The Gokongwei Group is widely recognized for its flagship ventures like Cebu Pacific, the country’s leading carrier, beloved URC brands such as Jack ‘n Jill and C2, its extensive network of stores under Robinsons Retail Holdings, and Robinsons Land’s numerous malls, hotels, and other real estate developments across the nation. Yet, few are aware that the conglomerate also has a valuable stake in the insurance sector through Unicon Insurance and Reinsurance Brokers Corporation.
Registered as an insurance broker in 1980, Unicon’s original purpose was to serve the insurance needs of the Gokongwei Group's various companies. At present, under the guidance of Triza Minnel Lirio-Oreta, the company’s president and general manager, Unicon is steadily expanding beyond its original customer base with the aim of scaling the upper echelons of the Philippines’ insurance brokerage industry.
This year, with BPI’s acquisition of a 40% ownership stake in Unicon coupled with the firm’s newly attained reinsurance brokerage license, Triza is prepared to broaden Unicon’s market reach and enhance its service offerings, positioning the company for an exciting phase of unprecedented growth and innovation.
The Path to Unicon
To learn more about Triza and her vision for Unicon, I dropped by her office in Ortigas for an afternoon chat. While waiting for a member of JG Summit’s Corporate Communications team to arrive, I casually mentioned to Triza that I attended the same university as her. Before I knew it, the tables had turned: I had become the interviewee, with Triza appearing genuinely curious about the twists and turns of my career journey. “The insurance business is all about building relationships,” she would later quip during our chat, which partly explains how establishing connections with people comes so naturally to Triza.
Unicon Insurance and Reinsurance Brokers President and General Manager Triza Lirio-Oreta with JG Summit Holdings Executive Director Patrick Henry Go and Unicon Chairman Elfren "Boyie" Sarte (then also Robinsons Bank President and CEO) at RBank's 25th anniversary party in 2022. IMAGE Unicon
When the actual interview begins, we first focus on how Triza’s professional journey began. The insurance industry wasn’t her original choice, she claims, but she’s made giant strides in the field nevertheless. At De La Salle University, she enrolled in a double-degree course, majoring in Business Management and Organizational Communication. However, as soon as she completed the latter, she decided to drop the management course even though she only had one trimester to go. “I wanted to work already,” she says, recalling her eagerness to enter the corporate world.
The insurance business is all about building relationships, shares Triza, which partly explains how establishing meaningful connections with people comes so naturally to her.
After graduating, Triza quickly found work, getting hired as a marketing associate at one of the country’s top banks early into the new millennium. Initially drawn in by the prestige of working at a bank, the hectic work pace soon took a toll on her health. “I was having lunch at 3 p.m.,” she says, which led to stomach ulcers. Listening to her dad’s advice, Triza took a break from that line of work, and looked for something more suitable.
Triza’s next move, joining Prudential Guarantee Assurance (PGA) in early 2001, was a crucial step in her career journey. Over the next two decades, Triza honed her expertise in risk management, handling individual and corporate accounts, and relationship-building during her stints with major industry players including Tokio Marine Malayan Insurance, BDO Insurance Brokers, Marsh Philippines, and Aon Insurance & Reinsurance Brokers. This steady progression would eventually bring her to Unicon, which she joined as its Deputy General Manager in February 2021.
She was made Vice President and General Manager a month after, and just a year later, she took on the duties of President in addition to her GM role.
In explaining the business, Triza describes it as the role of an intermediary between the client (the insured) and the insurance companies. Unlike a typical insurance broker, who may only interact with clients at policy renewal time – usually once a year – Unicon goes beyond by building a deeper relationship from the beginning. "We try to establish a relationship from the onset, we get to know you," Triza says, highlighting that Unicon takes time to understand each client’s business, their growth areas, and their specific concerns. This approach allows the brokerage firm to identify coverage gaps and tailor insurance programs to meet the client’s unique needs.
Triza says that Unicon also advocates for the client during the quoting process, presenting crucial information gathered during the relationship-building process to insurers in a way that leads to more competitive rates.
For corporate clients, Unicon’s approach includes risk management planning and conducting post-binding sessions, where clients receive a thorough review of their policies and clear instructions on what to do in the event of a claim. This proactive stance has helped Unicon maintain a 95% renewal rate, significantly above the industry average of 80%. In her words, “Because the insurance business is not the insurance business without the claims, that’s when you will need us the most” – and Unicon will, without a doubt, be there for you.
Expanding Beyond the Gokongwei Group
Unicon’s roots within the Gokongwei Group meant that for many years, its primary role was to meet the conglomerate's internal insurance needs. Servicing the lion’s share of the Group’s requirements, Unicon was able to attain the seventh spot in the national ranking of insurance brokerage firms in terms of commissions earned by 2017, and has maintained that position ever since. However, Triza recognized early on that for the company to improve its rank, it would need to serve a wider audience.
Aiming to break into the top five insurance brokerage firms in the country, she outlined her strategies for growth: Defending the core business, leveraging partnerships like BPI, and exploring new revenue streams through reinsurance and other technical services.
As part of this vision, BPI’s 40% stake in Unicon provides a substantial advantage. This new partnership, arising from BPI’s merger with the Gokongwei Group’s Robinsons Bank, opens Unicon to the vast ecosystem of BPI clients across the Philippines. Triza is keen to maximize this opportunity: “BPI has an established clientele and strong brand trust,” she explained. "I told my counterparts at BPI, which also has an insurance company business [BPI MS Insurance], do not look at Unicon as a competitor. We will supplement what you offer to your clients."
Unicon’s methods, which include risk management planning and conducting post-binding sessions for clients, have helped it maintain a 95% customer renewal rate, significantly above the industry average of 80%. Triza says, ‘Because the insurance business is not the insurance business without the claims, that’s when you will need us the most.'
Making the most out of the two large ecosystems, Triza envisions that BPI’s insurance company can focus on specific retail areas, such as home and auto loan insurance, while Unicon will concentrate on what it excels at: corporate, commercial, institutional, banking, and wealth sectors. Under this approach, both BPI and Unicon benefit from their services being available to a broader market, tapping into both corporate and retail clients to help them protect their assets while meeting compliance needs.
Then, to enhance the company’s resilience as it continues to grow, Triza shares that Unicon is exploring new opportunities beyond its traditional direct brokering services. “We are looking into areas of growth aside from direct brokering,” Triza notes. “To stay resilient and adapt to change, Unicon will soon have a more visible e-commerce presence to cater to all types of customers and geared toward new insurance lines.”
The Role of Reinsurance and Unicon’s New License
In 2023, Unicon opened its first branch in Cebu, expanding its service reach outside Metro Manila, and in May 2024, acquired its reinsurance brokerage license, a milestone in the company’s growth. In simple terms, Triza says, “reinsurance is insurance for insurers.” It allows insurance companies to spread their risk by sharing parts of their policies with other insurers, thereby reducing their financial exposure. “Reinsurance is unique because our clients here are the insurance companies themselves,” she explains. “They come to us when they need additional capacity for high-value risks.”
Does this mean Unicon takes on added financial risk? “No, we don't,” assures Triza calmly. “We just broker deals between the insurer and the reinsurer, we are the intermediary. And when we get reinsurers, we make sure that they are ranked, highly rated in the industry.”
The reinsurance license also enhances Unicon’s position within the Gokongwei Group, as it can manage complex risks for entities like JG Summit Olefins Corporation’s petrochemical facilities or Robinsons Malls, whose high-value assets require substantial insurance coverage. With this new capability, Unicon no longer needs to refer its client’s reinsurance needs to other firms, allowing it to capture additional revenue from these transactions.
Embracing Sustainability and Resiliency for a Lasting Impact
Reflecting Unicon's commitment to sustainability, the company adopted the slogan 'Stretching Boundaries, Embracing Sustainability' for its 44th anniversary. This slogan emphasizes a growing focus on sustainable practices within the insurance brokerage industry—a trend Triza is eager to lead. For Unicon, sustainability encompasses more than just environmental efforts; it also includes the health and well-being of the company’s workforce, responsible risk management, long-term client relationships, and support for business resilience.
Sustainability encompasses more than just environmental efforts; it also includes the health and well-being of the company’s workforce, responsible risk management, long-term client relationships, and support for business resilience.
Elaborating on why paying attention to sustainability is more important than ever, Triza discusses the increasing influence of environmental factors on the insurance landscape. “Climate change is one of the major factors in the decision-making of the underwriters,” she explains. “The location, risk management, and resiliency of the assured would determine whether they will get a share of the risk or be more risk averse. This is a never-ending challenge to everyone unless a major step is taken to minimize climate change.”
In response, Unicon proactively educates clients about these environmental risks, offers comprehensive advisory services, and emphasizes the importance of resilience and forward-thinking measures. As part of making the company more resilient, Triza highlights initiatives like the new Risk Management team, which she says was established “to help assess clients’ needs and gaps in coverage, especially after a catastrophe or a claim. We provide guidance on their risk management activities, offering perspective before an uneventful occurrence happens.”
Unicon’s strategy also involves highlighting the merits of their clients to the insurance companies. “We present our client to the underwriters/insurers, emphasizing factors like location, sum insured, nature of risk, and how mature and sustainable the clients are. This gives a boost to insurers’ confidence, making them more likely to accept the risk at a reasonable and competitive rate,” explains Triza.
This risk-sharing approach bolsters the market’s resilience and longevity, adding value across the industry. Triza emphasizes the significance of this advancement, particularly given the Philippines' vulnerability to natural disasters: “Since the Philippines is located in a highly susceptible natural catastrophe area where climate change plays a big role in recent catastrophic events, most local insurers’ capacity to take in risks is limited.”
This reality has prompted Unicon to leverage its new reinsurance brokerage license, giving it the capability to engage with regional and global reinsurers, thereby expanding its playing field. “The reinsurance license proved very helpful in completing placements for the Gokongwei Group, as well as for our BPI-referred and open market clients,” Triza says, further emphasizing the strategic advantage it offers.
On the push for sustainability within the organization, Triza says Unicon is moving toward paperless operations to lessen its environmental footprint. It has also taken meaningful steps to ensure its employees have a good work-life balance, reflecting a more comprehensive approach towards sustainability.
This focus aligns closely with the Gokongwei Group’s core values, particularly stewardship. For Unicon, sustainable practices ensure continued relevance and a positive impact on future generations, addressing clients' needs today while preserving resources and strong partnerships for the coming years.
On the topic of the Gokongwei Group values, it is Stewardship that resonates most strongly with Triza. To her, stewardship embodies the sense of malasakit, or genuine care, not only for oneself but also for colleagues, the company, the environment, and of course, Unicon’s customers. She sees stewardship as encompassing everything—aligning naturally with the other core values of the conglomerate, namely Integrity and Entrepreneurial Mindset, as well as its enduring passion for customer-centricity.
As Unicon’s leader, Triza views herself as a steward for her team, dedicated to fostering their growth and ensuring they feel supported within the company. To her, stewardship means creating opportunities for training and development and prioritizing engagement activities that build a positive work culture. For Triza, stewardship is a holistic mindset that encompasses not only Unicon’s growth but also the well-being of everyone involved in its success.
With this guiding principle, Triza has cultivated a collaborative work environment at Unicon, grounded in open communication and continuous learning. One example of her approach is the informal discussions she has with her team in the morning. “I usually start my day having breakfast at the pantry,” she says. “Everyone comes in like we’re having a consultation, and I have free-wheeling conversations with the team until 9 a.m., but these aren’t official discussions. When something serious catches my attention, that’s when I’ll schedule a formal meeting.
Triza’s leadership style, rooted in trust, collaboration, and transparency, evolved from her own journey up the ranks in the insurance industry. She knows the challenges of various management styles, having worked with both strict and lenient leaders. This experience shaped her approach to emphasize trust and accountability, focusing on results rather than appearances. “I believe in leadership with trust. I don't need to see you every day, trying to look busy, but in reality, you have low productivity,” she quips. Instead, she favors an output-driven approach, influenced by her experience in multinational firms, which centers on quality, not just activity.
At work, she fosters an approachable atmosphere, where team members are free to speak their mind and voice opinions. “I like an open discussion. Sinasabi ko lagi, hindi lang ako yung tama, your ideas are as good as mine, so let's brainstorm and share ideas.” Triza views leadership as a two-way street, making the workplace both empowering and inclusive.
Digital Transformation and Future Directions
As with many businesses operating today, Unicon is in the midst of a digital transformation, although it’s still in the early stages. “Our current system is more focused on the accounting side, the booking side,” shares Triza. “We're improving that in such a way that even analytics will be part of it, so when we do our own digital app or improve our website, we can already do the digital selling of insurance. We're getting there.”
By exploring the possibility of “piggy-backing” on the Gokongwei Group’s digital infrastructure such as GoTyme Bank and the Go Rewards program, Triza says Unicon has the potential to build digital tools that facilitate online policy purchases and claims management.
Yet, even as Unicon modernizes, it remains committed to maintaining a personal touch in its services. “If you look at most of the insurance brokers, most of them are still very traditional, just a few are in digital mainly because clients still prefer to have things explained to them by an agent. That's how it is. Sometimes people refer to us as ‘interpreters’ of the policies.”
Triza’s emphasis on trust, relationships, and stewardship points to a vision where Unicon is more than just a broker; it’s a steadfast partner, ensuring peace of mind for companies, families, and institutions across the Philippines.
Knowing this, Unicon’s team takes extra steps to ensure clients understand the specifics, particularly during claims, when the firm carefully reviews policies to highlight relevant details. This approach, a blend of digital convenience and human expertise, underscores Unicon’s commitment to providing both accessible and highly dedicated service.
Looking ahead, Triza’s plan for Unicon is as ambitious as it is strategic. Her emphasis on trust, relationships, and stewardship points to a vision where Unicon is more than just a broker; it’s a steadfast partner, ensuring peace of mind for companies, families, and institutions across the Philippines. — Pierre A. Calasanz
For more information on Unicon Insurance and Reinsurance Brokers, visit uniconbrokers.com.ph
