MANILA, Philippines - The microinsurance members of CARD Mutual Benefit Association (CARD MBA) rose to 12.3 million Filipinos nationwide this quarter, which is 21-percent higher compared to the same quarter last year.
CARD MBA general manager May Dawat said the significant increase means more families are securing their household in times of uncertainties such as calamities and disasters.
According to the report of the Department of Finance (DOF), the microinsurance coverage in the Philippines increased from 20 percent in 2012 to 28.1 percent in 2014, which is the highest among Asia-Pacific Economic Cooperation (APEC) member economies.
“By establishing a stable and secured future for every Filipino families we can make financial inclusion a reality,” Dawat added.
CARD MBA opened five provincial offices (POs) in Zamboanga Sibugay, Nueva Ecija, Negros Occidental, Oriental Mindoro and in National Capital Region (NCR) to be closer to the communities. POs facilitate more immediate services to the members of the communities which CARD serves. To date, CARD MBA has 50 provincial offices strategically located nationwide.
CARD MBA invests on microinsurance system to further improve its data control system.
The microinsurance system of CARD MBA is developed by CARD MRI Information Technology (CMIT), a member institution of CARD MRI, to help CARD MBA efficiently cater to the millions of members.
Other noted accomplishment of CARD MBA this quarter is the increase of insured clients under the Golden Life Insurance Program (GLIP).
GLIP is an optional program for CARD clients to continue their insurance coverage after the CARD MRI Mandatory Exit Age of 70 years old.
Members can also be insured up to 100 years old. The product, which was launched late last year, already covered 1,073 members.
Dawat also highlighted their 97-percent accomplishment in terms of 1-3-5 Day Target scheme for claims settlement.
The scheme is CARD MBA’s claim settlement model, which settles claims within one day and a maximum of five days.
Dr. Jaime Aristotle B. Alip, founder and managing director of CARD MRI, said they plan to reach eight million families and insure 40 million assuming an average of five members per household within the next five years.
CARD MBA is the microinsurance arm of CARD MRI, which is a social development organization that aims for poverty eradication in the country.