RBAP trains more rural bankers as Microinsurance agents

1On March 31, the USAID-supported RBAP-MABS program and the microinsurance team of the Rural Bankers Research and Development Foundation Inc. (RBRDFI) conducted the 3rd Microinsurance Basic Training for rural banks with the support of the ILO Microinsurance Innovation Facility. The training was aimed at building the capability of rural bank staff to qualify them as microinsurance agents or brokers so that their bank can market, sell and service microinsurance products.

Twenty-five participants from 13 rural banks attended the training course at the Lotus Garden Hotel in Ermita, Manila.  A mix of rural bank executives, managers, microfinance officers and front-end bank staff went through the course designed to ensure that staff understand microinsurance fundamentals and the relevant regulations for distribution and servicing of microinsurance products.

The training culminated in a qualifying exam, which all participants successfully completed.  This will qualify each trainee for designation as the bank’s microinsurance soliciting officer.

The Bangko Sentral ng Pilipinas (BSP) recently expanded the definition of microfinance to include micro-deposits, which are effectively being offered by all rural banks.  This broadens the opportunity for rural banks to offer microinsurance to more clients rather than only focusing on those with a current microfinance loans.  The event also included a discussion on the new BSP requirements for micro-deposit accounts so that banks could properly classify their micro-deposit account holders.

To date, 26 rural banks have undergone the RBAP-RBRDFI Microinsurance Basic Training Course since it was first launched in January 2011.  With the RBAP partners’ expression of support at the 3rd Microinsurance Roundtable Meeting on March 29, RBAP-MABS will be continuing its consultations with the Insurance Commission and its partner, the Philippine Life Insurance Association (PLIA), on further enhancements to the RBAP training program.

The 4th Microinsurance Basic Training is scheduled on April 27-28 at the Golden Prince Hotel in Cebu City.  To register or learn more information about the next course in Cebu or to learn about upcoming courses in your region, please contact:

Ms. Ghay Lyne Mapano
RBRDFI Project Coordinator
0918-635-3235
(02) 527-2968
gpmapano@yahoo.com

Ms. Ruth Aseron
MABS Microinsurance Coordinator
0917-881-0481
(02) 400-0940
microinsurance@rbapmabs.org