The Microinsurance initiative of the United States Agency for International Development-supported Rural Bankers Association of the Philippines-Microenterprise Access to Banking Services (RBAP-MABS) Program aims to assist participating rural banks in expanding their services to include microfinance product in order for microinsurance to reach low-income groups.
RBAP-MABS Program developed a turn-key system called T-R-A-C-S Process to simplify the microinsurance licensing applications of rural bank to the Bangko Sentral ng Pilipinas (BSP) and the Insurance Commission (IC). Participating rural banks are guided through the application steps by following the T-R-A-C-S Process which stands for:
- TRAIN in Microinsurance Basic and Product Mastery
- REQUEST for a No Objection Notice from the BSP
- ASSEMBLE your Microinsurance Core Team
- CHOOSE the bank’s partner-insurance provider
- SUBMIT complete requirements to the Rural Bankers Research and Development Foundation Inc. (RBRDFI)



