Philippines: Online community portals to market microinsurance
Source: Asia Insurance Review | Jul 2017
Pru Life Insurance Corp of the UK, the Philippine subsidiary of British insurer Prudential, and German government development agency Gessellschaft für Internationale Zusammenarbeit (GIZ) intend to bridge the protection gap among Filipinos by distributing microinsurance via online community portals.
Dr Antonis Malagardis, programme director of GIZ RFPI Asia, said that the project “Microinsurance Distribution through Online Communities (MicroComm)” will be pilot tested in Tacloban City in the Visayas and Butuan City in Mindanao, reported GMA News.
“We started already in January this year and we will go for at least two years or to early 2019,” Mr Malagardis said. The target is to register at least 30,000 individuals from Tacloban and Butuan in 6-8 months.
Pru Life UK President and CEO Antonio de Rosas said: “According to the Swiss Re Mortality Protection Gap Asia Pacific 2015 report, the Philippines has a US$370 billion mortality protection gap which translates to PHP600 billion ($12 billion) worth of premiums annually.”
Pru Life Vice President Kenn Ramirez said that the insurer will develop group specific products for online community portals, and target organised groups such as teachers, farmers, fishermen and retirees.
GIZ will provide financial literacy materials to create protection and savings knowledge at the district level. A