancy

Bachelor of Science in Business Administration Major in Marketing Management

In Partial Fulfillment of the

Final Requirements For the course of

Blanco, Angeline Louise

Del Rosario, Frances Caryl B.

Gordo, Lorina Mae R.

Garcia, Cydrick Maru L.

Ms. Arlene A. San Pablo

Blanco, Del Rosario, Garcia, Gordo, Mendoza Page 1

I. Introduction and Company Background……..…………………….………..….…….…..4

II. Research Methodology and Limitations ……………………………………………....…5

III. Mission and Vision …………………………………………………………………...……..5

3.1 Company Mission ……………………………………………….………………...…5

3.2 Company Vision ………………………………………………..…………………....5

3.3 Review of Mission/Vision …………………………………………………....…..….6

3.4 Recommendations …………………………………………………...…………..….7

IV. External Assessment ……………………………………………………………………….9

4.1 General Environment ……………………………………..……………...……...….9

4.2 Economic Forces ………………………………………………………………….…9

4.2.1Economic Growth and Interest Rates……..…………………......………9

4.2.2 Employment, Income Levels, GDP and Economic Policy Changes…9

4.3 Political Forces ……………………………………………………………..…………...…..10

4.3.1 Creditor’s Rights……………………... …………………………………….……11

4.3.2 Whistleblowing Policy…………… ………………..…………..……………...…11

4.4 Technological Forces …………………………………………………………………..…..11

4.4.1 Financial Services Network ………. ………………………..…………...……..11

4.4.2 Digital Transformation …………………………………………………………..12

4.5 Social-demographic Forces ……………………………………………………..……..….13

4.5.1 Emerging Generational Group Markets and Consumer Behavior…...…..….14

4.5.2 Occupation and Level of Income Dynamics ……………..……………………15

4.6 Legal Forces ……………………………………………………..………….…….….……..16

4.6.1 Tax Rates……………………………..………………………….……..…………16

Blanco, Del Rosario, Garcia, Gordo, Mendoza Page 2

4.6.2 Contracts………. …….…………………………………...……………..…….…17

4.7 Competitor Analysis ……………………………………………………………….……..…17

4.7.1 Competitive Intelligence Program ……...………………………………..……..18

4.7.2 Five Forces Competition Model ……………..…………………………………21

4.7.2.1 Threat of New Entrants …………………………………….……..….21

4.7.2.2 Bargaining Power of Buyers ……………...…………………….……22

4.7.2.3 Threat of Substitutes ………………..……………………….……..…22

4.7.2.4 Bargaining Power of Suppliers …………………...……….…………23

4.7.2.5 Rivalry among Competitors ……………………….......................…23

4.7.2.6 Industry Attractiveness …………………………...…………………..25

4.7.3 Main Competitors………...…………………………………………………………..……25

4.7.3.1 Main Competitor Profile ……………………………..………………………..26

4.7.4 Competitive Profile Matrix ………………………………………………………….…….27

5.1. External Critical Issues ………………………………………………..…………29

5.2. External Factor Evaluation Matrix (EFE Matrix) ……………………………..…30

Blanco, Del Rosario, Garcia, Gordo, Mendoza Page 3

I. INTRODUCTION AND COMPANY BACKGROUND

Life is composed of natural positive and negative happenings. Risks and

Blanco, Del Rosario, Garcia, Gordo, Mendoza Page 4

emphasize the institution's dedication to continuous improvement in creating a brighter

II. RESEARCH METHODOLOGY AND LIMITATIONS

This study specifically concentrates on the strategic management of Insular Life

3.1 Company Mission

Our mission is to provide a full-range of high-value insurance products and other

3.2 Company Vision

Blanco, Del Rosario, Garcia, Gordo, Mendoza Page 5

Does their Vision statement answer the question “What do we want