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