Gains, plans, and prospects were presented by Insurance Commissioner Emmanuel Dooc to give an overview of the status of the current stature of microinsurance industry in the Philippines. During his speech, Dooc highlighted that the microinsurance industry remains a positive force inside the financial industry as it plays a pivotal role in uplifting peoples’ lives towards full financial inclusion.
Different alternative distribution channels were explored and identified during the annual microinsurance forum to which over 100 participants from the microinsurance industry gathered and discussed the “4Ps Marketing of Microinsurance”.
In line with the goal of reaching more lives, Dr. Jaime Aristotle Alip, Founding and Managing Director of CARD MRI and Chairman of the International Cooperative and Mutual Insurance Federation (ICMIF) Development Committee, shared the ICMIF 5-5-5 Development Strategy. Dr. Alip shared the goal of reaching out five million households in the span of five years across five continents. This strategy is aligned with MiMAP’s mission of achieving 12 million members by 2024, translated to at least 48 million lives covered nationwide, also known as 12-24-48.
Supporting the principle of full financial inclusion, Camilo Casals, Advisor of MiMAP, outlined the trends, opportunities, and challenges of the industry as he provided a review on the mutual microinsurance business model.
Offering microinsurance products to Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries is one of the potential new markets to expand the microinsurance outreach in the country. Pelagia Mendones, General Manager of CARE MBA, shared their experiences as they braved to cater to the beneficiaries of 4PS. Mendones also highlighted the significance of efficient coordination with local government units and the community in successfully reaching out the target market.
Meanwhile, Roberto Abao, President of Rx Solution, Inc, discussed how mobile technology is used for a more cost-efficient microinsurance distribution. He presented current models and practices, as well as the challenges, in mobile distribution. He encouraged MiMAP and the government to venture out to this opportunity of maximizing the use of emerging new technology and platforms.
Discussion on formalizing partnerships with Mi-MBAs through the CARD MBA BOAT Program was also discussed by May Dawat, General Manager of CARD MBA. The BOAT Program is designed to aid interested organized groups in institutionalizing a microinsurance scheme in their organization. It is a packaged of technology that aims to promote mutuality and benefits of microinsurance program among the marginalized sectors through the MBAs.
This forum was held last January 25, 2016 in celebration of the Philippine Microinsurance Month.