Insurance industry supports ISAP authentication facility

The country’s non-life insurance companies are pressing for the establishment of only one online facility operated by the Insurance and Surety Association of the Philippines (ISAP) to register and verify compulsory third party liability (CTPL) insurance policies on motor vehicles.

This developed as Land Transportation Office (LTO) chief Gen. Roberto Lastimoso and Insurance Commissioner Eduardo T. Malinis endorsed the facility being set up by ISAP which groups the country’s over 100 non-life insurers.

In a recent general membership meeting, all ISAP members agreed that there should only be one authentication facility to assure there is only one central data base for the industry. Companies that had previously planned to use an alternative facilities as an interim arrangement also supported the decision.

Lastimoso and Malinis gave their endorsement to the ISAP facility in a meeting with ISAP officers. During the meeting, the authentication facility was presented as the insurance industry’s common information technology (IT)-based solution to the problem of fake CTPL insurance policies.

Earlier, ISAP held a pre-bid conference with six IT firms that pre-qualified as the service provider for the authentication facility. The bids/tenders are expected to be submitted by the first week of May, and the winning bidder will be asked to develop the system in the shortest possible time, said Victoria Roman Flores, president of ISAP.