Laferla Insurance Group has been a leading insurance provider locally for over 35 years. Offering all classes of insurance from wedding to health and from boat to pet, the family business is now effecting a gradual handover to the second generation.

WhosWho.mt caught up with executive directors Mark Jr and Keith, to see how the family carved out its place in the industry by tearing up the playbook and giving clients a personalised experience they can trust.

With a presence in Malta of over 35 years, few insurance providers have been around to see such big changes to the sector. After all these years, what makes Laferla stand out from its competitors?

Keith: The insurance industry is heavily regulated and complex, and many insurance providers tend not to go out of their way to find the right solution for their clients when, at times, this is not as easily available as an ‘off-the-shelf’ solution. Yet, at Laferla, we strive to go above and beyond to make sure that we find a holistic solution that is tailored to each client’s specific needs. Sometimes, this involves being quick to react to any changes in the economic, financial and political situation around us, or to an unprecedented scenario such as the global pandemic which we are currently facing.

Mark Jr: We adopt a very flexible approach to business, which is what mainly sets us apart as a forward-thinking insurance provider, rather than fitting into the traditional profile that most consumers have of companies in this industry. We look to build a strong relationship with our clients, always keeping customer service as part of our key values.

Keith Laferla

Could you share a little more about the service offering complementing the insurance products?

Mark Jr: The Laferla brand is built on the four values of experience, trust, promptness and fairness, and we have worked hard to make sure that these values are ingrained within our work ethic. Through these values, we make sure to honour our name on the wall by upholding the great reputation Laferla has worked so hard to build.

Keith: Our clients know that, not only do we have the technical expertise to help them, but that we are a family-run business at heart. This means that we are there for the long run, and so we treat each customer with the respect that they deserve.

The insurance sector is often criticised by the public for failing to offer a personalised touch. How does Laferla Insurance fare in this regard?

Keith: We understand that the needs of each client are different, and this is where we excel. In reality, most of our clients often have different requirements, so we make it a point to go the extra mile to find a solution. This approach was introduced by our father Mark Laferla Snr when he founded the firm more than three decades ago. Today, he still holds the position of Chairman and Managing Director, and is ensuring that these principals are carried forward by the second-generation owners. Many individuals get stuck with a ‘one-for-all’ policy which in fact may not be the right fit for them, and this is a traditional strategy followed by certain insurance providers which we make sure to stay far away from.

Mark Jr: Making sure that our clients’ needs are met is an important part of the upkeep of our own reputation, and the ever-growing portfolio of clients and resulting relationships are proof of this. Again, customer service is a key part of our brand, and a personalised approach is part of the service we offer.

Another general complaint about the sector is the length of time taken to settle claims. How does Laferla Insurance try to insure a speedy settlement process?

Mark Jr: One of our brand values, which we mentioned earlier, is promptness. This also refers to the length of time we take to settle eligible claims. We strive to pay each eligible claim within 7 business days, unless there are legal or other complications which hinder us from doing so. This is a policy based on the pledge made by our father when he launched the company, which he knew would make Laferla stand apart from its competitors. This ties in with our other brand values, as our clients have come to realise we are an insurance provider that they can trust and one that is fair to all parties.

Mark Laferla Jr

Malta prides itself on the number of successful family-run businesses. Laferla is certainly viewed as an example of this. As second-generation family members, how do you ensure the company does not succumb to the same pitfalls that other family businesses have?

Mark Jr: Like anything stable in life, good foundations are necessary. When we joined the company, Laferla was already one of the leading players in the Maltese insurance market thanks to the hard work done by our father, which is necessary if the second-generation is going to have any chance of success.

The structure we have now put in place allows Keith and me, as well as our younger brother Kevin, who joined us a few years ago and is slowly taking on more responsibility within our Motor Insurance department, to focus on our individual areas of expertise and excel in different areas of the company. In due time, Kevin too will form part of the senior management of the company. We each have our own responsibilities that we strive to grow and develop, and our skills harmonise together perfectly to push the business forward.

Keith: We are also actively exploring different business opportunities both within and outside of the insurance industry to continue to expand the Laferla brand and open doors for both our and future generations. We are never satisfied with the status quo, and instead we look to grow and evolve with the times, investing in new areas and industries which were previously not feasible or did not yet exist, whilst always keeping the brand values at heart.

(Left to right) Brothers Keith, Mark Jr and Kevin

As health and wellness has steadily become a greater priority to people over the past decade, how have Laferla’s Health Insurance Plans adapted their coverage to reflect this?

Keith: Now more than ever, there is great awareness amongst individuals to protect their health and that of their families. As with all our products, we have invested a lot in our health insurance plans to ensure that we have the right product to suit everybody’s requirements. Our plans are also fully customisable when policies are taken up on a corporate level as an employee benefit.

Over the years, have you noted a marked difference in what people are looking for when enquiring about health coverage?

Keith: As the health insurance market evolves, the consumer is becoming aware of newer benefits that are becoming readily available such as preventive care, dental treatment, pregnancy cover and cover for alternative therapy. Our plans have evolved over the years to cater for these requirements. Furthermore, we have seen an increase in the number of clients opting for full international coverage as they wish to have the option of receiving treatment outside of Malta.

The International Gold Plan is billed as your flagship health insurance offering – with your website advertising special features such as preventive care coverage. Could you share the thinking behind this comprehensive plan and who the target market is?

Keith: The Laferla International Gold Plan was designed to be the best health insurance product in the local market that we pride ourselves on having achieved. Through this plan we have introduced a number of new benefits to the Maltese market such as cover for preventive care, dental treatment, vaccinations, medicines prescribed on an outpatient basis, pregnancy cover, and cover for chronic medical conditions.

These benefits would not be traditionally found in any health insurance plan in Malta. By doing this we’ve set the bar for the improvement of the Maltese insurance market as a whole. The target market for this plan is usually HNWIs (High Net Worth Individuals) looking to invest in the best cover they can find, as well as executives, managers, and directors who are covered by our group health insurance policies that we offer to our corporate clients.

Kevin Laferla

Your business insurance offering ranges from Employers Liability, Contractors All Risks Insurance, Hoteliers’ Combined Insurance, Electronic Equipment Insurance and Money Insurance. Which areas have proved to be the most popular, and which product lines do you see growing the quickest in the medium to long-term?

Mark Jr: Although the popularity of any product can vary depending on the sector the client operates within, for a long time now our health insurance products and SME (Small and Medium Enterprises) combined insurance policies have been the most popular amongst our commercial clients as they provide a modular approach to the organisation’s insurance requirements, hence allowing maximum flexibility and comprehensive coverage options.

Smaller businesses may be reluctant to approach an established insurance firm such as yours, for fear of not receiving enough attention when compared to larger players. Do you find this to be the case, and how do you combat it, if so?

Mark Jr: Our aim to provide a personalised service means that we welcome all clients, from the small self-employed business owners to multinationals with thousands of employees. The fact that we are an established provider means that we have experience in dealing with all types of clients and requirements, and rather than not service any smaller clients, we instead have the exact know-how to deal with each business enquiry that comes our way.

In addition, we are also a family-run business at heart, so we completely understand the importance that smaller firms have within society and it is an honour to have them within our portfolio of clients.

Laferla Insurance Agency Ltd. is enrolled under the Insurance Distribution Act, Cap 487 to act as an Insurance Agent for MAPFRE Middlesea p.l.c. (MMS). MMS is authorised by the Malta Financial Services Authority (MFSA) under the Insurance Business Act, Cap 403 of the Laws of Malta. Both entities are regulated by the MFSA.