Barring any significant deterioration in investment returns until the year’s end, MSV Life plc appears to be “well poised” to beat its best set of results registered in 2009 this financial year, chief executive officer David G. Curmi told The Times Business.
The life assurance company, a venture between Middlesea Insurance plc and Bank of Valletta plc, bounced back to encouraging results last year following 2008’s financial turmoil. Throughout this year, Mr Curmi implemented the brief handed to him by the shareholders to move the company away from its dependency on shared services and to transform it into a self-sufficient, stand-alone corporation.
Now, in the last phase of the board-mandated initiative, Middlesea Valletta Life Assurance Co has rebranded to MSV Life complete with a new visual identity and brand promise “Trust us for life”. The project was developed and designed by the team at TBWA-ANG, led by Bertrand Attard who worked with MSV’s internal team over the past few months.
“The change in name and the new brand are an evolution of the company’s already established brand persona,” Mr Curmi explained. “They provide distinction and differentiation through a simple, clean visual identity, style and language, with a strong focus on the customer. Our new brand promise encompasses our vision which places customers at the heart of our business.”
Mr Curmi emphasised there was a new company philosophy being implemented in parallel with the cosmetic changes.
“We feel that our strength in the market derives not only from our strong financial credentials but also from the very responsible manner in which we manage and conduct our business,” he pointed out, adding that the core values – integrity, honesty, professionalism, consistency, transparency and understanding – were the cornerstones of the foundation on which the business was based.
He also explained why the brand promise was based on trust, which, he said, was an indispensable ingredient of insurance business.
“As the leading provider of individual life protection, long-term savings and retirement planning in Malta, the average relationship with our customers is of 15 to 20 years and therefore, one of our important strategic objectives is that of earning the lifetime trust of our customers. Trust is earned through being consistent in everything we do and through the delivery of quality products and excellent customer service. By listening and being accessible to customers, we show we care. By responding effectively to what we hear, we gain trust.”
Mr Curmi added that, at their core, the changes made represent a renewal and reinforcement of MSV Life’s values and of its commitment to its customers. The new name and branding are aimed at ensuring a strong and independent future for the company.
Under a programme completed last month, MSV Life is now a stand-alone corporation with its own finance, investment and management capabilities. With total assets of over €1billion and annual premium income in excess of €120 million, Mr Curmi said MSV had outgrown its current shared service arrangement: the continuing dependency and reliance on other Middlesea companies for financial and administrative services and back up was no longer appropriate.
MSV Life’s restructuring meant new functions previously outsourced or shared had to be created within the company. Existing resources were transferred to new positions. Mr Curmi was very pleased with the final shape of “a very strong” senior management team which now comprised chief investment officer Marzena Formosa, chief financial officer David de Marco, chief operations officer Victor Farrugia, chief life underwriter Mark Camilleri, chief life actuary Jonathan Kemp, and chief officer sales management Stuart Fairbairn.
New people to head the IT, human resources and administration units have also been brought on board.
“Despite the restructuring and the many changes that have taken place within our company during 2010, we have not lost sight of our business,” Mr Curmi insisted.
“This year we continued to focus on the need to grow our business, maintain profitability, and strive to continuously improve the service levels our customers have come to expect from us. Our consistent performance and increased demand for savings-related policies registered during 2010 put us firmly on track for another positive financial year. The prospects for continuing growth and development in the local market are encouraging, both in the life insurance and in the long-term savings and retirement sectors.”