Microinsurance; the current and challenges. a CARD MBA experience on its microinsurance program

Click here to load reader

Embed Size (px)

description

 

Transcript of Microinsurance; the current and challenges. a CARD MBA experience on its microinsurance program

  • 1. TOPICS TO BE DISCUSSEDI. Brief Description of CARD MBAII. Contributions of CARD MBA to Microinsurance Industry in the Philippines Claims Settlement Model Product Development Model Contribution to Insured Filipinos BOAT Program Microinsurance Model Community Development Service thru CDRAPIII. Strengths of CARD MBA CARD MRI Networks MBA Coordinators General MembershipIV. Current Challenges All rights reserved CARD MBA 2012
  • 2. CARD MBA as Microinsurance Arm of CARD Mutually Reinforcing Institutions (CARD MRI) All rights reserved CARD MBA 2012
  • 3. CARD Mutually Reinforcing InstitutionsMga Institusyonsa iisang Misyon All rights reserved CARD MBA 2012
  • 4. CARD Mutually Reinforcing Institutions (CARD MRI) YEAR NAME OF INSTITUTION NATURE OF BUSINESS ESTABLISHED CARD, Inc. or CARD NGO 1986 Microfinance Microfinance- oriented rural CARD Rural Bank 1997 bankCARD Mutual Benefit Assn Inc. (CARD MBA) 1999 Microinsurance Training Institute for staff, CARD-MRI Devt Institute, Inc. (CMDI) 2005 members & public CARD Business Devt Service Fdn. (BDSF) 2006 Business development CARD MRI Insurance Agency (CaMIA) 2007 Insurance Agency CARD MRI Information Technology 2010 Information Technology (CMIT) Microfinance-oriented thrift CARD SME Bank 2010 bank BotiCARD 2011 Pharmacy All rights reserved CARD MBA 2012
  • 5. BOAT BOATPARTNERS PARTNERS Automatic Membership to CARD MBA All rights reserved CARD MBA 2012
  • 6. Major contributions of CARD MBA to the Microinsurance Industry in the Philippines All rights reserved CARD MBA 2012
  • 7. Functions of Microinsurance INCOME FROM MICROCREDIT MICROINSURANCE CAN BREAK THE CYCLE OF POVERTY FUNERAL HOSPITAL DEATH MEDICAL SICKNESS EXPENSES DISABILITY CYCLE OF POVERTY CAUSED BY MISFORTUNEINCOME FROM MICROCREDIT REMAINS !!! All rights reserved CARD MBA 2012
  • 8. Claims Settlement 1-3-5-day Target in Claims Settlement 1 If the dead body is not yet buried at the time of validation, the claim must be settled within 24 5 3 hours upon notification. [ On the 5th day upon notification, all claims must If the dead body is be given action with finality. already buried at the time Claims with incomplete of validation and with documents will be given complete documents, the denial letter but still can be claim must be settled settled upon completion of within three days upon required documents thru notification. the letter of reconsideration.This Claim Settlement Model is replicated by at least ten (10) organized groups providing formal or informal microinsurance program to their member-clients All rights reserved CARD MBA 2012
  • 9. 1-3-5 DAY TARGET PERFORMANCE RECONSIDEPER TYPE OF BENEFIT 1 DAY 2 DAYS 3 DAYS 4 DAYS 5 DAYS RED TOTAL CLAIMS MEMBER 3,912 36 24 13 23 17 4,025 % 97.2% 0.9% 0.6% 0.3% 0.6% 0.4% 100.0%DEATH LEGAL DEPENDENT 7,608 1282 980 Legal 602 754 831 12,057 Members % 63.1% 10.6% 8.1% 5.0% Dependents 6.3% 6.9% 100.0% 97% Paid within MEMBER 1,543 181 93% Paid within 101 40 104 158 2,127MVAH 1-3-5-day % SPOUSE 72.5% 1,653 8.5% 165 4.7% 117 1.9% 1-3-5-day 64 4.9% 130 7.4% 183 100.0% 2,312 Target % 71.5% 7.1% 5.1% Target 2.8% 5.6% 7.9% 100.0% 14,716 1,664 1,222 719 1,011 1189 20,521 64.5% 10.1% 7.6% 4.6% 6.2% 7.1% 100% OVERALL RATING 92.9% All rights reserved CARD MBA 2012
  • 10. CARD MBA Product Development Model Feedback Roll Out Proto- typing EVALUATION Risk Monitoring Profiling Adjustment (if any)Adjustment (if any) Engagement Pilot Test of Stakeholders Adjustment (if any) All rights reserved CARD MBA 2012
  • 11. Products Developed1. Life Insurance Program Accidental Death Total & Permanent Disability Motor Vehicular Accident Hospitalization Benefit Refund of Contributions 2. Retirement Savings Fund Mandatory Exit Age at 70 Optional Retirement at ages 65, 66, 67, 68 & 69 3. Loan Redemption Fund Amount of benefit = Principal amount of loan Automatic Loan Offsetting upon Total & Permanent Disability4. Package Assistance in Case of Disaster (PAID) Plan Personal Accident Funeral Benefit Re-house (Residential Insurance) All rights reserved CARD MBA 2012
  • 12. Contributions to Number of Insured Filipinos 7.5 Million insured individual contributes 19% to total insured Filipinos All rights reserved CARD MBA 2012
  • 13. CARD Mutual Benefit Association, Inc. Build Operate And Transfer Program 1. Are you willing to provide microinsurance products to your members ? YES 2. Do you have Php 5 million for guarantee fund? NONE 3. Do you have the capacity to run your own micro- insurance program? NONE Get into the BOAT of CARD MBA All rights reserved CARD MBA 2012
  • 14. Build Operate And Transfer Program VALUE PROPOSITIONS of the BOAT PROGRAM1. MEMBERSHIP The members of BOAT Partner will be members of CARD MBA enjoying the same benefits as CARD members.2. PERIOD OF ENGAGEMENT: THREE YEARS During the 3-year period, there will be technical assistance and transfer of technology in the management of a mutual benefit association.3. DISENGAGEMENT After three (3) years, all those entitled for the refund of contribution will be turned over to the BOAT partners own MBA together with their refund of contribution to become their seed capital. All rights reserved CARD MBA 2012
  • 15. The BOAT Framework MOA SIGNING and TRAINING of the ASSESSMENT & MANAGEMENT TEAM of MONITORING PARTNERSHIP BOAT PROGRAM ASSESSMENT OF FINALIZATION of CARD MBA BRANCH & CENTER IMPLEMENTING PRESENTATION ACTIVITIES RULES DEVELOPMENT of WORK PLAN and IMPLEMENTING RULES PRO-FORMA MOA and FINALIZATION REVIEW of MOA All rights reserved CARD MBA 2012Get into the BOAT of CARD MBA Get into the BOAT of CARD MBA
  • 16. CARD MBA is the Microinsurance Model of 12 Partners of Rimansi All rights reserved CARD MBA 2012
  • 17. CARD MRI DISASTER RELIEF ASSISTANCE PROGRAM Nonefinanci MASS WEDDING alServices SCHOLARSHIP PROGRAM All rights reserved CARD MBA 2012
  • 18. CARD MRI Disaster Relief Assistance Program Without additional members contribution, relief goodsare given to all member-victims of natural disasters like: a. Earthquakes; b. Floods; c. Landslide; d. Volcanic eruption; e. Fire f. Typhoon All rights reserved CARD MBA 2012
  • 19. CDRAP for 2012 Types of Perils No. AmountThyphoon 43,302 11,766,365.07Flood 120,123 38,985,762.95Fire and Lightning 755 465,460.47Tidal Wave 3 1,275.65Twister 8 1,819.60Earthquake 1,103 299,599.50Landslide 1 300.00Total 165,295 51,520,583.24
  • 20. CARD MBAs STRENGHTS1. CARD MRI Networks Assist in the collection of contribution thru the weekly Center Meeting Assist in the Information Education Campaign2. MBA Coordinators Assist in the claims settlement3. General Membership CARD MBA is 100% owned by the Members All rights reserved CARD MBA 2012
  • 21. CURRENT CHALLENGES AND OPPORTUNITIES Strengthening staff capacity building program to respond to expanding membership. To develop Crop Insurance products for the members. All rights reserved CARD MBA 2012