MAAGAP: On Guard & Resilient
With the arrival of the COVID-19 pandemic, we found ourselves in the center of the storm. In a matter of hours or days and weeks, we had to make our entire operations remote and as an insurance company, we are designed for this unexpected outbreak. Risk analysis and crisis planning are at the very core of our business. As we continue to perpetuate and be fully responsive to the needs of our customers by efficiently delivering what we promise, the Company is compelled to ensure that business remains viable under this circumstance and trying times.
MAAGAP's Business Continuity Plan (BCP) was quickly established to identify operational and financial risks alongside health risks to its most valuable assets: our employees; and in effect, account for the significant impact to our clients, business partners, suppliers and service providers during and on the aftermath of the pandemic as we continue to face the unpredictability of the global crisis consequential from a string of sporadic and succeeding waves that may reoccur at any given time.
The public is rest assured of MAAGAP's responsiveness in realigning its manpower structure through the gradual mobilization of its workforce from the Work From Home to its Work From Office set-up with flexi-time arrangement to avoid business interruption at the same time strengthen our service to adopt to the usual business core hours under strict observance of the safety and health protocols; coupled with sound inter-departmental communication and formidable teamwork.
The need to accelerate IT transformation which empowers the use of digital innovation and digital technologies is one of the major highlights in our business continuity plan to continue enhancing business practices, increase proficiency, productivity and grow revenue as a means in effectively addressing the sporadic quarantine protocols. This enables the use of online selling to allow customers to apply from whenever and wherever they want over and above the limits of irregular interruptions and unnecessary delays.
Our MAAGAP employees is 100% vaccinated and are diligently completing their booster shots giving us a better chance in providing immunity against the critical and severe cases of COVID 19 virus. To enable the economy to rebound from the outbreak, MAAGAP is strongly committed in promoting the vaccine uptake to protect the safety and well-being of its employees, clients and partners.
MAAGAP, like most insurance companies have weathered the crisis exceptionally well, largely due to investments that were already made on networks, applications, laptops and more. The crisis did expose a number of gaps and vulnerabilities, and it reinforces the need for additional technology investments. But, overall, industry players can feel secure in the knowledge that the battle is being rigorously managed and controlled moving forward.
The birth of MAA General Assurance Phil., Inc. (MAAGAP) took place when its parent company, MAA International Group Ltd. (MAAIG) from Malaysia ventured to strategically expand its business in Asia. MAAIG is an offshore composite insurance company licensed under the Offshore Insurance Act 1990 in Labuan International Offshore Financial Centre (IOFC) to underwrite life and general insurance and reinsurance business. Gearing for the planned expansion, MAA procured the insurance license of the then Paramount Insurance Corporation and renamed it MAA General Assurance Phil., Inc.