SURIGAO DEL NORTE – The Surigao Economic Development and Microfinance Foundation, Inc. (SEDMFI) and MiMAP conducted a product consultation on February 10 at Parkway Hotel in Surigao City. MiMAP Executive Director Mr. Jun Jay Perez, MiMAP Actuarial Officer Ms. Judith Torres, SEDMFI Executive Director Ms. Imelda Wines, General Manager Mr. Jules Lacsamana, and SEDMFI branch officers attended the said event.
In the morning, a workshop was held to revisit the key elements of the proposed SEDMFI business plan and to discuss the product pricing options and the draft Implementing Rules and Regulations (IRR) of the proposed Basic Life Insurance Plan (BLIP) of SEDMFI. The proposed BLIP covers natural or non-accidental death, accidental death, and total and permanent disability, which is not covered by their current insurance program.
Eligible applicants for the proposed BLIP product must be active members of SEDMFI, aged 18 to 60 years old, and must submit the accomplished member’s application form along with the necessary documents upon application. The discussion ended with the SEDMFI’s final decision to choose the Php 30 weekly (or Php 1,380 annual) contribution among the pricing options. The chosen option will have a full benefit of Php 50,000 in case of natural or non-accidental death of the member.
MiMAP Secretariat facilitates the discussion on the proposed Basic Life Insurance Plan (BLIP) with SEDMFI.
The product consultation resumed in the afternoon, reviewing the Mi-MBA business model and results of Mi-MBA SWOT analysis relevant to SEDMFI.
Afterwards, the vision and mission, and strategic goals of the SEDMFI were discussed. The vision was retained while the mission was revised to “To empathize and provide affordable and reliable microinsurance services for the protection of our members.” SEDMFI aims to reach more than 23,000 members by 2025.
Currently, SEDMFI seeks to secure their license to operate as MBA from the Insurance Commission (IC), and have their products submitted and approved by IC before the end of 2023.
About MiMAP (RIMANSI):
The Microinsurance MBA Association of the Philippines Inc. (MiMAP) or RIMANSI helps professionalize the management of microinsurance mutual benefit associations (Mi-MBAs) and microinsurance programs to provide affordable, comprehensive, and quality risk protection to millions of poor people in Asia and the Pacific. Towards this purpose, MiMAP assists Mi-MBAs in developing risk management solutions, building capacities, advocating for appropriate policy environment, and pursuing research & development agenda.
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