Microinsurance

Project Mission

Enabling rural banks to become effective and responsible providers of insurance products for low-income families.

Why Microinsurance for RBs?

With over 2,500 rural bank branches and other banking offices located nationwide serving more than 800,000 microenterprise borrowers and more than 5 million micro-deposit accounts, rural banks are the best-positioned institutions to facilitate access to formal microinsurance services in the countryside.

Benefits of Microinsurance to Rural Banks

  1. Secure Client Loyalty – Prove to your client you care for their protection and financial security
  2. Acquire New Clients – Differentiate your bank from the competition with affordable and unique insurance products and services
  3. Strengthen your image in the community – Enhance trust and reliability by partnering with the strongest and most innovative leaders in the insurance industry
  4. Increase your bank’s profitability – Generate income through service fees for the facilitation of insurance applications, collection of premium payments, assistance on client’s claims and the dissemination of product information. The Central Bank Memorandum Circular No. 683, allows rural banks to partner with insurance companies in selling, marketing and servicing microinsurance. This opened up the potential for rural banks to educate and provide access to insurance to over 5 million low-income clients and their 20 million dependents.

Objectives

  • Assist rural banks in the enhancement of their microinsurance services by providing a step-by-step guides and ready-to-use templates of documents required by the BSP and the Insurance Commission;
  • Conduct the Microinsurance Basic Training Course to qualify rural banks as Microinsurance Agents/Brokers;
  • Promote insurance literacy among rural bank clients through training and educational tools and materials and;
  • Provide rural banks with information on how to effectively establish partnerships with authorized insurers and microinsurance providers.
Module Content:
Methodology
Click the link to access documents. Learn Microinsurance
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Click the link to access documents. Assess MI Demand and Supply
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Click the link to access documents. Design your Product, Partnership and Process
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Click the link to access documents. Develop your MI Sales Team
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Click the link to access documents. Ensure Regulatory Compliance
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Click the link to access documents. Raise Awareness and Educate
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Click the link to access documents. Strengthen your MI Business
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