More than a year after silently commencing its local operations, Troo has formally launched itself as the newest major insurance company in the growing community of insurers in the country.
Troo is a joint venture between Philippines-based lender Eastwest Banking Corporation and Belgium’s Ageas Insurance International NV, a global insurance firm that currently operates in 16 countries across Asia and Europe.
The new insurer started deploying its insurance agents in 48 Eastwest Bank locations in April 2016. By June 2017, Troo has already assigned advisors in all of the bank’s 387 branches nationwide.
Aiming to be a game-changer
Over the period, Troo has sold insurance products, mostly traditional, to over 150,000 Filipinos. Now that it has formally launched itself, the new insurer aims to shakeup the industry, which is still struggling to persuade more consumers to obtain insurance protection. (Industry experts estimate that just about 2% of the country’s population is insured.)
“We aim to be a game-changer, bringing a refreshing approach to the insurance industry,” said Troo President and CEO Hans Loozekoot. “Our name reflects our desire to be honest and true to our values and that of our customers.”
Young insurance firm
To symbolize its goal to reach out to younger citizens, the brand takes a colorful logo, with striking elements that seem to be playful and fun. In terms of operations, the insurer is pioneering strategies and programs that have never been adopted by older insurance companies in the local market.
Troo is taking a holistic approach to technology in its operations. First, Troo commits to be always ‘Mobile-First’ as it connects with mobile-savvy Filipinos. Second, it is the world’s first insurance company to have its IT operations in the cloud through its partnership with SAP. This business relationship is also paving the way for an Apple-based revolutionary app that will soon be available exclusively to Troo Advisors.
And third, Troo has also teamed up with France’s tele-healthcare firm H4D (Health for Development) to introduce a number of innovative health insurance services in the country.
These and more make the budding insurance firm truly a new force that will soon make its presence felt in the insurance industry.