CARD’s microinsurance provider covers 12.3 million Filipinos in Q3

The microinsurance members of CARD Mutual Benefit Association (CARD MBA) rose to 12.3 million Filipinos nationwide this quarter, which is twenty-one per cent higher compared to the same quarter last year.

“The significant increase means more families are now securing their household in times of uncertainties such as calamities and disasters,” shared CARD MBA General Manager May Dawat.

According to the report of the Department of Finance (DoF), the microinsurance coverage in the Philippines increased from 20% in 2012 to 28.1% in 2014, which is the highest among Asia-Pacific Economic Cooperation (APEC) member economies.

General Manager Dawat is overwhelmed with its significant contribution to the country’s financial inclusion goals. “By establishing a stable and secured future for every Filipino families we can make financial inclusion a reality,” GM Dawat added.

With the given increase, CARD MBA opened five new Provincial Offices (POs) in Zamboanga Sibugay, Nueva Ecija, Negros Occidental, Oriental Mindoro and in National Capital Region (NCR) to be closer to the communities. Provincial Offices facilitate more immediate services to the members of the communities which CARD serves. To date, CARD MBA has 50 provincial offices strategically located nationwide.

“In line with the growing number of CARD clients, we also have to increase our staffing and continue to invest on microinsurance system to further improve our data control system,” said GM Dawat.

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.

According to GM Dawat, members who will avail the insurance will be insured up to 100 years old. The product, which was launched late last year, already covered 1,073 members. “The number of our members for retirement this year is 1,109. We are close to reaching out to all of them this year, through our GLIP caravans. I think this is a breakthrough product for the clients because this will give them something to lean on until their golden years,” GM Dawat added.

GM Dawat also highlighted their 97% accomplishment in terms of 1-3-5 Day Target scheme for claims settlement. The said scheme is CARD MBA’s claim settlement model, which process and settle claims within one day and a maximum of five days.

“Too, our partnership also with National Statistics Office helped a lot in accomplishing this target in relation to document completion,” lauded GM Dawat adding that their members feel comfortable now in processing their NSO related documents. To date, CARD MBA already processed 2,558 NSO documents since its partnership in 2013.

Meanwhile, it is also worthy to note that CARD MRI is currently supporting 2,571 scholars nationwide and looking forward to having these scholars be active participants of CARD’s goal to eradicate poverty in the country.

Dr. Jaime Aristotle B. Alip, the founder and managing director of CARD MRI, also disclosed that in five years, CARD MRI plans to reach eight million Filipino families and insure 40 million assuming an average of five (5) members per household.

CARD MBA is the microinsurance arm of CARD MRI, which is a social development organization that aims for poverty eradication in the country.

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