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

TOPICS TO BE DISCUSSED
I. Brief Description of CARD MBA
II. 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 CDRAP
III. Strengths of CARD MBA
 CARD MRI Networks
 MBA Coordinators
 General Membership
IV. Current Challenges
All rights reserved CARD MBA 2012

CARD MBA as Microinsurance Arm of CARD
Mutually Reinforcing Institutions
(CARD MRI)


CARD Mutually
Reinforcing
Institutions
“Mga Institusyon
sa iisang Misyon”


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
bank

CARD Mutual Benefit Ass’n Inc. (CARD MBA) 1999 Microinsurance

Training Institute for staff,
CARD-MRI Dev’t Institute, Inc. (CMDI) 2005
members & public

CARD Business Dev’t 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


BOAT BOAT
PARTNERS PARTNERS

Automatic Membership
to CARD MBA

Major contributions of CARD MBA
to the Microinsurance Industry
in the Philippines


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 MISFORTUNE
INCOME FROM MICROCREDIT REMAINS !!!

Claims Settlement …

1-3-5-day Target in Claim’s 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


1-3-5 DAY TARGET PERFORMANCE
RECONSIDE
PER 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 2,127

MVAH 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%

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)


Products Developed

1. 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 Disability

4. Package Assistance in Case of Disaster (PAID) Plan
 Personal Accident
 Funeral Benefit
 Re-house (Residential Insurance) All rights reserved CARD MBA 2012

Contributions to Number of Insured Filipinos

7.5 Million insured individual contributes 19% to total
insured Filipinos

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…

Build Operate And Transfer Program
VALUE PROPOSITIONS of the BOAT PROGRAM
1. 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 partner’s own MBA
together with their refund of contribution to become their seed
capital.

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


“Get into the BOAT of CARD MBA” “Get into the BOAT of CARD MBA”

CARD MBA is the Microinsurance
Model of 12 Partners of Rimansi


•CARD MRI DISASTER RELIEF
ASSISTANCE PROGRAM
None
financi •MASS WEDDING
al
Services •SCHOLARSHIP PROGRAM


CARD MRI Disaster Relief Assistance Program

Without additional member’s contribution, relief goods
are given to all member-victims of natural disasters like:

a. Earthquakes;
b. Floods;
c. Landslide;
d. Volcanic eruption;
e. Fire
f. Typhoon


CDRAP for 2012
Types of Perils No. Amount
Thyphoon 43,302 11,766,365.07
Flood 120,123 38,985,762.95
Fire and Lightning 755 465,460.47
Tidal Wave 3 1,275.65
Twister 8 1,819.60
Earthquake 1,103 299,599.50
Landslide 1 300.00

Total 165,295 51,520,583.24

CARD MBA’s STRENGHTS

1. CARD MRI Networks
 Assist in the collection of contribution
thru the weekly Center Meeting
 Assist in the Information Education
Campaign

2. MBA Coordinators
 Assist in the claims settlement

3. General Membership
 CARD MBA is 100% owned by the
Members


CURRENT CHALLENGES AND OPPORTUNITIES

 Strengthening staff capacity building
program to respond to expanding
membership.
 To develop Crop Insurance products
for the members.


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

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

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