Great Life Insurance Business Report

Topics: Human resource management, Better, Performance appraisal Pages: 10 (3008 words) Published: January 28, 2011
Brief History:


Great Life Financial Assurance Corporation was incorporated in the Philippines and registered with the Securities and Exchange Commission (SEC) on February 24, 1997 to carry on the business of life insurance. The Company is 50%-owned by Nippon Life Insurance Company, Inc., a company based in Osaka, Japan, 30%-owned by Great Pacific Life Assurance Corporation (Grepalife), an insurance company, and 20%-owned by Rizal Commercial Banking Corporation (RCBC), a bank. It received its Certificate of Authority from the Insurance Commission of the Philippines on June 13, 1997 and started its commercial operations on October 1 of the same year.

On June 19, 2007, Grepalife and Nippon Life Japan entered into a Sale and Purchase Agreement wherein the latter offered to sell its 50% share in the Company, and which the former accepted to purchase the same.

On July 18, 2007, the company filed with the SEC for the change of its name from Nippon Life Insurance Company of the Philippines, Inc., to Great Life Financial Assurance Corporation. The change in name was approved by the SEC on July 30, 2007.

On October 1, 2007, Grepalife completed the purchase of the ownership of Nippon Life, Japan in the Company. With the full acquisition by the Yuchengco Group of Companies (YGC), Nippon Life Philippines enters a new phase in its corporate history. With a new name, GREAT LIFE FINANCIAL ASSURANCE CORPORATION, to reflect the change in leadership, it is now more focused on providing for the financial needs of Filipino families everywhere. Under the Yuchengco Group of Companies (YGC), Great Life Financial is gearing up to bolster its sales force via aggressive recruitment and open more branches in Metro Manila. It currently has 13 branches and 2 general agencies strategically located across the country.



Yearly performance reviews are critical. Organization's are hard pressed to find good reasons why they can't dedicate an hour-long meeting once a year to ensure the mutual needs of the employee and organization are being met. Performance reviews help supervisors feel more honest in their relationships with their subordinates and feel better about themselves in their supervisoral roles. Subordinates are assured clear understanding of what's expected from them, their own personal strengths and areas for development and a solid sense of their relationship with their supervisor. Avoiding performance issues ultimately decreases morale, decreases credibility of management, decreases the organization's overall effectiveness and wastes more of management's time to do what isn't being done properly. Here are the majir step by step processes we conduct in order to review the performance of our employees.


1.Design a legally valid performance review process
The law requires that performance appraisals be: job-related and valid; based on a thorough analysis of the job; standardized for all employees; not biased against any race, color, sex, religion, or nationality; and performed by people who have adequate knowledge of the person or job that’s why we assure that we build fair relationship with our employees. 2. Design a standard form for performance appraisals

We include the name of the employee, date the performance form was completed, dates specifying the time interval over which the employee is being evaluated, performance dimensions (include responsibilities from the job description, any assigned goals from the strategic plan, along with needed skills, such as communications, administration, etc.), a rating system (e.g., poor, average, good, excellent), space for commentary for each dimension, a final section for overall commentary, a final section for action plans to address improvements, and lines for signatures of the supervisor and employee. 3.Schedule the first...
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