Laferla Insurance Group Profile

Laferla Insurance Group Profile

Ideally situated at the heart of the Mediterranean Sea, Malta can boast of a long-standing reputation as a vital commercial link to its much larger neighbouring countries. With its strong financial resources and professionally trained personnel, LAFERLA Insurance Group is well geared to provide ample cover for any form of business, wherever it may be. 2

THE FORMATION AND ACHIEVEMENTS OF LAFERLA INSURANCE GROUP

The man who set up the LAFERLA Insurance Group giving it his name and dedicating so much effort to its continued growth is Mark Laferla. A quiet spoken gentleman who believes in honouring promises made, Mark has seen the company grow from very modest beginnings into a leading force in the local market. Born in July 1952, Mark received a private school education and the values and principles he learnt in those early formative years, still serve as beacons in his private and business affairs. His interest in the insurance business started quite early in life whilst still at school, since his father was a shareholder in what was at that time one of Malta s larger local insurance agencies. Although determined to involve himself in the family s insurance business later on in life, Mark decided to first gain experience in what was in the late sixties the boom industry tourism. Employed for two years with the United Group of Companies, already at that time one of Malta s larger tourist services organisations, Mark obtained valid experience in the travel and car hire business. These sectors of business, remain to this day, strong areas for LAFERLA Insurance Agency Limited. 4

In 1984, a new company was established to handle all forms of insurance in Malta, a company everyone locally has come to know so well for its excellent services supported by one of the most modern computer networks which has given to the people of Malta a totally different concept to insurance efficiency. The company was LAFERLA Insurance Services Limited which was issued with the licence to act as an Insurance Agent and Broker, and started operating as an insurance agent to certain Lloyd s Underwriting Syndicates. In 1987 it was appointed sole agent for Private Patients Plan, also known as PPP healthcare Ltd. It later expanded its activities through the insurance broking sector. The operations of the Company grew enormously in the first five years, enough to necessitate an internal split into two distinct divisions, namely, the Agency Division and the Broking Division. Both Company Divisions outgrew growth expectations and management decided to split these divisions into two separate companies. In fact, on the 1st January 1993, the Agency Division (incorporating MOTOR, GENERAL and PRIVATE HEALTHCARE insurance binders) started operating under a different company name, i.e., LAFERLA Insurance Agency Limited, whilst LAFERLA Insurance Services Limited took over the Broking Division and changed its name to LAFERLA Insurance Brokers Limited. A holding company by the name of LAFERLA Holdings Limited was also formed to control the investment in these two companies. LAFERLA Insurance Agency Limited always had very good working relations with insurance brokers and the fact that the LAFERLA Group also had its separate insurance broking company competing with such brokers, who were also business producers to the agency company, created a hostile environment with certain brokers. A decision was eventually taken to amalgamate LAFERLA Insurance Agency Limited and LAFERLA Insurance Brokers Limited and to cease trading as insurance brokers. In fact, on the 1st January 1999, this amalgamation took place and the company continued to trade purely as an insurance agency under the name of LAFERLA Insurance Agency Limited. 5

An agreement was reached with the leading insurance broker on the island at the time, namely; Aon Malta Limited, to service the clients of LAFERLA Insurance Brokers Limited who required the services of a professional insurance broker. In return Aon Malta Limited agreed to reciprocate business to LAFERLA Insurance Agency Limited. The amalgamation of the agency and broking companies also served to restructure the LAFERLA Group and has increased the Group s cost-efficiency and profitability within the prevailing soft-market conditions. In 1999, the international insurance market was inundated with mergers and acquisitions on a worldwide scale. As a result of these international mergers, PPP healthcare Limited, whom LAFERLA Insurance Agency Limited used to represent in Malta up to the end of April 2000, was one of the UK companies that was affected by such international mergers. It was acquired by Guardian Royal Exchange plc, which in turn was bought over by AXA Assurance IARD. As the AXA Group were already represented in Malta, LAFERLA Insurance Agency Limited were given the option to merge with AXA s existing local agent or concede the PPP healthcare agency. Being one of the major players in the local private medical insurance sector with over thirteen years experience in this field at the time, LAFERLA Insurance Agency Limited decided to continue trading as a separate company and create its own branded health insurance products to continue servicing its clients. The LAFERLA healthplans were subsequently created as an exclusive product of LAFERLA Insurance Agency Limited. LAFERLA Insurance Agency Limited acts as an agent for Middlesea Insurance plc, a company authorised under the Insurance Business Act, 1998, and which forms part of the leading international insurance group, MAPFRE. LAFERLA Holdings Limited is a Tied Insurance Intermediary for MSV Life. 6

Today, LAFERLA Insurance Agency Limited is situated in Vincenti Buildings, which is one of Malta s most prestigious office blocks in the capital city, Valletta. In addition to this, the Company has a network of tied insurance intermediaries with offices spread all over Malta and Gozo and directly linked-up on computer to the head office block. The Company s staff is adequately trained and all senior personnel possess insurance qualifications recognized by the Chartered Insurance Institute (CII) in London, UK. 7

THE GROUP S PHILOSOPHY

The directors and management of LAFERLA Insurance Agency Limited believe in honouring all promises made and in the need to continually update themselves and their staff on all new products which from time to time are launched in the international insurance markets. They do this in order to maintain the Company s professional status and reputation which it enjoys in the insurance industry. For this reason, the name LAFERLA Insurance is today well known in Malta as well as overseas. The style of management adopted is one of tight control and insistent on quality. Regular meetings between management and staff are held in order to discuss Company matters. All Company presentations and reports reflect the high standards of the Organisation which is backed by the latest computer technology. This makes it possible for management to have computerised up-to-date statistical reports on which the Company s strategy is planned. LAFERLA Insurance Agency Limited insists on quality and precision. It is a company which is always up-to-date on all insurance matters and ensures that its technical staff are continually updated too. There is no place for backlogs in the Company. The directors closely monitor all Company activities with the Consulting Board of Advisers with whom regular meetings are held. The standards the Company has set for itself are recognised in the Lloyd s quarters as well as in the local and international insurance markets. It has been this insistence on quality which has made the Company a market leader in a relatively short time. 9

THE GROUP S MISSION STATEMENT To provide individual and commercial clients, in Malta and within the Mediterranean Basin, with high calibre international professional insurance services and expertise providing clients with suitable cost-effective insurance policies to cover their various requirements. The highest standards of service to customers are to be reflected in all Group Company affairs; in the calibre of the staff engaged, in the maintenance of the offices and in the maintenance of a competitive edge through continued investment in modern technology. Through such high standards, the Group Companies seek to contribute in a significant manner towards the upgrading of the local insurance industry.

THE COMPANY S CORPORATE RESPONSIBILITY STRUCTURE

DIRECTORS represented by the CHAIRMAN & MANAGING DIRECTOR GENERAL MANAGER ADMINISTRATION & MAINTENANCE DEPT. FINANCE DEPT. ASST. GENERAL MANAGER in charge of Motor, General Business & Marine Technical Operations (Underwriting & Claims) ASST. GENERAL MANAGER in charge of Private Medical Insurance Technical Operations (Underwriting & Claims), Information Technology & Marketing 12

THE COMPANY S TECHNOLOGICAL LEAD

In any industry there are companies which establish themselves as leaders and others which have no option but to follow. Clearly, in the local insurance industry, LAFERLA Insurance Agency Limited has proved itself to be the undisputed leader. By setting new standards for personal service and commitment to client satisfaction, the Company has set a pace few of its competitors can keep up with. The level of the Company s technological lead reflects the manner in which the Company s competitive edge has been improved to the customer s advantage. Right from the Company s early days, management realised that one of the keys to growth was the investment in an advanced state-of-the- art computer based system which would allow it to provide its clients with a more efficient and effective service. Since those early days the Company has invested millions of euro to ensure that the right computer systems are developed to allow it to continually improve upon the service being given to customers. The current system features a wide variety of customised software packages to meet the varied departmental needs of the Company. These programmes were specifically written for LAFERLA Insurance Agency Limited by one of the leading software houses on the island. Each of the main software packages available comprises a multitude of very sophisticated programmes, which provide detailed statistical print-outs and management information reports. These reports prove to be a very important asset with regard to management control and planning. The Company also employs a full-time IT Systems Administrator as well as a Systems Development Engineer who guarantee the smooth running of the Company s present IT systems as well as the developments thereof which are requested from time to time. All systems are compliant with the security requirements set by the Malta Financial Services Authority (MFSA). 14

THE GROUP S PROFESSIONAL STANDARDS AND QUALITY OF SERVICE

Today, the LAFERLA Insurance Group has established itself in plush offices in Vincenti Buildings, which is one of the most prominent blocks in Malta s capital city, Valletta. This assists staff in achieving career satisfaction in a service-oriented environment supported by the latest state-of-the-art technology. Specialised technical staff have attended courses at the Mediterranean Insurance Training Centre (now renamed Malta International Training Centre) obtaining professional diplomas and recognition from the Chartered Insurance Institute (London). Company officials are regularly sent abroad to attend overseas refresher courses offered by various leading international institutions. All technical staff have the expertise to professionally handle the major accounts which the Company has on its books. This can be verified by all clients who vary in quality and size of risk. In fact, the Organisation has experience in dealing with various risks, from individual household risks to overseas projects in the oil and related services industry located in Saudi Arabia and Libya, from individual profit-linked Life Assurance Policies to the largest Bulk Group Private Healthcare Insurance Scheme on the island. In order to provide a professional insurance service in such vast and varied risk areas, the Company has back-up overseas connections, which provide all the necessary technical assistance required in offering specialised insurance covers. LAFERLA Insurance Agency Limited is today one of the leading private insurance organisations in Malta covering risks within the Mediterranean basin and beyond. It is backed by sound financial investments, professional staff and strong local and overseas connections. The office standards of the Group only reflect the quality of professional service for which the LAFERLA Organisation has built a reputation. This professional set-up, which is today recognised by leading international insurance underwriters and brokers alike, guarantees that the LAFERLA Insurance Group is in a unique position to provide any Client, however huge his business may be, with the highest order of professional insurance service. 16

Laferla Insurance Agency Ltd. 204A Old Bakery Street Valletta VLT 1453 Malta T: (+356) 2122 4405 F: (+356) 2124 6704 info@laferla.com.mt laferla.com.mt