The rural banking industry partnering to expand micro-insurance

RBAP’s research and training arm, the Rural Bankers Research and Development Foundation, Inc. (RBRDFI), will receive a US$ 100,000 grant from the Interna-tional Labor Organization (ILO) under the Micro-insurance Inno-vation Facility. This collaboration aims to support RBAP members in partnering with insurance compa-nies to offer micro-insurance.
Housed at the ILO’s Social Finance Programme, the Micro-insurance Innovation Facility seeks to increase the availability of quality insurance for the developing world’s low-income families, helping them guard against risks and overcome poverty. The Facility facility was launched in 2008 with the support of a grant from the Bill & Melinda Gates Foundation.
This new partnership with the ILO will support training and technical assistance for rural banks to become licensed micro-insurance agents. It will help provide micro-insurance access to potentially millions of rural bank clients and their dependents. This initiative will also support RBRDFI in offering a turnkey approach to ensure rural banks’ cost-efficient compliance with licensing and capability-building requirements as institutional micro-insurance agents. Rural banks will facilitate marketing, selling and servicing of micro-insurance, with the commercial insurance companies issuing the policies.
The partnership with the ILO and the Gates Foundation will expand RBAP’s intiativeinitiative to provide support to member rural banks and reinforces the unique position and important role that rural banks across the country have in providing social protection to the most vulnerable. Through micro-insurance, rural banks would be able tocan provide the assurance and protection that in case of a peril or tragedy, the poor will not become poorer or those who have succeeded in improving their lives will not become impoverished once again.

Manila Times – RBAP’s research and training arm, the Rural Bankers Research and Development Foundation, Inc. (RBRDFI), will receive a US$ 100,000 grant from the Interna-tional Labor Organization (ILO) under the Micro-insurance Inno-vation Facility. This collaboration aims to support RBAP members in partnering with insurance compa-nies to offer micro-insurance.

Housed at the ILO’s Social Finance Programme, the Micro-insurance Innovation Facility seeks to increase the availability of quality insurance for the developing world’s low-income families, helping them guard against risks and overcome poverty. The Facility facility was launched in 2008 with the support of a grant from the Bill & Melinda Gates Foundation.

This new partnership with the ILO will support training and technical assistance for rural banks to become licensed micro-insurance agents. It will help provide micro-insurance access to potentially millions of rural bank clients and their dependents. This initiative will also support RBRDFI in offering a turnkey approach to ensure rural banks’ cost-efficient compliance with licensing and capability-building requirements as institutional micro-insurance agents. Rural banks will facilitate marketing, selling and servicing of micro-insurance, with the commercial insurance companies issuing the policies.

The partnership with the ILO and the Gates Foundation will expand RBAP’s intiativeinitiative to provide support to member rural banks and reinforces the unique position and important role that rural banks across the country have in providing social protection to the most vulnerable. Through micro-insurance, rural banks would be able tocan provide the assurance and protection that in case of a peril or tragedy, the poor will not become poorer or those who have succeeded in improving their lives will not become impoverished once again.

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