The CARD Mutual Benefit Association, Inc. (CARD MBA, Inc.), microinsurance arm of CARD Mutually Reinforcing Institutions (CARD MRI), recently opened its 50th Provincial Office (PO) in Tagaytay City.
General Manager May Dawat said the expansion is for CARD MBA to be able to respond immediately to the microinsurance needs of CARD MRI clients. “As the number of CARD clients grow, the demand for our service is also growing,” GM Dawat added.
CARD MRI’s operation in Cavite is already under CARD SME Bank, Inc. since 2007. According to GM Dawat, one PO was already established in Dasmariñas for the whole province, however, the number of clients totaled to almost 92,000 requiring another PO to effectively and efficiently serve its members.
With the expansion, GM Dawat added that almost 70,000 of its clients including some nearby areas of Cavite will now be transferred to the new PO.
Moreover, GM Dawat also expressed that the expansion plays a significant contribution in the realization of their 1-3-5 day claims settlement strategy.
The said strategy is to assist its members in times of uncertainties by validating their claims and paying strategically within the 1-3-5 day target. As of February 2016, the institution was able to accomplish 97.42% in their claims settlement target. This has been consistent since 2006 when CARD MBA started this model.
“We, in the association, want to let our co-members to feel secured and valued, thus, this opening. We hope to open more branches nationwide,” said Ms. Abundia Manabes, president of CARD MBA, Inc. and also a member of CARD Bank, Inc. Bay, Laguna Branch.
CARD MBA is a separate legal entity owned and managed by the CARD MRI members. It provides microinsurance products such as basic life insurance, retirement savings fund, credit life and golden life insurance program to four financial institutions of CARD MRI – CARD, Inc., CARD Bank, Inc., Rizal Bank, Inc., and CARD SME Bank, Inc. To date, CARD MBA insures more than 13 million individuals nationwide.
In photos are (L-R) President Abundia Manabes and General Manager May Dawat of CARD MBA, Inc.