The Philippines-based CARD Mutual Benefit Association (CARD MBA) ranked six in the fastest-growing mutual insurers in terms of life premium category among the global network of cooperative and mutual insurers and associates as revealed by the 2018 rankings of the International Cooperative and Mutual Insurance Federation (ICMIF).
The report includes the analysis of ICMIF’s 197 member organizations based on their location, legal structure, product lines, and affinity group from 66 countries in all six regions of the world. At least 40% of the member organizations are located in Europe, 21% from Latin America and the Caribbean, 18% from Asia, and the rest are located in the remaining regions of North America, Africa, and Oceania.
CARD MBA also ranked 17 as largest ICMIF member in terms of emerging markets with PHP2.98 billion (USD59,564,000) total premiums.
“This ranking tells us that insurance in general is now seen by Filipinos as an important safety net and not just an optional cost,” said May S. Dawat, chief executive officer of CARD MBA.
Since CARD MBA was formalized in 1999, its membership has grown exponentially. To date, CARD MBA remains to be largely a women-led organization composed of 5.2 million policyholders covering more than 18.58 million Filipinos nationwide, which is at least 18% of the total population of the Philippines.
These policyholders of CARD MBA are the microfinance clients of the four major institutions of CARD Mutually Reinforcing Institutions (CARD MRI) namely CARD, Inc., CARD Bank, CARD MRI Rizal Bank, and CARD SME Bank. CARD MRI is a group of 21 social development-oriented institutions including CARD MBA that aims to eradicate poverty by providing microfinance, microinsurance, and community development programs.
“Our greatest appreciation goes to the operations staff of CARD MRI major institutions for their undying support in making sure that every community CARD MRI serves will fully understand microinsurance and its impact to every household,” said Dawat.
Dawat further emphasized that the key to CARD MBA’s success is by listening to its clients. “We are always conscious of our members’ welfare that is why the communication line is always open. We think about what they need and we ensure that we can develop innovative and tailored-fit programs accordingly,” added Dawat.
CARD MBA will also continue to innovate by taking advantage of emerging technologies. “We are now pilot testing online claims notification so our claims payment would be faster and efficient,” said Dawat.
With technology, according to Dawat, CARD MBA is hopeful to reach and insure more Filipinos in the coming years.
ICMIF is the only global representative body of the cooperative and mutual insurance sector that provides services and activities on market information, networking opportunities and leadership development, and global advocacy.