Tag: Microinsurance Innovation Facility

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Prudential notes increase in 2011 microinsurance claims

THE Philippine Prudential Insurance Co. Inc. has reported paying more than P22 million worth of claims in 2011, a substantial increase compared to 2010 when payouts totaled only P2.49 million.

Company officials said this indicated a renewed and more vigorous pursuit of a program championed by then Bangko Sentral ng Pilipinas Governor Rafael Carlos Buenaventura, who made it his personal advocacy project very early in his term.

Like Buenaventura, Philippine Prudential engaged in the business of providing protection to ordinary Filipinos at the retail end of the business long before the program gained prominence as a viable source of sustainable revenues for the various insurers.

“We have been pioneering the field of microinsurance in the Philippines as a way to make insurance coverage and protection more accessible to everyone,” Philippine Prudential President and CEO Gregorio D. Mercado said.

“We’ve had success in going beyond the standard insurance plans and creating …

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TOP FIVE tips to build a successful microinsurance partnership

Microinsurance Innovation Facility – Highlights on the recently conducted webinar on Managing Partnerships in Microinsurance:

  1. A successful partnership requires a clear understanding of the business problem that a distribution partner has and how insurance is going to fix it. Financial incentives such as commissions may not be sufficient (see Emerging Insights #32). Will insurance help partners manage internal risk, attract new customers, or retain existing customers?
  2. An alignment of vision and interest is critical.  An assessment questionnaire or a third-party facilitator can help partners have a genuine dialogue and identify potential issues upfront.
  3. Trust and commitment are crucial and are required from both the executive and operational teams. Working through issues and challenges together is a necessary part of developing trust and commitment.
  4. Clear expectations of what the partnership can achieve are needed. Developing a joint business plan helps. The business plan need not be comprehensive, but it should
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