1CSIP: Cham­pi­oning the ‘great third path’ and build­ing a na­tion through mu­tual pros­per­ity

Sun.Star Pampanga - - BUSINESS! - ---RDF

T HROUGH CON­TIN­UED IN­NO­VA­TION and a com­mit­ment to Na­tion-Build­ing, 1 Co­op­er­a­tive In­sur­ance Sys­tem of the Philip­pines (1CISP) has brought fi­nan­cial sta­bil­ity and mu­tual pros­per­ity to its mem­bers.

In 1974, 1CISP was first or­ga­nized to look af­ter the in­sur­ance and fi­nan­cial needs of farm­ers, fish­er­folk, la­bor unions, coop­groups, co­op­er­a­tive or­ga­ni­za­tions, and in­di­vid­u­als who are not nor­mally cov­ered by in­sur­ance providers like the Govern­ment Ser­vice In­sur­ance Sys­tem (GSIS) or the So­cial Se­cu­rity Ser­vice (SSS), as well as pri­vately owned in­sur­ance in­sti­tu­tions.

A year af­ter its found­ing, 1CISP be­came rec­og­nized by the govern­ment and was reg­is­tered with the De­part­ment of Lo­cal Govern­ment and Com­mu­nity De­vel­op­ment un­der Pres­i­den­tial De­cree 175 hav­ing an ini­tial au­tho­rized cap­i­tal stock of PHP 30 mil­lion. In Jan­uary 2018, 1CISP marked its 44th an­niver­sary with mile­stones as grow­ing its com­mu­nity to more than 2000 co­op­er­a­tive mem­bers and op­er­at­ing of­fices na­tion­wide in ar­eas such as Pam­panga, Cebu, Davao, and Iloilo.

As a lead­ing co­op­er­a­tive in­sur­ance or­ga­ni­za­tion in the coun­try, 1CISP has been the “goto” en­tity for the fi­nan­cial and pro­tec­tion needs of lo­cal co­op­er­a­tives and its mem­bers. De­spite this, how­ever, the largest hur­dle for 1CISP is that many in­di­vid­u­als still rely on pri­vate in­sur­ance com­pa­nies or pub­lic ser­vices. Re­al­iz­ing this, 1CISP pre­sented the con­cept of the “Great Third Path”; an in­no­va­tive con­cept where the or­ga­ni­za­tion opens-up a new av­enue for peo­ple to take other than the ob­vi­ous in­sur­ance ser­vice op­tions eas­ily avail­able to them.

With the Great Third Path, 1CISP has also cre­ated value for its mem­bers by mak­ing them share­hold­ers in the or­ga­ni­za­tion no mat­ter how big or small the in­vest­ment. Since 1CISP is owned and gov­erned by its en­listed co­op­er­a­tives, mem­bers are guar­an­teed a re­turn of in­vest­ment through pa­tron­age re­funds, ex­pe­ri­ence re­funds, and an­nual div­i­dends; a sys­tem that is pred­i­cated on fair­ness and trust in its share­hold­ers and mem­bers.

By cre­at­ing a sys­tem that pro­motes fi­nan­cial re­silience, fair­ness, and re­spon­si­bil­ity, 1CISP stands at the fore­front of pro­mot­ing a glob­ally com­pet­i­tive co­op­er­a­tive in­sur­ance sys­tem.

Chris Navarro

RECOG­NI­TION. In­dus­try ex­perts are given recog­ni­tion at 1 Co­op­er­a­tive In­sur­ance Sys­tem of the Philip­pines' (1CISP) 44th An­nual Gen­eral Assem­bly af­ter shar­ing valu­able knowl­edge and ex­per­tise on April 13, 2018 at Royce Ho­tel and Casino. Pic­tured from...

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