RBRDFI conducts first Microinsurance Basic Training Course for rural banks

012711-012811 MI Agent Literacy Training for Pilot Banks_1

MABS Microinsurance Coordinator Ruth Aseron was among the facilitators of the first Microinsurance Basic Training Course for Rural Banks

In recognition of January as the country’s Microinsurance month, the Rural Bankers Research and Development Foundation Inc. (RBRDFI), with support from the USAID-supported RBAP-MABS program, conducted the first microinsurance basic training course for rural banks on January 27-28, 2011.  Training participants were composed of executive officers, managers, staff and field supervisors from nine rural banks that signed up as pilots for the RBRDFI Microinsurance Initiative, which is supported by the Bill & Melinda Gates Foundation through the International Labour Organization’s (ILO) Microinsurance Innovation Facility.

This Microinsurance Basic Training Course for Rural Banks is for RBAP members to understand the step-by-step guide and tools that will aid interested and qualified rural banks to properly complete the licensing and approval process prescribed by the Insurance Commission, the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). After successful completion of the course training and the examination, participants will be certified as trained by RBAP, qualifying them as microinsurance soliciting officers for their respective banks.

012711-012811 MI Agent Literacy Training for Pilot Banks_2

The course includes the following modules:
Module 1 >   Fundamentals of Insurance and Microinsurance
Module 2 >   Microinsurance regulations and licensing and accreditation procedures for MI Agents
Module 3 > Effective Marketing Practices and Service Delivery Standards

The course includes the following modules:

  • Module 1 >   Fundamentals of Insurance and Microinsurance
  • Module 2 >   Microinsurance regulations and licensing and accreditation procedures for MI Agents
  • Module 3 > Effective Marketing Practices and Service Delivery Standards

RBRDFI also wishes to capitalize on an emerging opportunity offered by the recent issuance of BSP Circular 694, which clarifies the definition on microfinance clients.  Now, rural banks can offer microinsurance services to all micro-borrowers and/or micro-deposit account holders as well as their family members as dependents. Rural bank clients can now qualify for the bank’s microinsurance services if they have either a micro-credit account or a savings account with an average daily balance (ADB) of fifteen thousand pesos (PhP15,000) or below.  In effect, all qualified rural banks may choose to offer microinsurance services and apply for Microinsurance Agent license to cover their micro-deposit account holders.

RBRDFI, with the support from RBAP-MABS, is currently preparing to roll-out the training program nationwide with the support of the Philippine Life Insurance Association (PLIA) and commercial insurance providers actively participating as partners of RBAP/RBRDFI.

Interested rural bank confederations and federations will be tapped to offer this training course to all member rural banks nationwide starting February this year. For more information, please feel free to email MABS Microinsurance Coordinator Ruth Aseron at  microinsurance@rbapmabs.org or RBRDFI Project Coordinator Ghay Mapano at gpmapano@yahoo.com.