Philippine Life Insurance Association unveils new president

Seasoned leader promises future of innovation and growth

Philippine Life Insurance Association unveils new president

Life & Health

By Roxanne Libatique

Sun Life Grepa president Richard S. Lim has been elected president of the Philippine Life Insurance Association, Inc. (PLIA) by its member firms.

According to Punto's report, the ceremony for the new officers – officiated by Insurance Commissioner Hon. Reynaldo A. Regalado – was held on Feb. 6 at Dusit Thani Manila.

From treasurer to president

Lim steps into the new leadership role following his effective tenure as treasurer in 2022.

“I thank the PLIA membership and my fellow 2024 board members for their vote of confidence in choosing me to lead the industry as PLIA president,” Lim said, as reported by Punto.

Plans for PLIA

In his acceptance speech, Lim shared his vision for PLIA, focusing on promoting financial literacy and expanding the reach of life insurance in line with the government's initiative to foster financial inclusion and ensure the widespread availability of financial solutions.

“The mission of PLIA encompasses three key pillars. Firstly, we are dedicated to supporting industry growth by increasing awareness and accessibility of life insurance, empowering our financial advisors to educate clients on financial preparedness. Secondly, we prioritise Filipinos' welfare by fostering trust, transparency, and resilience in delivering insurance promises while also safeguarding their privacy and consumer protection rights,” he said. “Lastly, we aim to enhance stakeholder engagement, addressing relevant industry issues, and creating new capabilities to serve them better and help our members build scale.”

Stressing the collective effort required for substantial progress, Lim highlighted the need for cooperation to enhance the regulatory framework and support market participants in realising their full potential.

“Working together, we aim to bring about positive changes that will uplift our regulatory environment, serve as enablers to the market players in bringing out their utmost potential toward the progressive development of our industry. Most importantly, we aim to place the IC and PLIA in a better position to safeguard and promote the interest of the insuring public,” he said. “I believe our true success lies in the unity of our actions to grow the industry more than simply growing our individual businesses.”

Established in 1950, PLIA is a non-stock, non-profit organisation that embodies the collective interests of life insurance companies in the Philippines. With its 31 member companies, PLIA aims to help steer the development and promotion of the life insurance industry, ensuring its contribution to the nation's economic landscape.

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