MABS reviews First Macro Bank and MicroEnsure’s Microinsurance Service

MABS visited First Macro Bank to review and document the bank’s partnership with MicroEnsure Philippines in the distribution of formal microinsurance services for microfinance clients.
First Macro Bank and MicroEnsure Philippines engaged in the partnership model, a microinsurance delivery scheme which involves a financial institution partnering with a leading insurance provider in providing formal microinsurance to clients. With this partnership, the bank is able to offer a term life product with coverage for the principal’s spouse and up to two child-dependents.  This microinsurance product allows clients to cover more dependents in exchange for a minimal additional premium fee.  Apart from coverage for natural and accidental death, clients are provided burial assistance benefits to help bereaved families cope with their most urgent expenses.
While First Macro is only 4 months into the partnership with MicroEnsure, members of the corporate and branch staff commend the insurance provider for its responsiveness to the bank and client’s needs as well as its collaborative stance in product development.  Bank President Reggie Ocampo observes how MicroEnsure’s understanding of the microfinance industry makes the provider easy to communicate with.  Mr. Ocampo is optimistic that the new partnership will help the Bank ensure that their clients receive excellent and timely claims settlement. He believes that microinsurance services, in addition to the bank’s low loan interest rate, enhance First Macro Bank’s competitive edge in its localities.

MABS visited First Macro Bank on December 14-15 to review and document the bank’s partnership with MicroEnsure Philippines in the distribution of formal microinsurance services for microfinance clients.

First Macro Bank and MicroEnsure Philippines engaged in the partnership model, a microinsurance delivery scheme which involves a financial institution partnering with a leading insurance provider in providing formal microinsurance to clients. With this partnership, the bank is able to offer a term life product with coverage for the principal’s spouse and up to two child-dependents.  This microinsurance product allows clients to cover more dependents in exchange for a minimal additional premium fee.  Apart from coverage for natural and accidental death, clients are provided burial assistance benefits to help bereaved families cope with their most urgent expenses.

While First Macro is only 4 months into the partnership with MicroEnsure, members of the corporate and branch staff commend the insurance provider for its responsiveness to the bank and client’s needs as well as its collaborative stance in product development.  Bank President Reggie Ocampo observes how MicroEnsure’s understanding of the microfinance industry makes the provider easy to communicate with.  Mr. Ocampo is optimistic that the new partnership will help the Bank ensure that their clients receive excellent and timely claims settlement. He believes that microinsurance services, in addition to the bank’s low loan interest rate, enhance First Macro Bank’s competitive edge in its localities.