Manulife Philippines taps insurance veteran as new COO
Manulife Philippines taps insurance veteran as new COO | Insurance Business Asia
Life & Health
Manulife Philippines taps insurance veteran as new COO
New hire to drive operational excellence and innovation
Life & Health
By
Roxanne Libatique
Manulife Philippines, a part of the global financial services company Manulife, has announced Rachel Marie Vizcarra as its new chief operations officer (COO).
Vizcarra (pictured) brings over 25 years of insurance industry experience, primarily in operations and business transformation.
New Manulife Philippines COO
In her new role, Vizcarra will lead Manulife Philippines’s operations team, focusing on enhancing claims processing, operational efficiency, customer satisfaction, and innovation.
Her responsibilities include process optimisation, risk management, productivity improvement, and strategic initiatives aimed at achieving sustainable growth and market leadership.
Rahul Hora, president and chief executive officer of Manulife Philippines, highlighted Vizcarra’s extensive experience in driving operational excellence and expertise in business transformation.
“We are thrilled to welcome Rhea Vizcarra to our senior leadership team,” he said. “Her extensive experience and expertise in driving operational excellence amid a rapidly evolving insurance landscape, while solidifying health protection proposition and business transformation, will be instrumental in our efforts toward digital customer leadership. I am confident that she will deliver on our priorities and ongoing initiatives with our long-term strategic goals, as we further strengthen our position as one of the leading global life insurers in the Philippines.”
Marie Vizcarra’s career
Vizcarra has held various leadership positions, including roles in policy administration, customer service, IT project management, quality management, and process re-engineering.
Before joining Manulife Philippines, she was the head of operations at a major non-life insurance firm specialising in health, travel, and accident insurance. She has also served in a regional operations role for another global financial services company in Asia Pacific. Earlier in her career, she worked in underwriting for both life and non-life insurance.
Healthcare costs remain a priority for Filipinos
Vizcarra’s appointment follows the release of Manulife’s report on Asians’ financial and mental wellbeing.
The survey, which included responses from 1,050 Filipinos, introduced the MyFuture Readiness Index, measuring perspectives on physical, mental, and financial wellbeing. Filipinos scored 91 for desired readiness but only 79 for expected readiness, indicating future concerns.
Factors impacting confidence in future wellbeing among Filipinos
Key challenges affecting confidence in future well-being among Filipinos include:
rising healthcare costs (82%)
inflation (81%)
economic slowdown (78%)
increasing interest rates (78%)
declining health (73%)
To prepare for their future, including longer life spans and unexpected medical needs, Filipinos identified several financial goals:
achieving passive income post-retirement (43%)
having sufficient savings for emergencies (39%)
attaining financial freedom in retirement (32%)
saving enough for healthcare needs (31%).
Rising healthcare costs are a major concern, cited by 82% of respondents, with 86% of those aged 50 to 60 particularly worried. With 44.7% of health expenses in the Philippines being out-of-pocket, amounting to $9 billion in 2022, this concern is significant. Manulife projects this figure will reach $13 billion by 2028.
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