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Sun.Star Cagayan de Oro - - Billboard - 5-8-40 strat­egy

Of the to­tal num­ber of lives in­sured and pre­mium pro­duced by the MBA sec­tor in the Philippines as of first quar­ter of 2017, CARD Mu­tual Ben­e­fit As­so­ci­a­tion, Inc. (CARD MBA) dom­i­nated the in­dus­try by cov­er­ing 75.46% and 77.01% of the to­tal mar­ket share, re­spec­tively.

Data from the In­sur­ance Com­mis­sion re­vealed that there were 26.6 mil­lion Filipinos cov­ered by mi­croin­sur­ance, wherein CARD MBA leads this sec­tor. “The mu­tual ben­e­fit as­so­ci­a­tions reg­is­tered the high­est num­ber of in­di­vid­u­als cov­ered by mi­croin­sur­ance,” said In­sur­ance Com­mis­sioner Den­nis Fauna.

“This ac­com­plish­ment means more of our Kababayans are al­ready mak­ing their fu­ture se­cured es­pe­cially dur­ing these ex­tra­or­di­nary times of un­cer­tain­ties, calami­ties, and dis­as­ters,” said CARD MBA Gen­eral Man­ager May S. Dawat.

More­over, CARD Pioneer Mi­croin­sur­ance, Inc. (CPMI), the sis­ter company of CARD MBA, topped other non-life in­sur­ance com­pa­nies in terms of pre­mium pro­duc­tion. The CARD MBA way In the Philippines, the Cen­ter for Agri­cul­ture and Ru­ral De­vel­op­ment (CARD) was among the first to pro­vide mi­croin­sur­ance prod­ucts and ser­vices to poor house­holds since 1994 by in­tro­duc­ing Mem­bers’ Mu­tual Fund (MMF), the pre­cur­sor of the CARD Mu­tual Ben­e­fit As­so­ci­a­tion (CARD MBA).

On Septem­ber 9, 1999, the fund as­sumed a new name, the CARD Mu­tual Ben­e­fit As­so­ci­a­tion, Inc. or CARD MBA, Inc., a sep­a­rate le­gal en­tity, non-stock, non-profit, owned and man­aged by the mem­bers.

From the pri­mary pur­pose of loan re­demp­tion, CARD MBA now gives Ba­sic Life In­sur­ance Pro­gram, Re­tire­ment Fund, Do­nated Ben­e­fits, Build-Oper­ate­and-Trans­fer (BOAT) Pro­gram, Golden Life In­sur­ance, mass wed­ding, and dis­as­ter re­lief as­sis­tance.

“In the past, only those who can af­ford in­sur­ance are as­sured, and those who don’t are left to chance,” GM Dawat said adding that the mis­match be­tween high priced in­sur­ance and ca­pac­ity of the poor to pay made them go be­yond the main­stream in­sur­ance.

As of July 2017, CARD MBA al­ready in­sured at least 13.8 mil­lion Filipinos and a to­tal of Php575 mil­lion claims paid.

Ac­cord­ing to CARD MBA Pres­i­dent Eu­lalia Vil­lanueva, the strate­gic way of as­sist­ing and pay­ing the claims of clients within 8-24 hours made the as­so­ci­a­tion reg­is­ter good rep­u­ta­tion among the ar­eas it serves na­tion­wide.

“From 1-3-5 day tar­get, CARD MBA is now on its 8-24 hour strat­egy to be more re­spon­sive to the needs of my co-mem­bers in the as­so­ci­a­tion,” Pres­i­dent Vil­lanueva added. To date, the claims set­tle­ment ac­com­plish­ment for clients and de­pen­dents is 98.17% and 97.64%, re­spec­tively. The CPMI way Be­fore the cre­ation of CPMI, CARD was a client of Pioneer Life Inc.’s mi­croin­sur­ance line. In 2013, CARD and Pioneer made his­tory when they paved the way for the es­tab­lish­ment of the very first mi­croin­sur­ance company in the Philippines.

CPMI in­tro­duced the non­life as­pect of mi­croin­sur­ance, mak­ing more prod­ucts and ser­vices avail­able to more Filipino fam­i­lies. Among the non-life in­sur­ance prod­ucts it offers are Sagip Plan (fam­ily in­sur­ance pack­age), CARD Care (daily hos­pi­tal­iza­tion in­come ben­e­fits), Burial As­sis­tance Pro­gram, and Kabuk­lod Plan (group in­sur­ance).

Ac­cord­ing to COO Roseli­toMag­pan­tay, the company is still young but its way of do­ing things al­ready ex­ceeded the in­fancy stage. “Con­stant lis­ten­ing to our clients and the var­i­ous in­no­va­tive schemes we have im­ple­mented made us reach this mile­stone,” COO Mag­pan­tay added.

To date, the pre­mium pro­duc­tion of CPMI to­taled to P361 mil­lion. Mean­while, claims have al­ready reached P36.4 mil­lion. Mi­croin­sur­ance co­or­di­na­tors To speed up the pro­vi­sion of mi­croin­sur­ance to more Filipinos, CARD MBA and CPMI have trained the co­or­di­na­tors who now serve as chan­nels of the com­pa­nies’ in­sur­ance prod­ucts and ser­vices.

“Our mi­croin­sur­ance co­or­di­na­tors rose from those who have first-hand ex­pe­ri­ence on the ben­e­fits of hav­ing mi­croin­sur­ance,” GM Dawat said.

“By fill­ing in the gaps in the mar­ket through fear­less and cre­ative ap­proaches in the dis­tri­bu­tion of mi­croin­sur­ance and re­tail prod­ucts, we can get more Filipinos in­sured,” COO Mag­pan­tay added. Mi­croin­sur­ance car­a­van In 2016, three mi­croin­sur­ance sub­sidiaries of CARD Mu­tu­ally Re­in­forc­ing In­sti­tu­tions (CARD MRI), namely CARD Mu­tual Ben­e­fit As­so­ci­a­tion (CARD MBA), CARD MRI In­sur­ance Agency (CaMIA), and CARD Pioneer Mi­croin­sur­ance Inc. (CPMI), launched a Mi­croin­sur­ance Car­a­van that served as an aware­ness cam­paign on the im­por­tance of mi­croin­sur­ance.

“We hope that through this cam­paign, we would be able to reach more es­pe­cially those hard­core poor in the coun­try,” GM Dawat said.

The clients of CARD, Inc. and the mem­ber-savers of the three bank­ing in­sti­tu­tions of CARD Mu­tu­ally Re­in­forc­ing In­sti­tu­tions (CARD MRI), the CARD Bank, Inc., CARD SME Bank, Inc., and Rizal Bank, Inc., as well as their ben­e­fi­cia­ries ben­e­fit­ted from the said cam­paign.

To fur­ther strengthen and sup­port the goal of hav­ing a fi­nan­cially in­clu­sive coun­try, CARD MRI launched in 2015 its 5-8-40 strat­egy that aims to reach eight mil­lion Filipinos na­tion­wide and in­sure at least 40 mil­lion in­di­vid­u­als in five years.

“All our ef­forts are an­chored on the 5-8-40 strat­egy of CARD MRI. It is our dream to achieve zero poverty in our coun­try and through mi­croin­sur­ance, ev­ery Filipino will have a more se­cured and brighter fu­ture,” GM Dawat con­cluded.

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