Most EPIC stories start with humble beginnings. Star Wars begins with a farm boy in the desert planet of Tatooine, wishing only to attend pilot training in the Imperial Academy. The Lord of the Rings begins with a young Hobbit, just wondering what adventures await him in the future. Even the story of Moses starts with a foundling floating in a wicker basket along the Nile. The story of Isidro G Garcia, Sid, to his friends and family, and Trinity Insurance Brokers, pretty much mirrors these beginnings.
The setting
It was in the midst of thePhilippines’ troubled times, in1987, when Sid ventured into theworld of insurance brokerage,founding a company he calledTrinity Insurance Consultants.The country was rediscoveringdemocracy after more than adecade of dictatorial rule in thehands of Ferdinand Marcos.Corazon Cojuangco Aquino, thegentle widow of assassinatedopposition leader Benigno Aquino,had a tenuous hold on power,fending off coup attempts byfactions of the military still loyal tothe old regime. The economy wasreeling, businesses were closing,unemployment led to the rise ofcommunist insurgency and thegovernment was at wits end trying to keeppeace and order. It was not an ideal time tostart a business, particularly one specialisingin insurance and dependent on certainty andstability. However, it was also a time of hope.The birth of a new democracy led to renewedinterest in rebuilding the nation. Filipinosstarted to believe that under the mantle offreedom, it was now possible to invest in thePhilippines. It is in this context that Sid, theintrepid entrepreneur, gambled on a vision tobe the best insurance broker in the country.
Sid Garcia and theBirth of Trinity
Sid always had that entrepreneurial spirit.Shortly after graduating from the Universityof the Philippines, Manila, with a degreein social sciences, Sid set up a businessdistributing BF Goodrich tyres in Nueva Ecija,a province north of Metro Manila. He did thisfor 10 years at the height of Martial Law. In1984, he decided upon a huge career change;he closed down his tyre distribution businessand worked for Gotuaco del Rosario andAssociates in Makati City, one of the leadinginsurance brokers in the country at that time.Under the guidance of managing director,and former US ambassador, Albert del Rosario,he learned the ropes of the business andthe industry, with an eye towards launchinghis own company one day.Armed with barely more than a greatbelief in himself, significant knowledgefrom his short stint at Gotuaco Del Rosarioand Associates, an unwavering faith that thefuture for the country remained promising(despite evidence to the contrary) and aunique understanding of where he couldcarve out his niche in what was a verycompetitive brokerage industry, Sid foundedTrinity Insurance Brokers. He started witha capital outlay of only P200M – a little lessthan US$10k – and two employees. Hismarket analysis, despite the troubled times,was that the key to survival was to meetthe needs of the then under-served smalland medium-sized companies. He targetedentrepreneurs who, like him, still believedthe country could rise from these troubledtimes and again enjoy economic growth. Sidcites as an example the story of Red Ribbon,a bakery that grew from just one store whenTrinity started managing its insurance to100 stores in a few short years. He also talksabout CF Sharp which began as a manning oremployment agency for seafarers but thenexpanded to recruitment for shipping andother travel-related service providers. Hismost successful relationship though, remainswith Andrew Tan at Megaworld.Megaworld was a new property developer inthe 1990s and Trinity insured its first buildingin Ortigas Center, Pasig City and later itsfirst commercial building, the World TradeCenter, in Makati City. Eventually, Trinitywas recognised as Megaworld’s preferredinsurance broker and Andrew looked to thefirm to handle most of its requirements.He then asked Trinity to provide insurance brokering services, locally and abroad, forall his other companies such as Emperador.Today, Megaworld is a corporate giant. In 2017it had US$47.8B in revenue and a net incomeof US$12.77B. Andrew Tan is ranked #887 inthe Forbes list and ninth in the PhilippinesRichest in 2017. More importantly, hecontinues to trust Sid and Trinity to meethis and his company’s insurance needsin the Philippines and abroad.From the beginning, Sid has always runthe business with his customers in mind.He prides himself in creating personalized,cost effective and bespoke insuranceproducts and because of this, was able topush forward, expanding his client base andbuilding a reputation for tireless service.In his first year, he achieved P3M premiumincome. Over the next 10 years, he reportedannual growth rates of nearly 50% and bythe end of the decade, hit the P100M markin premiums. Starting with purely non-lifeproducts, Trinity moved onto providingemployee benefits and life insurance forindividuals and groups and by 2015, thebusiness finally reached the P1B mark. On its30th anniversary last year, Trinity reported to investors, partners and customers that it hasP1.5B or close to US$30M in today’s exchangerate, in booked premiums. Sid proudly saysthat as their clients grew, Trinity grew alongwith them, evidencing the profound synergiesit has with its partners.
The Philippines
More importantly, Sid sees only a bright futurefor his company and the country. ThePhilippines, with 7,100 islands and the fifthlongest coastline in the world, has undergonean economic resurgence over the past decade.Among Asian countries, its growth ratesare consistently high and the Philippinesis now experiencing growth in construction,infrastructure, business process outsourcingand tourism. These industries are the maintargets of Trinity which has its headquartersis a seven-storey building aptly called theTrinity Insurance Centre, in the heart of thePhilippines’ business and entertainment capital.Traditionally known for its pristinebeaches and friendly people, the Philippinesis becoming a desired location for business process outsourcing. The country’s rankedseventh in the 2016 AT Kearney GlobalServices Location Index, contributing around9% of GDP and employing some 1.3M people.Some studies have shown that by 2020,the Philippines will have cornered as much as19% of this global market. In tourism, thePhilippines has seen a consistent rise in visitorsover the past few years. People are nowdiscovering the many wonders of this countryand consider its beaches to be the best in theworld. Being a group of islands, shipping is avital connection tool and shipping companiesare hard-pressed to meet people’s increasingdemands. With these sectors growing, thegovernment is now in ‘build, build, build’ mode,boosting the construction industry.With so much happening in the country, Sidreminds us of the key areas he believes arethe foundations for future company growth:the courage to innovate, the importanceof providing an outstanding service and theneed to follow your core values.
Innovation
Trinity is proud to have pioneered some of thePhilippines most innovative car insuranceprogrammes. Trinity’s worry-free insuranceproducts reduced the many steps and processescustomers had to go through to claim fromtheir insurance providers. With the submissionof just an affidavit, a claim estimate and thedriver’s licence, Trinity was able to instantlyprocess claims and provide funds to repaircovered cars.Trinity was also the first insurance brokerto provide healthcare cover for seafarersand their dependents. Filipinos are reputedto be some of the most sought-after andin-demand sailors in the world. Accordingto the Philippine Department of Labour andEmployment, 25% of the 1.5M mariners inthe world are Filipinos. Until Trinity camealong however, healthcare cover for this hugemarket was sorely lacking. In the early 1990s,Charlie Salinas from Philippine Transmarineasked Trinity to create a package to providehealthcare cover for seafarers. Given theywere always abroad, seafarers at the timewere considered to be an undesirable marketand high risk. Despite concerns, Trinitypackaged an insurance product for them andsoon many of the country’s major manningagencies looked to Trinity to cover their seamen.Today, Trinity provides cover for around37,000 Filipino seafarers and their families.
Service
Asked what sets Trinity apart from theircompetitors, Sid, without batting an eye,says it’s their customer service. Sid realisesthat as clients grow, they sometimes failto appreciate their relationship with theirinsurance brokers. They start commoditizinginsurance and choose products basedsolely on price, ignoring the value of theirbrokers’ services. Sid considers this to be thegreatest threat to the company, and firmlybelieves in the importance of finding theright combination of product, prices andpeople, with emphasis on the latter. Sidsays clients choose Trinity as their primarybroker because they see the company as notonly a seller of insurance products, but as anadvisor to help solve their growing problems.According to Sid: "Our value is advisory. Weidentify the problems of our clients, thensuggest and implement solutions. Brokersoffer the same product; it is our service thatdifferentiates us.”Realizing its capacity to serve not justthe people of Metro Manila, Trinity wentonto establish a sister company in Cebu, theshipping centre of the Philippines. Cebuis the second biggest market in the countryand Trinity’s presence there gave the firmnationwide access to a whole new marketand a gateway to the nearby Visayas islandsand the southern provinces in Mindanao.Being a national player however, is onlythe tip of the iceberg. Recognizing the world’sgetting smaller, in 2005 Sid helped found,with other brokers, the Pan Asia Allianceof independent insurance brokers. In May2008, Sid was privileged to host the Pan AsianAlliance conference in Boracay Island; anevent that provided the springboard for talksbetween the Pan Asian Alliance, Brokerslink(Europe) and Alinter (South America),to merge the three networks. This becamea reality later that year when Brokerslinkas a global network was born.Aligning with Brokerslink allowed Trinityto service clients all over the world. Trinitywas also able to harness insurance andrisk management resources and make themavailable to clients in the Philippines andabroad. Being part of Brokerslink allowsTrinity to be a global player. It will not shyaway from the challenge of a moving intoa bigger more vibrant market, particularlyas its service proposition has no boundaries.
Core Values
During Trinity’s 30th anniversarycelebrations, – a glittering affair at theMarriot Hotel grand ballroom in ResortsWorld Manila – Sid’s brother, ProfessorEdmundo G Garcia, spoke on behalf of hisfamily. When describing his sibling, he said:"Sid has followed the lessons learned fromour parents: he is honest and works hard, he’sloyal, he has a loving hearthe shares with those whose lives he’s touched,he gives generous service to others andputs service above himself, throughout hislifetime.” He added: "Trinity also exhibitsthese qualities when dealing with partnersand clients. You can trust the people ofTrinity, they will never let you down.”Every Trinitarian (as Trinity employeesare called) knows what lies at the core of thecompany. Its values follow the mnemonicdevise – EPIC – Excellence, Passion, Integrityand Courage. All employees believe excellencebegins with them and this is shared withcustomers, clients and partners. Passiondescribes their full commitment to put theirheart and soul into their work. They followa strict ethical code and are guided by theirmoral principles (as without integrity theirwork means nothing). Lastly, they challengethemselves to have the courage to innovate,to move beyond mediocrity, and take a leapinto the unknown.Led by these core beliefs Trinity has rocketedto the upper echelons of the insurancebrokerage industry. Today, Trinity is amongthe top 20 industry players and in December2016, was ranked one of the top fiveindependent brokers in the country.These beliefs define Trinity. They’re thevision of a man driven by the call to serve,shared by 120 hard working, innovative menand women.
The Future
Despite its many successes, Sid and Trinityare not complacent. Technological advances,the growing inter-connectivity of countriesand people, regional developments likeASEAN Integration, the continuing growthof the Philippine economy and the improvingsophistication and education of its markets,means Trinity cannot stagnate and mustconstantly strive to improve.When asked where he sees the companygoing in the near future, Sid says: "Withinthe next five years we want to be a top 10industry player and the leading independentbroker. We are strengthening our global reach– creating customized and cost-effectiveproducts for clients – and as they grow, evenoutside the country, we will strengthen ourability to serve them.” In order to developleaders who can lead Trinity in the future.Sid has set up the Trinity Academy, providingemployee training programmes.In addition, Trinity is undergoing a digitalchange. Sid continues: "We’re transformingthe company, using technology to improveour service capabilities, whether for renewals,risk management or claims handling, anddeveloping mobile applications and ourwebsite to perform basic transactions.Technology is the way to go, there is no option– our clients should be able to reach us at thetouch of a button and we should reach ourclients faster.”In response, Trinity launched its newwebsite in 2018 with the aim to make it aninteractive space where clients can addresstheir insurance needs from the comfort oftheir homes. Trinity is moving into the virtualmarketplace.Recognising the need to prepare for thenext generation, Sid has brought his twoboys into the company, Iñigo and Immanuel,who are responsible for different areas of thebusiness. He has also appointed independentboard directors and managementprofessionals into key positions. This growingcomplement of young energetic employees,means while Trinity is anchored to its triedand-tested principles, it has sails billowingtowards future progress.While EPIC stories may start humbly, theygrow in breadth and stature to become largerthan life. Trinity is poised to take the nextstep in its journey and become even biggerand better. With the help and support ofits stakeholders, partners, customers andIñigo Garcia, Kevin Tan, Maui Garcia people, Trinity is on the road to success. •
Continue reading part 2 of the article: The Philippines insurance market
It was in the midst of thePhilippines’ troubled times, in1987, when Sid ventured into theworld of insurance brokerage,founding a company he calledTrinity Insurance Consultants.The country was rediscoveringdemocracy after more than adecade of dictatorial rule in thehands of Ferdinand Marcos.Corazon Cojuangco Aquino, thegentle widow of assassinatedopposition leader Benigno Aquino,had a tenuous hold on power,fending off coup attempts byfactions of the military still loyal tothe old regime. The economy wasreeling, businesses were closing,unemployment led to the rise ofcommunist insurgency and thegovernment was at wits end trying to keeppeace and order. It was not an ideal time tostart a business, particularly one specialisingin insurance and dependent on certainty andstability. However, it was also a time of hope.The birth of a new democracy led to renewedinterest in rebuilding the nation. Filipinosstarted to believe that under the mantle offreedom, it was now possible to invest in thePhilippines. It is in this context that Sid, theintrepid entrepreneur, gambled on a vision tobe the best insurance broker in the country.
Sid Garcia and theBirth of Trinity
Sid always had that entrepreneurial spirit.Shortly after graduating from the Universityof the Philippines, Manila, with a degreein social sciences, Sid set up a businessdistributing BF Goodrich tyres in Nueva Ecija,a province north of Metro Manila. He did thisfor 10 years at the height of Martial Law. In1984, he decided upon a huge career change;he closed down his tyre distribution businessand worked for Gotuaco del Rosario andAssociates in Makati City, one of the leadinginsurance brokers in the country at that time.Under the guidance of managing director,and former US ambassador, Albert del Rosario,he learned the ropes of the business andthe industry, with an eye towards launchinghis own company one day.Armed with barely more than a greatbelief in himself, significant knowledgefrom his short stint at Gotuaco Del Rosarioand Associates, an unwavering faith that thefuture for the country remained promising(despite evidence to the contrary) and aunique understanding of where he couldcarve out his niche in what was a verycompetitive brokerage industry, Sid foundedTrinity Insurance Brokers. He started witha capital outlay of only P200M – a little lessthan US$10k – and two employees. Hismarket analysis, despite the troubled times,was that the key to survival was to meetthe needs of the then under-served smalland medium-sized companies. He targetedentrepreneurs who, like him, still believedthe country could rise from these troubledtimes and again enjoy economic growth. Sidcites as an example the story of Red Ribbon,a bakery that grew from just one store whenTrinity started managing its insurance to100 stores in a few short years. He also talksabout CF Sharp which began as a manning oremployment agency for seafarers but thenexpanded to recruitment for shipping andother travel-related service providers. Hismost successful relationship though, remainswith Andrew Tan at Megaworld.Megaworld was a new property developer inthe 1990s and Trinity insured its first buildingin Ortigas Center, Pasig City and later itsfirst commercial building, the World TradeCenter, in Makati City. Eventually, Trinitywas recognised as Megaworld’s preferredinsurance broker and Andrew looked to thefirm to handle most of its requirements.He then asked Trinity to provide insurance brokering services, locally and abroad, forall his other companies such as Emperador.Today, Megaworld is a corporate giant. In 2017it had US$47.8B in revenue and a net incomeof US$12.77B. Andrew Tan is ranked #887 inthe Forbes list and ninth in the PhilippinesRichest in 2017. More importantly, hecontinues to trust Sid and Trinity to meethis and his company’s insurance needsin the Philippines and abroad.From the beginning, Sid has always runthe business with his customers in mind.He prides himself in creating personalized,cost effective and bespoke insuranceproducts and because of this, was able topush forward, expanding his client base andbuilding a reputation for tireless service.In his first year, he achieved P3M premiumincome. Over the next 10 years, he reportedannual growth rates of nearly 50% and bythe end of the decade, hit the P100M markin premiums. Starting with purely non-lifeproducts, Trinity moved onto providingemployee benefits and life insurance forindividuals and groups and by 2015, thebusiness finally reached the P1B mark. On its30th anniversary last year, Trinity reported to investors, partners and customers that it hasP1.5B or close to US$30M in today’s exchangerate, in booked premiums. Sid proudly saysthat as their clients grew, Trinity grew alongwith them, evidencing the profound synergiesit has with its partners.
The Philippines
More importantly, Sid sees only a bright futurefor his company and the country. ThePhilippines, with 7,100 islands and the fifthlongest coastline in the world, has undergonean economic resurgence over the past decade.Among Asian countries, its growth ratesare consistently high and the Philippinesis now experiencing growth in construction,infrastructure, business process outsourcingand tourism. These industries are the maintargets of Trinity which has its headquartersis a seven-storey building aptly called theTrinity Insurance Centre, in the heart of thePhilippines’ business and entertainment capital.Traditionally known for its pristinebeaches and friendly people, the Philippinesis becoming a desired location for business process outsourcing. The country’s rankedseventh in the 2016 AT Kearney GlobalServices Location Index, contributing around9% of GDP and employing some 1.3M people.Some studies have shown that by 2020,the Philippines will have cornered as much as19% of this global market. In tourism, thePhilippines has seen a consistent rise in visitorsover the past few years. People are nowdiscovering the many wonders of this countryand consider its beaches to be the best in theworld. Being a group of islands, shipping is avital connection tool and shipping companiesare hard-pressed to meet people’s increasingdemands. With these sectors growing, thegovernment is now in ‘build, build, build’ mode,boosting the construction industry.With so much happening in the country, Sidreminds us of the key areas he believes arethe foundations for future company growth:the courage to innovate, the importanceof providing an outstanding service and theneed to follow your core values.
Innovation
Trinity is proud to have pioneered some of thePhilippines most innovative car insuranceprogrammes. Trinity’s worry-free insuranceproducts reduced the many steps and processescustomers had to go through to claim fromtheir insurance providers. With the submissionof just an affidavit, a claim estimate and thedriver’s licence, Trinity was able to instantlyprocess claims and provide funds to repaircovered cars.Trinity was also the first insurance brokerto provide healthcare cover for seafarersand their dependents. Filipinos are reputedto be some of the most sought-after andin-demand sailors in the world. Accordingto the Philippine Department of Labour andEmployment, 25% of the 1.5M mariners inthe world are Filipinos. Until Trinity camealong however, healthcare cover for this hugemarket was sorely lacking. In the early 1990s,Charlie Salinas from Philippine Transmarineasked Trinity to create a package to providehealthcare cover for seafarers. Given theywere always abroad, seafarers at the timewere considered to be an undesirable marketand high risk. Despite concerns, Trinitypackaged an insurance product for them andsoon many of the country’s major manningagencies looked to Trinity to cover their seamen.Today, Trinity provides cover for around37,000 Filipino seafarers and their families.
Service
Asked what sets Trinity apart from theircompetitors, Sid, without batting an eye,says it’s their customer service. Sid realisesthat as clients grow, they sometimes failto appreciate their relationship with theirinsurance brokers. They start commoditizinginsurance and choose products basedsolely on price, ignoring the value of theirbrokers’ services. Sid considers this to be thegreatest threat to the company, and firmlybelieves in the importance of finding theright combination of product, prices andpeople, with emphasis on the latter. Sidsays clients choose Trinity as their primarybroker because they see the company as notonly a seller of insurance products, but as anadvisor to help solve their growing problems.According to Sid: "Our value is advisory. Weidentify the problems of our clients, thensuggest and implement solutions. Brokersoffer the same product; it is our service thatdifferentiates us.”Realizing its capacity to serve not justthe people of Metro Manila, Trinity wentonto establish a sister company in Cebu, theshipping centre of the Philippines. Cebuis the second biggest market in the countryand Trinity’s presence there gave the firmnationwide access to a whole new marketand a gateway to the nearby Visayas islandsand the southern provinces in Mindanao.Being a national player however, is onlythe tip of the iceberg. Recognizing the world’sgetting smaller, in 2005 Sid helped found,with other brokers, the Pan Asia Allianceof independent insurance brokers. In May2008, Sid was privileged to host the Pan AsianAlliance conference in Boracay Island; anevent that provided the springboard for talksbetween the Pan Asian Alliance, Brokerslink(Europe) and Alinter (South America),to merge the three networks. This becamea reality later that year when Brokerslinkas a global network was born.Aligning with Brokerslink allowed Trinityto service clients all over the world. Trinitywas also able to harness insurance andrisk management resources and make themavailable to clients in the Philippines andabroad. Being part of Brokerslink allowsTrinity to be a global player. It will not shyaway from the challenge of a moving intoa bigger more vibrant market, particularlyas its service proposition has no boundaries.
Core Values
During Trinity’s 30th anniversarycelebrations, – a glittering affair at theMarriot Hotel grand ballroom in ResortsWorld Manila – Sid’s brother, ProfessorEdmundo G Garcia, spoke on behalf of hisfamily. When describing his sibling, he said:"Sid has followed the lessons learned fromour parents: he is honest and works hard, he’sloyal, he has a loving hearthe shares with those whose lives he’s touched,he gives generous service to others andputs service above himself, throughout hislifetime.” He added: "Trinity also exhibitsthese qualities when dealing with partnersand clients. You can trust the people ofTrinity, they will never let you down.”Every Trinitarian (as Trinity employeesare called) knows what lies at the core of thecompany. Its values follow the mnemonicdevise – EPIC – Excellence, Passion, Integrityand Courage. All employees believe excellencebegins with them and this is shared withcustomers, clients and partners. Passiondescribes their full commitment to put theirheart and soul into their work. They followa strict ethical code and are guided by theirmoral principles (as without integrity theirwork means nothing). Lastly, they challengethemselves to have the courage to innovate,to move beyond mediocrity, and take a leapinto the unknown.Led by these core beliefs Trinity has rocketedto the upper echelons of the insurancebrokerage industry. Today, Trinity is amongthe top 20 industry players and in December2016, was ranked one of the top fiveindependent brokers in the country.These beliefs define Trinity. They’re thevision of a man driven by the call to serve,shared by 120 hard working, innovative menand women.
The Future
Despite its many successes, Sid and Trinityare not complacent. Technological advances,the growing inter-connectivity of countriesand people, regional developments likeASEAN Integration, the continuing growthof the Philippine economy and the improvingsophistication and education of its markets,means Trinity cannot stagnate and mustconstantly strive to improve.When asked where he sees the companygoing in the near future, Sid says: "Withinthe next five years we want to be a top 10industry player and the leading independentbroker. We are strengthening our global reach– creating customized and cost-effectiveproducts for clients – and as they grow, evenoutside the country, we will strengthen ourability to serve them.” In order to developleaders who can lead Trinity in the future.Sid has set up the Trinity Academy, providingemployee training programmes.In addition, Trinity is undergoing a digitalchange. Sid continues: "We’re transformingthe company, using technology to improveour service capabilities, whether for renewals,risk management or claims handling, anddeveloping mobile applications and ourwebsite to perform basic transactions.Technology is the way to go, there is no option– our clients should be able to reach us at thetouch of a button and we should reach ourclients faster.”In response, Trinity launched its newwebsite in 2018 with the aim to make it aninteractive space where clients can addresstheir insurance needs from the comfort oftheir homes. Trinity is moving into the virtualmarketplace.Recognising the need to prepare for thenext generation, Sid has brought his twoboys into the company, Iñigo and Immanuel,who are responsible for different areas of thebusiness. He has also appointed independentboard directors and managementprofessionals into key positions. This growingcomplement of young energetic employees,means while Trinity is anchored to its triedand-tested principles, it has sails billowingtowards future progress.While EPIC stories may start humbly, theygrow in breadth and stature to become largerthan life. Trinity is poised to take the nextstep in its journey and become even biggerand better. With the help and support ofits stakeholders, partners, customers andIñigo Garcia, Kevin Tan, Maui Garcia people, Trinity is on the road to success. •
Continue reading part 2 of the article: The Philippines insurance market
