In a bid to further promote financial inclusion, the Microinsurance MBA Association of the Philippines, Inc. (RIMANSI) conducted a Learning and Sharing Forum last November 24, 2017 in Butuan City, Agusan del Norte.
The multi-stakeholder forum is the culminating activity of a grant funded by Citi Foundation for the project Building Microinsurers’ Capacities for Greater Financial Inclusion, which supports the growth strategy of Microinsurance Mutual Benefit Associations (Mi-MBAs) through capacity building interventions focused on governance and management training, developing new products and investment policies and options to sustain growth.
The learning and sharing forum was the culmination of the trainings supported by the Citi Foundation grant where lesson learned, best practices and game changers were shared.
The event was attended by close to 60 participants from board and management staff of Mi-MBAs. The Mi-MBAs, their partners and key stakeholders shared lessons and taught leadership programs they developed during the implementation of the grant. It was also an opportunity to recognize top Mi-MBAs that developed their own risk assessment framework.
Participants eagerly exchanged learnings and presented best practices on business continuity and disaster recovery planning, investment planning, regulatory framework for product bundling, and cash flow management and tax planning.
TSPI MBA shared their way of returning surplus to its members through conducting training and development services, health and sanitation programs and disaster assistance programs. PBC MBA presented their recently approved product, the Hospitalization Assistance Pampamilya Insurance Plan (HAPI Plan) which allocates hospitalization and maternity benefits for all of its members.
KCCDFI MBA General Manager, Maria Teresa Gonzales was particularly interested in the investment planning session, “I’ve learned that we should always take into consideration compliance with regulations and make sound decisions when investing the funds of the policyholder as protecting the funds that has been entrusted to us should always be a priority. I have also realized the importance of sound investments, which when done properly, can support administrative expenses and may also add value to the delivery of our product.”
With the board and management team better equipped and trained, they can now craft policies and strategies that will make Mi-MBA microinsurance products and services more responsive, accessible, affordable and complemented by faster claims payout performance.
Through sound investment policies Mi-MBAs can bolster the association’s financial viability to be able to sustain its mission for greater financial inclusion through microinsurance.
Mi-MBAs found opportunities to work together in promoting the Microinsurance industry during the open forum.