The Northwestern Mindanao Federation rural bank members participated in the Microinsurance (MI) Basic Training Course held at the Bethany Gardens Resort in Ozamis City, Misamis Occidental last August 11 and 12. Twenty-two (22) officers and staff from eleven (11) rural banks attended the course which covers the fundamentals of microinsurance, including marketing and servicing of clients.
The two-day MI Basic Training Course is part of the Insurance Commissions requirements for Microinsurance Agent Licensing. In addition, participating banks must also pass the qualifying exam administered at the end of the course and amend the bank’s article of incorporation to include microinsurance as its new service.
The Rural Bankers Association of the Philippines-Microenterprise Access to Banking Services (RBAP-MABS) Program has been assisting the Rural Bankers Research and Development Foundation Inc. (RBRDFI) in offering a turn-key solution for rural banks to become licensed microinsurance agents. To facilitate rural bank microinsurance agent licensing applications, RBRDFI developed the T-R-A-C-S process:
- TRAIN in MI Basic and Product Mastery
- REQUEST for a No Objection Notice from the BSP
- ASSEMBLE Microinsurance Core Team
- CHOOSE the bank’s partner-insurer
- SUBMIT complete requirements to the Rural Bankers Research and Development Foundation Inc. (RBRDFI)