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Microinsurance distribution through Insurance, Savings, and Loan Advocates begins development in 2018

Posted at July 9, 2019 | By : | Categories : Newsletter | 0 Comment

Samar and Leyte—MiMAP (RIMANSI) led the development of microinsurance distributorship program for sari-sari store owners through the Insurance Savings and Loans Advocates (ISLA). Through this scheme, sari-sari stores would be able to provide poor households with access to basic financial tools and services that will also expand outreach to low-income communities in Samar and Leyte.

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As such, MiMAP—along with its partners in the Project Product Design and Development Team (PDDT)—made preparations for the development of the distributorship scheme early in 2018. Initial developments included three meetings by the PDDT in December 2017, January 2018 and March 2018. This was held to discuss the results of market research and development in the distribution of life and non-life microinsurance product through the sari-sari stores. In addition, there was also a field exposure conducted with the Community Savings and Loan Association (COSLA) in Brgy. New Rizal, Catarman and Brgy. Dona Lucia, Mondragon in Northern Samar on March 14.

COSLA is a community-managed savings program being considered as a vehicle for microinsurance distributorship.

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Building on the COSLA strategy, MiMAP (RIMANSI) surveyed potential sari-sari store owners who would form the pilot group of ISLA facilitators. These store owners were provided an overview of the Microinsurance Distributorship Program and how they can help their community become financially prepared for future emergencies and calamities; and they also visited three COSLA groups in Catarman and Mondragon, Northern Samar to see how actual COSLA group operates. The store owners invited for Microinsurance Distributorship Program Orientation were selected after the conduct of Key Informant Interview in April.

 On June 16-17, eight sari-sari store owners from Basey were trained in forming and facilitating the Insurance, Savings and Loan Advocates. The same was also conducted for eleven store owners from Calbayog and Catbalogan on June 30 and July 1 at Calbayog City.