MiMAP Conducts Annual Management Forum for MBAs
The annual Management Forum of the Microinsurance MBA Association of the Philippines (MiMAP) was held at the Sugarland Hotel, Bacolod City last November 25-27, 2015. The focus of this year’s event is on compliance, performance and risk management in response to the needs of its partners and members.
The Management Forum is an annual event designed to discuss and deliberate issues and concerns of all MBAs during the past year. MiMAP`s Programs Officer Rachelle Rivas emphasized that the said forum “is the best opportunity for all the MBA managers to exchange thoughts and share best practices over the years
The forum started with Evelyn Lagmay of K-MBA and her discussion on how to manage standard chart of accounts of member MBAs. Recently, the Insurance Commission issued new Standard Chart of Accounts (SCAs) specifically for MBAs that should be adopted immediately. For years, MBAs has been using SCAs similar to life insurance companies. An overview of regulated investments options was given by Evelyn Singun of the Insurance Commision. The participants had the glimpse of the current challenges and future prospects in the microinsurance industry as Julio Banzon, Principal Investigator of the International Cooperative and Mutual Insurance Federation (ICMIF), presented his findings on the landscape of the mutual insurance industry involving both MBAs and cooperatives.
The second day of the forum, management topics, namely records management, cash flow management and staff performance management, were discussed. These are pivotal tasks to assure the smooth internal performance of MBA.
On the last day of the event, risk management was discussed. Victor Tanjuakio, Vice-President of the National Reinsurance Corporation of the Philippines, presented ways on how MBAs may deal with catastrophic risks through reinsurance. He used the recent disasters like Typhoon Yolanda in emphasizing the importance of reinsurance in MBAs.