by Lorie Ann A. Cascaro
Unfortunately, there are people who find it difficult to believe in life insurance until it is too late.. This is most especially true when others think of it as a service for the dead. However, for Paul and Nina Borromeo, owners of the Borromeo Insurance Agency for PRULIFE UK, “It is about either dying too soon or living too long… we all will need money.”
He said people have four basic needs—protection, education, retirement, and long-term savings, all of which can be provided by the life insurance industry once someone opens up to listening and having faith.
Borromeo is also president of the Valderrama group of companies established by his grandparents Tranquilino H. Valderrama and Consuelo Muyco, and the managing director of Lispher, Inc. established by his parents, Rosauro M. Borromeo, Jr. and Herminia Valderrama, who passed away in 2004.
At some point in their life together, Paul and his wife, Nina Laurel, both 32 at the time; with two growing children, Rafael and Diego, now 15 and 13 respectively, found themselves at the crossroads. They asked themselves, “What else can we do so our family will continuously be secure?”
After having tried and failed in small businesses such as hair accessories, internet café, milkfish distribution, the couple decided to venture into business, that would have a certain criteria in choosing the kind of business they would establish: 1) it must be a long term business that would help other people; 2) to have an office of their own; 3) to pay their associates well; 4) to be properly recognized for their efforts, and 5) to be able to travel for free.
“At all the businesses we looked at, we found that only the life insurance industry offered the answer to the criteria,” Borromeo said, noting that they wanted to make a difference in the life insurance industry in their own small way. “Where can you find an industry which asks a client to pay P1,000 per month and promises him or her a million pesos in return at the time that they would need it the most?” he added.
In October of 2000, for lack of sufficient capital to start their business, the Borromeos mortgaged their house at the Juna Subdivision, Matina, Davao City, for one-fifth of its original value of P1 million. They joined the life insurance industry with All State Life Insurance, and established their General Agency at the Josefina Building along McArthur Highway.
In 2001, All State Life Insurance was bought by Pru Life UK. The Borromeo Insurance Agency expanded from a 100-square meter office to 235 square meters in five years time; in 2006, they established the Borromeo Insurance Building— with an area of 1,000 square meters—at 11 Juna Avenue, Juna Subdivision, Matina, Davao City as a testament to their dedication and commitment to their clients and industry.
“Only four of us started the company. It was with my wife and two friends,” Borromeo recalled. But, today, Borromeo Insurance Agency has a total of 121 agents, including those who belong to its Agency branches in Davao (Borromeo Direct, Fondevilla Branch and the Clarino Branch in Antipolo, Rizal)
“We focused on the real essence of insurance: the needs and wants of our clients,” Borromeo said, admitting how clueless they, he and Nina, were in the beginning. But being new to the industry was also an advantage. “Our mentors could teach us anything. With our home mortgaged, our backs were against the wall and we had to make the business succeed; so we talked to anyone willing to listen, recruited, trained and motivated agents to be our replica in a culture of honesty, loyalty and integrity.”
Since 2000, The Borromeo Insurance Agency has had 5,412 clients with P260 million total premiums sold; and, since 2001, P20,616,157 total claims for 274 individuals and families. It maintains its top one position among the general agencies of PRULIFE UK nationwide.
“I don’t believe we are life insurance salesmen. As coined by our unit manager, Mr. Patrick Lime, we call ourselves financial service providers,” Borromeo said, because of his company’s commitment, and the insurance and savings that it offers to its clients. He added that they educate people on the benefits of life insurance in the four needs of protection, education, retirement and long term savings.
He said their products are designed for clients who “die too young,” or “grow too old,” as they offer savings and life insurance in one premium package.
How did the couple meet their objectives? Borromeo said for the first criterion: paying their associates well, each agent earns an average of P25,000 a month. However, others would consistently make P300,000 a month depending on their efforts.
“I feel that insurance is the least known and recognized career,” he said.
Yes, they already have an office, spacious enough to suit their operations. Borromeo and his wife, together with his colleagues, believe that it is a long term business having survived and been developing in ten years.
With modesty, Borromeo cited places he had traveled with Nina, as fruits and rewards from Prulife UK, such as Macau, Beijing, and Shanghai in China; Bangkok, Malaysia; Capetown, South Africa; Lucerne, Switzerland; Greece; Toronto, Canada; London; and, Cancun, Mexico.
“Achieving our objectives is just a bonus because our main reward is to be able to secure people who love themselves and others. In my mind, there is no reason why people should shy away from insurance. ” Borromeo said, “Our driving force is basically about the best interest of our clients. It’s not about the money,” he added.
He recalled what his mother told him, “Never run after money because it will run away from you even faster. Enjoy what you do and the money will follow in the spirit of service.”
Looking back, Borromeo said they were able to finally pay for the mortgage of their home in 2008 as they continuously reinvested in the agency, the team and the industry.
Encouraging people to invest in life insurance, Borromeo observed that success is very far from other people because they are afraid to pay or work for their own success. This successful entrepreneur who has no plan of retiring yet, bared that what he and his wife wanted was for their children to be better persons than they are now.
He shared that there was a time when his eldest son, who was still 11 years old then, asked him what insurance was. Borromeo replied, “It’s for you and your brother to be comfortable when I’m gone.” Astonishingly, his son said, “Ah, ok, I understand dad… But, I don’t want to be a rich kid without a dad.”
Borromeo believes that investing in insurance is a parent’s responsibility to provide the lifestyle one’s family has had and for it to remain when he or she leaves this world.
Graduated from college with a bachelor’s degree in business administration majoring in marketing from the Ateneo de Davao University in 1989, this down-to-earth entrepreneur spends time in photography which he began indulging himself into at 13 years old.
He said if other businessmen have golf for leisure, he has photography. But, that’s another story. He owns the Leadfoto studio specializing in portraiture, glamour and travel photography.
Borromeo’s guiding principle is a quote from James Allen, “The visions you glorify in your mind, the ideals you enthrone in your heart. This you will build your life by… This you will become.” [Lorie Ann A. Cascaro]
