According to ICMIF member the Microinsurance MBA Association of the Philippines, Inc (MiMAP, also known as RIMANSI Organization for Asia and the Pacific or RIMANSI), changes in contemporary society continue to highlight the volatility of the microinsurance industry. This includes the need for digitisation being as tantamount as ever with the need for microinsurers to adapt to using modern tools and processes. MiMAP also recognises the risks faced by the members of mutual or cooperative microinsurance providers are also constantly evolving with global changes, such as the pandemic and climate change.
Stakeholders of microinsurance continue to face challenges such as high administrative & transaction costs, and lack of information and prevailing attitudes about microinsurance. Overcoming these concerns requires a future-forward approach and fostering a sustainable ecosystem to build resilience.
2024 National Microinsurance Forum will address sustainability and financial inclusion
MiMAP organises various forums and programmes to guide and empower microinsurance mutual benefit associations (Mi-MBAs) in the Philippines. One of which is the annual National Microinsurance Forum which will be held this year on 23 January in Manila with a theme of Sustainable and inclusive finance for climate resiliency. The event will be organised in partnership with the Philippines Insurance Commission (IC) and with the support of Citi Foundation and the ICMIF Foundation.
Attendees can look forward to keynote messages from Atty. Reynaldo Regalado, Commissioner of the Insurance Commission, on the topic of the Strategic directions for microinsurance in the Philippines. Microinsurance industry cornerstones, as well as partners at the forefront of digital innovation, will also hold panel discussions on Microinsurance policy issues, Public-private partnerships for climate action initiatives and disaster resiliency and Digital technology for enhanced customer experience.
Over 350 Board members, management staff, member-clients of Mi-MBAs and their partner microfinance institutions and cooperatives, representatives from private and government microinsurance providers, industry practitioners, promoters, and supporters from all over the country are expected to attend the event.
Mitigating risk and improving compliance and performance: 2023 Management Forum
In the previous years, MiMAP had hosted similar events including, for example, they also organised a Management Forum last August in Zamboanga City (see image above). The three-day forum was anchored on the theme Risk, compliance, performance and included discussions by numerous experts in the field of microinsurance. The participants were introduced to a tool/framework that can help identify and manage business model risks. They also learned about measures to improve compliance with financial reporting, updating investment policies, making sense of key performance indicators, and improving member participation in governance.
Atty. Reynaldo Regalado, Commissioner of the Insurance Commission (IC), also delivered a keynote message, declaring IC’s support to the microinsurance sector by collating accurate data that can be used for microinsurance policy-making.
Ultimately, the participants witnessed a panel discussion Mabilis, Madali at Maaasahan na Serbisyo Gamit ang Mi-MBA Mobile App that highlighted the learning journey of pilot partner Mi-MBAs, MiMAP and Kezar (technology partner of MiMAP and the Mi-MBAs) as they navigated the development of a mobile application that will support the member growth of Mi-MBAs.
Training for Trainers: FinTech Ed Workshops
MiMAP believes that fintech education plays an important role for both microinsurance providers and target beneficiaries to achieve sustainability and financial inclusion. When Mi-MBAs undergo fintech training and workshops, they are better able to understand and adapt to the financial landscape as well as learn about the preferences and behaviors of their beneficiaries. Likewise, fintech education empowers communities with financial and microinsurance literacy.
Building on the momentum of learning and growth, MiMAP organised FinTech Ed Workshops last November in different areas of the Philippines. The focus of these workshops was to teach MBA trainers how to use the mobile app, agent app, and microsite as part of the FinTech for greater financial inclusion programme implemented by MiMAP with support from the Citi Foundation.
At the end of the workshops, over 40 FinTech ed trainers, comprised of two project partner Mi-MBAs in Luzon (Kasagana-Ka MBA and CARE MBA) and three project partner Mi-MBAs (Mindanao PBC MBA, KCCDFI MBA and 4K MBA) had been trained in using the new version of the app and in mobilising FinTech education aided by adult learning techniques and customised work plans and session plans.
Ms Mercy Jaime, Center Chief of the Women’s Group of Brgy. Dicklum, Manolo Fortrich said “I am happy because through the programme, I learned how to use the mobile app and how it helps the MBA”.
Mylen Ibarolla, CARE MBA Project Staff, also pointed out how the mobile app makes microinsurance more transparent and accessible saying: “Members are now aware where their money goes since they can see it through the mobile app. Members’ concerns can be addressed swiftly, especially for those located in far-flung areas.”
MiMAP says it will continue to host similar events in the future in the spirit of sustainability and growth for the microinsurance industry in the Philippines. The Management Forum will be held once again this August 2024 in Ilocos Sur, hosted by NSCC MBA. Likewise, after the 2024 National Microinsurance Forum this January 23, this event will be organised again in the coming years since it is an annual event for MiMAP as part of its observance of National Microinsurance Month.
About MiMAP (RIMANSI):
The Microinsurance MBA Association of the Philippines Inc. (MiMAP) or RIMANSI helps professionalise the management of microinsurance mutual benefit associations (Mi-MBAs) and microinsurance programmes 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.
