RBAP-MABS and RBAP-RBRDFI work with the Bicol Federation to Promote Microinsurance

Miel Moraleda

Continuing a nationwide campaign to promote microinsurance services, the USAID-supported RBAP-MABS Program and the Rural Bankers Research and Development Foundation Inc. (RBRDFI) provided members of the Bicol Federation of Rural Banks with Microinsurance Basic Training on June 3-4. Held at the historic and Filipiniana-themed Balay Cena Una in Daraga, Albay, the training was attended by 12 of the federation’s member rural banks represented by 32 bank managers and staff.

Mr. Miel Moraleda (right), current president of the Bicol Federation, welcomed the participants with a message highlighting the benefits that offering microinsurance can bring to rural banks.  According to him, offering microinsurance services can open doors to increased competitiveness, expanded outreach and improved financial stability, among others.  Building on Mr. Moraleda’s remarks, RBAP-MABS and RBRDFI then delivered group workshops and simulation activities to review microinsurance fundamentals and present next steps on how rural banks can actively offer microinsurance services.

MI training (Bicol) 1

The training session concluded with participants formulating action plans with specific activities to accomplish upon returning to their respective banks.  The participants also took a qualifying exam for the Insurance Commission’s Microinsurance Agent/Broker Licensing.

MI training (Bicol) 2

The event was made possible through support from Country Bankers Life Insurance Company and Pioneer Life Insurance, active partners of the Bicol Federation and microinsurance providers of several rural banks in the Bicol Region.