Screengrab from New York Life Insurance Co. website
SOUTH SAN FRANCISCO—One of the leading life insurers in the United States is campaigning to become the preferred provider of life insurance to the Filipino-American community in the Bay Area.
Executives of New York Life Insurance Co. of Silicon Valley led by Corporate Vice President Hector D. Vilchis bared the firm’s plan in a media forum dubbed “Bayanihan at the Fort” held at the Fort McKinley restaurant in South San Francisco on Thursday, Oct. 24.
Filipino-American Julie Adams, NYLIC financial services professional, hosted the event, which explained the firm’s hopes of capturing the Filipino community market.
“Our vision is to be recognized as ‘the company of the (Filam) community,’” said Michelle Louie, senior associate for the women’s market. Louie explained the growing importance of the Filipino market.
California is home to 1.95 million Filipinos, followed by Hawaii, Illinois, New Jersey and New York—totaling 3.4 million in all.
Louie said that Santa Clara (16 percent) and San Francisco (14 percent) counties alone account for 30 percent of Fil-Ams in the region. “Most are educated with a median household income of $75,000 and 39 percent are bachelor’s degree holders,” Louie said. “We’re 168 years old, we have a diverse field force and we’re family-oriented. We’re in perfect alignment.”
In 2011, the insurance company paid out $7.6 billion in benefits and dividends despite the economic recession. In 1990 it nixed becoming a publicly traded company.
Victor Vuong, NY Life Silicon Valley managing partner, said the insurance company has the highest ratings for financial strength. We are recognized as one of the best in the world.”
Adams explained that through the spirit of “bayanihan” (mutual help), NY Life wants a more meaningful approach to the Fil-Am market that also helps to enrich the resources in the community.
“We want to leave a legacy to the future Filipino-American leaders and agents of the company, and the community as a whole. “