An insurance institution

When I wrote about SM Mega Mall and Sammy Palanca, a friend asked what insurance company insures Shoe Mart. I said, I didn't know. But later I learned SM is insured mainly by Prudential Guarantee. I figured out my friend was seeing a big business in it.

When I learned it is Prudential Guarantee, I told myself, "Ah, that's my friend Monet Kilayko." I called him up and he admitted it's a really Prudential Guarantee which is the main insurer. Robert Coyiuto Jr. is its chairman.

I learned of Robert Coyiuto Jr. as the first Filipino to be accredited by the world famous insurer, the Lloyds of London.

And Monet told me, "Our chairman is coming Thursday with SM Big Boss Henry Sy."

I told Monet I will welcome them. Yesterday, I wrote about the help to Negros Occidental economy by Shoe Mart.

I recall when talking with Bredco president Sammy Palanca one time he said Shoe Mart Holdings Henry Sy is his friend. They are contemporaries.

***

But I cannot take my mind off from my friend Monet Kilayko, more known here as an institution in insurance business.

Now with SM getting insured by Prudential Guarantee, Monet will be the envy of many.

Among Bacolod residents, Monet has a track record difficult to surpass. I recall the last four years, he has always been the biggest income taxpayer of Bacolod as certified by BIR. And it was mostly income from his insurance business.

Monet has established a credo, he one time told me, which is worth sharing with others. It is (1) Work hard, harder than anyone. (2) Work with passion for excellence, and (3) Work with integrity intact.

I always echo this with others and made it sure it came from Monet Kilayko.

The best test for an insurance man is his prompt service and integrity which Monet has earned all these years.

***

I recall years ago I wrote about Monet Kilayko on how fast he paid insurance claims.

With some touch of hyperbolic flourish, I wrote that if an insured in the building's fifth floor falls and Monet's office is on the second floor, before the man touches the ground, Monet is already there handing the check payment.

Recently I had Sunshine Cable TV insured with Monet. I like what a clerk asked me, "Do you mean, Sir, if there's fire, Mr. Kilayko arrives ahead of the fire trucks?"

I could not suppress a smile at the hyperbole I told them. But, I warned them that insurance is one commodity you buy after which you pray you will not use it.

Because of that joke I told Monet once that there are people who believed it.

And this is good. Monet has to defend and protect his integrity that he will have no alternative but make good the perception created by the joke.

So, tell your boss Monet and Mr. Sy we welcome them to Bacolod. More investments will be more welcome. And appreciated.

***

Prudential Guarantee is non-life.

On life insurance, I recall an uncle in Guimbal, Iloilo who died five days before his 100th birthday in 1995.

He would come to Bacolod to play at the Casino and sometimes would stay with me even when he was beyond his 90 years of age.

One time I asked him if he ever had a life insurance, he said none. When he was 95, and had a talk with an insurance man, he asked if he could be insured.

He was told, no more. I like his question to the insurance man, "Why not? Don't you know there are very few people dying at the age of 95?"

Every time I go to Iloilo I always visit my uncles and aunts. The younger brother of my late father is now 94, his sister next to him is 92, and their youngest brother is 90. And the younger sister of my late mother is 94.

Can they be insured, even term and for just a small amount? I will ask my friend Monet.

***

I like this other anecdote about insurance. An insurance executive asked why an insurance for a house burned was not paid. What was the cause? The answer was it's friction.

What friction? The amount of the coverage was much much bigger than the cost of the house.

The problem sometimes is we have dishonest insured.

***

Friends reacted favorably to my suggestions to honor Sammy Palanca.

Former Vice Mayor Wilmar "Boy" Drilon pledged his support.*

back to top