Microinsurance expert briefs financial sector

MANILA, Philippines - Microinsurance expert Michael McCord had conducted a series of meetings last month with rural banks, insurance companies, government regulators, mutual benefit associations (MBAs) and technical assistance groups interested in the promotion microinsurance products and services for microentrepreneurs.

McCord is recognized internationally as an expert in the microinsurance, and is concurrent president of the Microinsurance Centre.

McCord helped create synergies between formal insurance providers and appropriate delivery channels in order to increase access by low-income markets to specially-designed and effectively-managed insurance products.

The discussion sought to provide field lessons and good practices in other countries as well as potential solutions to perceived gaps in product development, service delivery and market education in the context of Philippine microinsurance.

A significant outcome of the event was the declaration by participants of their commitment to contribute to the improved design of microinsurance products, delivery of services, and the flow of information that can assist in the enhanced capacity of the microfinance industry for microinsurance.

Collaborating to bring McCord to the country were the Microenterprise Access to Banking Services (MABS) program and MICRA Foundation Philippines.

The life insurance companies that joined the discussion and consultations were the Ayala Life Assurance Co., Country Bankers Life, CocoLife, Philippine Prudential Life, the Philippine American Life and General Insurance Co., Pioneer Insurance, and insurance intermediaries AA International and MicroEnsure Philippines, and technical assistance providers GTZ and RIMANSI.

Among the mutual benefit associations (MBA) that were present were the TSPI and Alalay Sa Kaunlaran Inc. (ASKI).

The Rural Bankers Association of the Philippines (RBAP) joined the discussions as well as the Bangko Sentral ng Pilipinas (BSP) and the Insurance Commission.