MABS gears up FICO Bank for Microinsurance

First Isabela Cooperative (FICO) Bank), a MABS participating bank since 2001, is working on further expanding its services for its micro-enterprise clients.  This includes microinsurance, which is currently focused on credit life, more commonly known by bank clients as “loan insurance”.
To assist FICO Bank in this undertaking, MABS visited the bank on March 10-12 to review its existing microinsurance services and conduct a microinsurance client demand research within the bank’s area of operation. The visit included interviews and surveys in four of the bank’s branches to determine the demand of the bank’s existing and prospective clients for insurance services.
With “Soaring like an eagle. Banking with a H.E.A.R.T.” as its battle cry and guiding principle, the bank is driven by the values of continuous growth and service.  The bank’s management hopes that with microinsurance, it can provide a risk protection mechanism to respond to its clients’ needs in critical times such as death or severe illness of a household member.  Simultaneous to this is the expectation that financial exposure to client loan defaults can be minimized.
The bank welcomes the possibility of engaging a licensed commercial insurance provider for its microinsurance services, as it has for several years with its micro-borrowers’ credit life insurance.

First Isabela Cooperative (FICO) Bank, a MABS participating bank since 2001, is working on further expanding its services for its micro-enterprise clients.  This includes microinsurance, which is currently focused on credit life, more commonly known by bank clients as “loan insurance”.

To assist FICO Bank in this undertaking, MABS visited the bank on March 10-12 to review its existing microinsurance services and conduct a microinsurance client demand research within the bank’s area of operation. The visit included interviews and surveys in four of the bank’s branches to determine the demand of the bank’s existing and prospective clients for insurance services.

With “Soaring like an eagle. Banking with a H.E.A.R.T.” as its battle cry and guiding principle, the bank is driven by the values of continuous growth and service.  The bank’s management hopes that with microinsurance, it can provide a risk protection mechanism to respond to its clients’ needs in critical times such as death or severe illness of a household member.  Simultaneous to this is the expectation that financial exposure to client loan defaults can be minimized.

The bank welcomes the possibility of engaging a licensed commercial insurance provider for its microinsurance services, as it has for several years with its micro-borrowers’ credit life insurance.