In line with its long-term goal of achieving 12 million members covering 48 million lives by the year 2024, Mi-MAP co-established the program, Building Microinsurers Capacities for Greater Financial Inclusion. The main mission of the program is to help Mi-MBAs achieve and sustain membership growth through capacity building interventions such as in developing new products, investment management, governance and management training to sustain growth. This program will be funded by CITI Foundation.
The said capacity building program will constitute three components. The professional training program will develop new courses in good governance, best business risk management practices and claims administration to better respond to its members’ needs; Product Development will focus on creating new products or enhancement of existing products to better respond to members’ needs such as meeting the demands for overage members, health coverage, credit life, pension and related products; and Investment management support will be about the creation of an investment mix model for the Mi-MBAs that can assist them in shaping their institutional investment policy, as well as establish a network level investment and fund management mechanism.
The products, training courses and investment mechanism that will be developed under the program will benefit the Mi-MBAs and the network beyond the project period. The program is expected to yield improved leadership and management among Mi-MBA boards. It is also seen as an effective tool in propagating our shared development strategy with the International Cooperative and Mutual Insurance Federation (ICMIF) of securing 5 million families in 5 countries of concern in 5 years.
CITI Foundation, who provided the grant for the execution of this program, is committed to promoting economic progress in communities around the world focusing on initiatives that expand financial inclusion.