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Developments in Micro-insurance

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Ms. Reo Nore Pardilla of the Rural Bankers research and Development Foundation, Inc. shares recent industry trends and updates especially on tools to be used by rural banks.

Ms. Reo Nore Pardilla of the Rural Bankers research and Development Foundation, Inc. shares recent industry trends and updates especially on tools to be used by rural banks.

Published in Economy & Finance , Business
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  • 1. RBAP‐RBRDFI Microinsurance Ini4a4ve  Reo Nore P. Pardilla  RBAP     2011 RBAP‐MABS Regional Roundtable Conference  Hya= Hotel & Casino, Manila  November 9, 2011  
  • 2. The RBAP-RBRDFI Microinsurance Initiative: What’s Next For Rural Bank MI?Regional Roundtable MeetingReo Nore P. PardillaMicroinsurance Training OfficerRBRDFI
  • 3. Relationship Structure Technical Funding Support Assistance Rural Bankers Rural Bankers Research Association of the and Development Philippines (RBAP) Foundation, Inc. (RBRDFI) MI Basic MI Product MI Agent Technical Assistance & Training Development & Enhancement Licensing Research Member – Rural Banks
  • 4. WHERE ARE WE NOW?
  • 5. TARGETS 7 rural banks licensed as MI Agents 100 or more rural banks with 297 staff trained 1,000 or more branches and OBOs licensed as MI agents 145 Rural Banks trained in Basic MI IC approval of RBAP-RBRDFI 1,000,000 or more as MI Training Provider microenterprise clients and 13 Pilot 3,000,000 of their household Banks members covered byMicroinsurance Innovation microinsuranceFacility Grant
  • 6. MI BASICTRAINING
  • 7. (as of Oct Results to Date 2011)# of Courses 13# of Banks Trained 145# of Bank Staff Trained 297
  • 8. MICROINSURANCE AGENT TRAINING FOR RURAL BANKS 2 DAYS 1 DAYBasic Microinsurance Product Mastery Training Training (with qualifying exam)By RBAP-RBRDFI By Partner-Insurer
  • 9. BSP MEMO 027
  • 10. The Target Market of MICRO+Insurance   Microfinance Borrower   Microfinance Depositor   Low-income client of the Rural Bank BSP Memorandum 027-2011 redefines microfinance clients to include any existing client classified by the bank as low-income or with an average annual household income of PhP206,000 or less.
  • 11. THE RBAP MI TRAINING COURSEKey Modules: 1.  Fundamental concepts and principles of MI 2.  MI Regulations in the Philippines 3.  Effective Marketing of MITraining Approaches: 40 % Lecture 25 % Group Discussions 35 % Games & Simulation Exercises
  • 12.   GROUP DISCUSSIONS RBAP MI Training Approaches  Allows for sharing of field lessons and practical insights  Typically interactive and open  Employs Case Studies
  • 13. GAMES & SIMULATION ACTIVITIES RBAP MI TRAINING APPROACHES   Understanding MI:   Barangay Bigkis (localized Treasure Pot game)   Ang MI ay parang … (Microinsurance is like)   Bahay-Buhay-Bagyo ( house-life-storm )   Marketing & Selling MI:   The Mystery Object   D-I-G Tactic (Discover Interests then Get solutions)
  • 14. ASSISTANCE ON MI PRODUCTDEVELOPMENT
  • 15. MI PRODUCT COMMONLY OFFERED Hospital Confinement Benefit Rider Accidental Burial Medical Assistance Reimbursement Rider Rider Accidental TERM LIFE Fire AssistanceDeath Benefit INSURANCE Rider Rider
  • 16. MI COVERAGE FOR THE FAMILYMARRIED MEMBERS: SINGLE MEMBERS:Principal Insured Principal InsuredSpouse Parent 1Child 1 Parent 2Child 2 Sibling 1Child 3 Sibling 2PREMIUM: P200 – P 500 / YEAR
  • 17. MI AGENTLICENSING
  • 18. RESULTS: (as of Oct RESULTS TO DATE 2011)# of Banks in Approval Process 45# of Banks Approved as MI Agents 7
  • 19. Compliance Process ASSEMBLE CHOOSE SUBMIT TRAIN REQUEST requirements In MI Basic + For BSP No your MI your to RBAP-Product Mastery Objection Notice Team partner well RBRDFI RBAP-RBRDFI will be the one to coordinate submission of rural banks licensing requirements to the Insurance Commission and then the BSP.
  • 20. CHECKLIST OFREQUIREMENTS
  • 21. CHALLENGES RURAL BANKS FACE CHALLENGES RBAP’s RESPONSE  Process flow in procuring licensing   RBAP worked together with the regulatorsrequirements takes the bank too long to to clarify rules and develop expeditiousprocure process Challenge in determining which is the best   RBAP provide parameters on how tomicroinsurance provider to work with determine the best insurance provider in terms of product, service and delivery Minimal information about microinsurance   Provided trainings to rural banks on how to efficiently service microinsurance to Trained staff is not automatically assigned rural bank clientsas MI soliciting officer   Re-training of Bank Staff who would be appointed as new MI Soliciting Officer. Educate the bank for the disadvantages of this set up.
  • 22. WHAT’S NEXT?
  • 23. BASIC MITRAINING
  • 24. UPCOMINGTRAININGS 2011 Nov 24 -25, 2011 Tuguegarao City Host: Cagayan – Kalinga Apayao Federation Dec. 7 - 8, 2011RBAP Building, Manila Open Seminar
  • 25. UPCOMING TRAININGS 2012 Jan. 26 -27, 2012 Negros Feb 23 – 24, 2012 Davao March 22 – 23, 2012 Cebu April 19 – 20, 2012 CARAGA May 10 – 11, 2012 Southern Luzon June 7 – 8, 2012 Northern Luzon
  • 26. ASSISTANCE ON MI PRODUCTDEVELOPMENT
  • 27. WHAT CLIENTS THINK ARE THE MOST IMPORTANT INCIDENTS TO PREPARE THE FAMILY FOR Death due to accident 19% Destruction of property / assets 9% Burial expense in case of death in the family 8% Sudden loss of income due to hospitalization 18% Hospitalization 25% Destruction of crops due to fire, flood, typhoon, etc 12% Death due to illness 4% Education 1% Others 3%Based on RBAP-MABS Survey as of 2010
  • 28. RISK EVENTS THAT OUR CLIENTS ARE MOSTVULNERABLE TO: Sudden illness in the family while lacking the finances to access appropriate medical care Calamities that destroys their livelihood and property
  • 29. MARKET NEEDS
  • 30. Size of the Rural Bank Micro- Market Type of MF Accounts Number (as of December 2010) Microfinance Loans Approx. 800,000 Micro-Deposits 4,941,445 (86%) ** Estimated Household Members 15,000,000**Source: Philippine Deposit Insurance Corporation
  • 31. MI ONLINE PORTALwww.microinsurance.rbap.org
  • 32. OFFICIAL WEBSITE FOR RBRDFI MICROINSURANCE Contents  News and Updates  Microinsurance Training Courses  Microinsurance Products and Microinsurance Providers  Downloadable Forms  Partners  Regulatory Issuances
  • 33. FOR RURAL BANKSThe website contains: List of Microinsurance Providers Product Proposal Request Form to Microinsurance Providers Summary of microinsurance products offered News and updates about Microinsurance Downloadable Forms for Licensing and Accreditation  Training Schedule
  • 34. The website contains:  Company Profile and Product Information for a cost – efficient advertisement List of Trained Banks by RBRDFI Downloadable Forms that can be shared with rural bank partners Training Schedule
  • 35. FEATURES: FIND A MICROINSURANCE PRODUCT
  • 36. REQUEST PROPOSAL FROM MI PROVIDER
  • 37. FIND A MICROINSURANCE PARTNER
  • 38. CONTACT RBRDFI
  • 39. RBAPSERVICES Discussion with Regulators for service enhancements and monitoring service quality Education / Training to Rural Banks RBAP’sAssistance and Services toMicroinsurance Technical Assistance and Research Promotion of access to information that may enhance MI product design and service provision
  • 40. THANK YOU   Ruth B. AseronReo  Nore P. Pardilla Ghay Lyne P Mapano Microinsurance CoordinatorMicroinsuranceTraining Officer Microinsurance Project Coordinator RBAP - MABSRBAP - RBRDFI RBAP - RBRDFI Email:ruthaseon@gmail.comEmail:reonore082011@gmail.com Email:gmapano@yahoo.com