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Mi-MBAs visit CARE MBA and SJCMPC for the Management Forum: Growth Strategy for Mi-MBAs

Posted at July 18, 2019 | By : | Categories : Newsletter | 0 Comment

Lucena—From August 16 to 17, MiMAP (RIMANSI) organized and facilitated a Management Forum for  66 attendees from 14 Mi-MBAs at the St. Jude Cooperative Hotel and Event Center. This forum was guided by the theme of “Growth Strategy for Mi-MBAs.” In line with this, pressing issues and matters faced by the microinsurance sector were discussed such as the IFRS 17, national privacy, community ISLAs, e-MUTUALs, practices of Mi-MBAs on new markets and products, and partnerships with MFIs/Coops.

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To kick off the event, Ms. Melanie Fontarum, St. Jude Multi-Purpose Cooperative (SJMPC) General Manager, gave the welcoming remarks. This was followed by Atty. Jorge Vargas, CARE MBA President, who then provided the opening message. Atty. Vargas briefly provided an overview of CARE MBA’s history and future; explaining the rationale for its formation, how it survived and developed throughout the years and where he envisions CARE MBA will be in the next ten years. CARE MBA partnered with SJMPC in an effort to expand outreach of their microinsurance products and services.

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Ms. Vida Chiong, CARD MBA Board Adviser and the former deputy commissioner at the Insurance Commission (IC), provided a brief keynote message detailing the extensive history of the emerging microinsurance and Mi-MBA sector. Furthermore, she detailed the IC perspective of their allowing of Mi-MBA licensing. This brings her to the discussion on how Mi-MBAs can strengthen relationships with regulators like the IC.

 IMG_4972Ms. Pelagia Mendones, CARE MBA General Manager and MiMAP President, provided her own overview and a more in-depth introduction of CARE MBA. She detailed the background, mission and vision of CARE; its members and partners (such as SJMPC), products and services, and the customer care they bring to their members. Lastly, she provided insight on the challenges and prospects of the Mi-MBA.

The forum proper began with the first panel on “Product and Market Implementation: Challenges and Lessons Learned.” This segment was moderated by Mr.  Julio Banzon, RIMANSI Consultant and was composed of key personnel of Mi-MBAs such as CARD MBA CEO Ms. May Dawat, TSPI MBA Deputy Director for Operations Ms. Leander Aguinaldo, 4K MBA General Manager Ms. Loraine Templado, and KCCDFI MBA General Manager Ms. Maria Teresa Gonzales.

Each shared the respective products and markets that their Mi-MBAs explored and developed. CARD MBA and TSPI MBA talked about the golden life insurance plan (GLIP) and the health insurance plan (HIP), respectively. Including the background behind its development, the features of the product, the challenges faced in its implementation and learning outcomes from this endeavor.

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Likewise, KCCDFI MBA and 4K MBA also shared their ventures of market expansion outside of their mother-MFI. These include the background of their expansion, processes and activities undertaken to mobilize expansion, updates on the program, challenges encountered with the new partnership, and the lessons learned.

After the panel discussion, Ms. Mae Elizabeth S. Lungay, MiMAP Actuarial Consultant provided the actuarial perspective on the IFRS 17. This is in respect to the International Accounting Standards Board (IASB) issuing IFRS 17 ‘Insurance Contracts’ back in May of 2017. The IFRS 17 requires companies to apply in reporting information the insurance contracts it issues and the reinsurance contracts it holds. This would replace the IFRS 4 on accounting for insurance contracts. Ms. Lungay provided updates on the global implementation of the IFRS 17, including the challenges and bottlenecks faced in its implementation. More importantly, she discussed how implementation would affect Mi-MBAs and what the MBAs should prepare for in the immediate term.

To wrap up the talks for the first day, Atty. Krishna Aira Tana of the Compliance and Monitoring Division from the National Privacy Commission (NPC) spoke about matters on compliance guidelines and requirements with the NPC. She introduced the National Privacy Commission and the requirements necessary for NPC compliance. She also presented on the “Five Pillars of Data Privacy Accountability and Compliance” to better guide the Mi-MBAs.

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Following this discussion was Insurance Savings Mobilization Advisor Mr. Noel Gabrito who introduced the Mi-MBAs the Insurance, Savings and Loan Advocates (ISLA). ISLA was presented as an alternative distribution channel for Mi-MBAs toward market expansion and increased outreach. He provided a brief background on the group and the key features of the business model. In addition the challenges experienced and the lessons learned in relation to this were shared with the participants.

The second panel of the forum began afterward with ASKI MBA General Manager Ms. Emeteria Quijano, KMBA General Manager Ms. Silvida Antiquera, SEDP MBA President Rev. Fr. Rex Paul Arjona and Kasagana-Ka Cooperative General Manager Ms. Maria Anna Ignacio. This panel focused on maintaining and strengthening the relationships between MBAs and the partner MFI/Coop.  MBAs and MFIs were introduced to the audience with respect to their complementary relationship with each other. This segment was moderated by Mr. Perez.

Following this, President & CEO of LoudCloud, Inc. Mr. Rystraum Gamonez discussed the pilot of  e-MUTUALS. This is an enhanced MIS system for Mi-MBAs designed through the MiMAP (RIMANSI) partnership with LoudCloud.  Mr. Gamonez shared the functionality and features of the online-based software, providing a demonstration of report generation. Then Ms. Melanie Claire Ticzon, Business Development and Operations Manager, introduced RMSI and the services that they can offer in partnership with the Mi-MBAs.

Marking the end of the management forum, there was a field visit to Tayabas Community Multipurpose Cooperative (TCMC) for the purpose of learning about the cooperative’s history, mission and vision, areas of operations, and its current status of membership. Products, services and businesses of TCMC were also shared. More so, the idea of agribusiness as enterprises was also discussed.