Representatives from MBA beneficiaries signed a Memorandum of Agreement on the project, Building Microinsurers’ Capacities for Greater Financial Inclusion.
The MOA signing was the featured event at the Governance and AMLA Workshop at the New Horizon Hotel, Mandaluyong City on October 21, 2016.
Through the said MOA, a grant from Citi Foundation will support new product development endeavors of ARDCI MBA, CARE MBA, K-MBA, and SEDP MBA. The product development proposals submitted by the said MBAs focused on the expansion of current reach and benefits of existing products such as the Basic Life Insurance and the creation of new microinsurance products that will cater to the needs of aging members.
Approximately 150,000 insured are expected to benefit from these products which will in turn cover almost 640,000 lives.