MABS orients rural banks on microinsurance

SMO for Microinsurance

RBAP-MABS provided a comprehensive overview of microinsurance to its participating banks on July 20 as part of its campaign for better insurance services for microfinance clients. Twelve (12) senior bank officers from ten (10) rural banks attended the Senior Management Orientation (SMO) in Manila, which introduced the potential benefits of formal microinsurance services for rural banks.
RBAP President Ma. Corazon Llamzon-Miller welcomed her fellow bankers into the activity, acknowledging the emerging need for microinsurance services among microfinance clients. She also expressed her appreciation for the RBAP-MABS program for continuously supporting rural banks and developing innovative products that can help alleviate poverty among microfinance clients in the countryside.
RBAP-MABS discussed the regulatory framework for enhancing microinsurance services, citing recent requirements from the Bangko Sentral ng Pilipinas (BSP) and the Insurance Commission (IC). The team plans to work with rural banks interested in offering formal microinsurance services as institutional microinsurance agents. RBAP-MABS invited rural banks to participate in a pilot program which will test licensing toolkits and accreditation training in collaboration with the IC and the BSP.
The Microinsurance SMO Orientation Meeting was extended to Visayas and Mindanao rural banks on July 22 in Cebu City. Twelve representatives from four rural banks attended.
In all, seven (7) rural banks signed up as pilot participants.  The RBAP-MABS team hopes to engage more rural banks to ensure diversified representation from the sector which may contribute to a wider range of field lessons for the project.
MABS is a United States Agency for International Development (USAID)-supported program in partnership with the Rural Bankers’ Association of the Philippines (RBAP), with oversight from the Office of the President through the Mindanao Development Authority (MINDA), and implemented by Chemonics International.

RBAP-MABS provided a comprehensive overview of microinsurance to its participating banks on July 20 as part of its campaign for better insurance services for microfinance clients. Twelve (12) senior bank officers from ten (10) rural banks attended the Senior Management Orientation (SMO) in Manila, which introduced the potential benefits of formal microinsurance services for rural banks.

RBAP President Ma. Corazon Llamzon-Miller welcomed her fellow bankers into the activity, acknowledging the emerging need for microinsurance services among microfinance clients. She also expressed her appreciation for the RBAP-MABS program for continuously supporting rural banks and developing innovative products that can help alleviate poverty among microfinance clients in the countryside.

RBAP-MABS discussed the regulatory framework for enhancing microinsurance services, citing recent requirements from the Bangko Sentral ng Pilipinas (BSP) and the Insurance Commission (IC). The team plans to work with rural banks interested in offering formal microinsurance services as institutional microinsurance agents. RBAP-MABS invited rural banks to participate in a pilot program which will test licensing toolkits and accreditation training in collaboration with the IC and the BSP.

The Microinsurance SMO Orientation Meeting was extended to Visayas and Mindanao rural banks on July 22 in Cebu City. Twelve representatives from four rural banks attended.

In all, seven (7) rural banks signed up as pilot participants.  The RBAP-MABS team hopes to engage more rural banks to ensure diversified representation from the sector which may contribute to a wider range of field lessons for the project.

MABS is a United States Agency for International Development (USAID)-supported program implemented by the Rural Bankers’ Association of the Philippines (RBAP), with oversight from the Office of the President through the Mindanao Development Authority (MINDA) and principal contract managed by Chemonics International.