RIMANSI Celebrates the 8th Year of National Microinsurance Month
With the theme, ASEAN Integration Forum: Are Microinsurance MBAs Insulated?, RIMANSI celebrated the 8th Microinsurance Month. This is indeed a timely event back-to-back with the 66th Anniversary of the Philippine Insurance Commission—“a very important agency in the promotion and growth of microinsurance in the Philippines,” as Deputy Commissioner Florendo describes in his opening message.
With a diverse set of speakers coming from different fields of expertise, organizations, and even from a global perspective—through the presence of leaders from Canadian credit unions which are principal donors of RIMANSI—the forum shed light on the opportunities, challenges, and competitive advantage and potential of microinsurance MBAs in the ASEAN playing field.
One of the key points emphasized throughout the forum was the quality of the Mi-MBA business model as being member-centered and customer-friendly. As Mr. Camilo Casals, Advisor of RIMANSI, shared, the elements and strategies of the said business model (e.g. its widely accessible membership pool, significant value to customers, key processes and operations, key resources and assets, and surplus formula) make it viable and competitive even in an evolving business environment. Likewise, Mr. Kevin Hoppins, Chairman of the Board in UFA Co-operative Limited in Canada, pointed out that this business model works because it primarily considers and caters to the needs of the members.
As living proofs of the said business model, two homegrown development finance organizations operating internationally relate their experiences in promoting financial inclusion in the ASEAN, namely, ASKI Global Limited in Singapore and CARD MRI ASEAN International Group. Their common strategies include member empowerment and capacity building, such as through financial and entrepreneurial education, scholarships, coaching, staff training, and job generation for OFWs.
To cap off the forum, Dr. Jaime Alip, Chairman Emeritus of RIMANSI, discussed the prevailing presence and developing trend of economic integration in the insurance industry, particularly through the presence of international insurance companies. More importantly, Dr. Alip launched RIMANSI’s proposition for being a Microinsurance MBA Association in order to pursue their “mission of greater financial inclusion through one direction, one voice, shared products and services, pooled risks and mutual protection” (Alip). With this, he also introduced RIMANSI’s current protection policies to ensure viable, competitive, and inclusive Mi-MBAs—the Mutual Guarantee Fund and Solvency Risk Protection Process.
Indeed, although the challenges of engaging in the ASEAN domain exist—in terms of policy, professional practice and operations, market trends, international partnerships, competition, risk environment, and others—promising opportunities and great potential await Mi-MBAs both in the local and global scene