Last December 2015, Microinsurance MBA Association of the Philippines, Inc. (MiMAP) presented the results of the country study made in the Philippines, highlighting the experiences and practices of CARD, Kasagana Ka MBA and ASKI MBA during the Mutual Microinsurance Country Study and Mi-MBA Business Model Presentation held in Sri Lanka.
The event was organized by the International Cooperative and Mutual Insurance Federation (ICMIF) to showcase the progress of the countries tapped to do the country study. The list includes India, Kenya, Sri Lanka, Columbia and the Philippines. The country study is alongside the promotion of ICMIF’s 5-5-5 Development Strategy that aims to insure additional 5 million poor households across five continents in the span of five years. Dr. Aris Alip, Chairman Emeritus of RIMANSI, is the chairperson of the Development Committee of ICMIF.
Jun Jay Perez, Executive Director of MiMAP and Julio Jose Banzon, Principal Investigator of the country study, presented the findings of this research. The presentation highlighted the significant increase in members and providers in the past years. From one MBA in year 1999, it was reported that the country already have 17 MBAs insuring approximately 3.5 million members as of year 2015. They have credited this continuous growth to the support it gains from the people in the industry and the Insurance Commission (IC). He said that because of the enabling policies issued by the IC as the regulatory body, the Philippines’ insurance industry continues to grow despite the challenges it faces.
Some of the key challenges identified in the study are appropriate management information system, maintaining cost efficiency, and reaching the frontier market especially in the remote areas.
With the goal of reaching greater financial inclusiveness, MiMAP continues to provide varied technical assistance to its members among others. Being an advocate of developing microinsurance Mutual Benefit Association (Mi-MBA) industry in the Philippines, Perez said that they, in cooperation with the IC, continue to train and capacitate Board, management and staff to develop microinsurance professionals.
Panel presentors from the Philippines composed of May Dawat, Silvida Antiquera and Emeteria Quijano also discussed the Mi-MBA Business Model being implemented and replicated in the country.
