Driving Microinsurance growth through Fintech, with support from the government and the private sector

The increasing relevance and impact of digital technology and innovation in growing and developing businesses, has come to the forefront in recent years. Recognizing this trend, the Microinsurance MBA Association of the Philippines Inc. (MiMAP) also known as RIMANSI, a network of mutual microinsurers in the Philippines, has promised to guide its members through this digital revolution to make them future-ready. RIMANSI recognizes that rapid digitalization poses a threat to the most vulnerable sectors, and therefore thereis an urgent need to improve digital literacy and skills education for marginalized sections of society.

The recently concluded National Microinsurance Forum organized by RIMANSI and supported by a grant from Citi Foundation was organized to discuss these challenges and possible solutions. This is an annual event organized every January in celebration of National Microinsurance Month and provides a platform to discuss the challenges and opportunities facing the microinsurance industry. This year’s theme was “Evolving with a Purpose in the Next Normal”, focusing on how microinsurance providers can adapt in a fast-changing and uncertain world.

Over 300 representatives of Microinsurance-Mutual Benefit Associations (Mi-MBAs), Microfinance Institutions (MFIs), Cooperatives (Coops), partner government and private sector institutions, and microinsurance providers and promoters in the country attended the forum.

Citi Philippines CEO and Country Head Paul Favila shared the following lessons and priorities realized by the bank during the pandemic in his opening message: investing in education, strengthening digitalization, and emphasizing a creative, resilient, and inclusive work culture.

Citi also expressed their commitment to achieving financial inclusion. “Citi remains committed to promoting financial inclusion and advancing economic progress in underserved communities. We do this through collaborating with clients and partners that have close relationships with the unbanked and underserved segments of society. We believe that good business goes hand in hand with making a positive impact in society,” said Paul Favila.

Deputy Insurance Commissioner of Legal Services Group Atty. Randy Serrano, one of the keynote speakers, announced the Insurance Commission’s plan to release a new framework following the “financial inclusion for economic growth” strategy of the Department of Finance. Atty. Serrano also stated that the Commission has endorsed to Congress a bill proposing to exempt microinsurance products from taxes.