The insurer recently invested P30 million in a new core insurance platform designed to enhance underwriting, streamline claims processing, and improve customer service.
VSIC has also strengthened its leadership team by bringing in seasoned insurance professionals while continuing to invest in employee training and development.
At the same time, the company is advancing its digital transformation initiatives to simplify policy issuance, accelerate transactions, and deliver a more seamless customer experience.
“Our focus over the next five years is straightforward,” VSIC president and CEO Kenneth Go said.
“We are investing in technology and people so we can respond faster, serve customers better, and make insurance easier and more accessible. We want to enter our 100th year as a stronger and more agile company,” Go said.
Milestone
The Cebu-based insurer celebrated its 95th anniversary on July 14, marking nearly a century of uninterrupted operations.
Business leaders, insurance partners, employees, and clients gathered at the Cebu Coliseum to celebrate the milestone and launch the company's five-year journey toward its centennial in 2031.
In his opening remarks, Go said the celebration was intended to honor the legacy, vision, and grit of the company's founders — Don Manuel Gotianuy, Gov. Jose Leyson, and Lim Bon Fing — who founded VSIC in 1931.
"Our nearly century-long journey has been anchored by their core Confucian values: a heart that genuinely cares for people, unwavering integrity in every transaction, fairness in every promise kept, and a deep respect for the relationships that we build," he said.
“As we look ahead to our centennial, we do so with renewed hope and purpose. We are actively embracing innovation while remaining fiercely true to our roots,” he added.
He also paid tribute to VSIC board chair Atty. Augusto W. Go, whose steadfast commitment and recent capital infusions enabled the company not only to meet the Insurance Commission's P1.3-billion minimum net worth requirement but also to help secure its long-term future.
"His leadership provides the bedrock of hope that allows Visayan Surety to carry our founders' vision into tomorrow," Kenneth Go said.
Family-owned
VSIC remains one of the country's few family-owned insurers to have grown without mergers or acquisitions. Kenneth Go represents the third generation of the family to lead the company and is spearheading its modernization program.
"We have remained independent for 95 years because we have always taken the long view," Augusto W. Go said in a statement.
"Our priority has never been growth for its own sake, but building a company that policyholders can continue to trust," he said.
"As we move toward our centennial, we will continue strengthening that foundation through sound management, financial stability, and service," he added.
Expanded portfolio
From initially offering only fire insurance and surety bonds, VSIC has expanded its portfolio to around 60 non-life insurance products, according to Blue R. Tejam, the company's head of alternative distribution channel management.
Its flagship offerings now include motorcar insurance, fire insurance, personal accident insurance, surety bonds, and liability insurance, serving individuals, businesses, and institutions.
The company has also expanded its distribution network from just two licensed agents in its early years to more than 150 licensed agents nationwide.
Gross receipts
VSIC's growth has been largely organic.
Gross premiums written increased from P4 million in 2004, when the company had P25 million in capitalization, to P1 billion in 2022, when its capitalization reached P1.3 billion.
Gross premium receipts reached P884 million in 2024 before easing to P751 million in 2025, reflecting higher claims and market conditions resulting from recent natural calamities.
Kenneth Go said the company's competitive edge has always been the trust it has earned over the past 95 years.
“Technology is changing the insurance business, but trust remains our most valuable asset,” he said. “Our goal is to combine the reliability that clients have known for generations with faster, more convenient, and more responsive service.” —Ed: Corrie S. Narisma
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