The insurance industry is, without a doubt, a highly dynamic industry. Some of the best business minds in the country have, at some point in their careers, been part of the growth and evolution of the insurance industry.
One such man is Ambassador Jose Cuisia, whose life has been defined and characterized by his commitment to being the best and his inherent ability to adapt to change. These are the very same qualities that allowed him to make big contributions to the Philippine financial sector over the years.
A force to be reckoned with, Cuisia helped steer one of the world’s highly esteemed insurance conglomerates, AIG, into a formidable player in the local insurance industry. He is best known in the world of AIG as the chairman of Philam Insurance, prior the appointment of Ambassador Roberto Romulo as chairman of AIG Philippines Insurance Inc.
Cuisia was also one of the pioneers who established AIG Shared Services Business Processing Inc., a knowledge services business process outsourcing company in the Philippines that performs various insurance, IT, finance, accounting and contact center services known to provide high-quality and value-added solutions to AIG business operations worldwide.
It is his unique insight into the Philippine economic landscape and the pulse of the Filipino people that ensured AIG, which celebrates its 85th anniversary this year in the country, its top-of-mind position in the non-life insurance sector as well as an innovator in the BPO sector.
“I am fortunate to be part of an organization that is true to its vision of being an agent of positive change, one that continues to make a powerful impact in the communities where it is,” Cuisia said at AIG Philippines’ recently concluded anniversary at The Peninsula Manila. “Through the years, we have offered a wide, comprehensive and innovative range of products and services that help Filipinos and local companies become more resilient.”
He began his career in government service as administrator and CEO of the Social Security System in 1986. By 1990, he was appointed Central Bank Governor and chairman of the Monetary Board, where he served until 1993. In concurrent capacity, he was named Governor for the Philippines to the International Monetary Fund and Alternate Governor to the World Bank.
It was during this period that Cuisia oversaw the liberalization of foreign exchange controls, which prompted the tide of foreign direct, and portfolio investments into the country that helped boost the peso and the country’s gross international reserves.
“During my tenure in Central Bank of the Philippines, it was vital to me to show foreign insurers and key investors the capability of our country to innovate and bring financial success. That is the promise of growth opportunities that I could give to them,” Cuisia said. His stint at the Central Bank would give him that first insight into the insurance industry.
Post Central Bank, he joined Philam Life as president and chief executive. He held the post for 16 years. He later became vice chairman of Philam Life and chairman of the board for BPI-Philam Life Assurance Co., the Philam Foundation and Tower Club Inc.
“My 16 years in Philam Life molded my perspective about the importance of quality of life and security in all aspects,” he said. “I guess this is the reason why I look at my career in the insurance industry as the most exciting, and life-defining, for me. It afforded me to be in a unique position to actively participate in building communities that are not just thriving, but are actually resilient.”
Recognition also came in the form of honor and distinction to be asked to serve the public once more, this time as Ambassador of the Republic of the Philippines to the United States of America from April 2, 2011 until June 2016.
For this, he was conferred the Lifetime Contributor Award (public sector) by the Asia CEO Forum in 2015, and the Order of the Sikatuna with the rank of Grand Cross by President Benigno Aquino III in 2016. He was also selected as one of the Ten Outstanding Filipino awardees in December 2016 by the JCI Senate and ANZA Foundation.
These days, Cuisia puts his legendary business acumen to good use as a board director at AIG Philippines’ Shared Services- Business Processing Inc., where he oversees the business unit’s overall strategy and plans.
AIG operates two captive shared services centers based in Manila and is one of the top 30 BPO companies in the country. It is Cuisia’s conviction that the BPO industry continues to be a vital component in improving the local economy and in raising the employment rate in the Philippines.
“I believe Peter Drucker got it right when he said that ‘the best way to predict the future is to create it’. As a man who has seen and been through a lot, from both a personal and professional standpoint, it is my goal to help create a future where we bring out the best in our people and draw out our innate capacity to adapt to the evolving needs of the times.”