In November 2010 Issue of the Official Newsletter of the Property action center of Micra Philippines , PPLIC was extensively feautured in two of its articles. It is truly great honor for PPLIC to be recognized by MICRA (Microfinance Innovation Center for Resources and Alternatives) Philippines, the consulting and advisory firm exclusively dedicated to strenghtening microfinance in the Philippines.
The two articles prominently cited PPLIC on-going viable partnerships with UPLIFT, an NGO providing services to more than 14,000 individuals living in the slums of Metro Manila and Gata Daku, a multipurpose cooperative founded in March 1992 by a group of farmers with primary services that include savings, loans for agricultural production, and group and individual microfinance loans.
The articles not only to promote the importance and relevance of Microinsurance in Nation-Building but also strenghten and reinforce Philippine Prudential Life as a valued and active commercial insurance partner in such worthy business pursuits.
UPLIFTing Your Way of Life
As stated in the Micra Philippines Newsletter, after all assessments and after identifying what their clients really need, UPLIFT partnered with Philippine Prudential Life Insurance necause aside from the price and the product features, Mr. Edmond Sison, UPLIFT’s Executive Director, said that it is also important to evaluate potential partners on its service delivery such as speed, responsiveness, flexibility and ability to offer support.
UPLIFT initially planned to offer Microinsurance to only 1,000 clients. But in the end, the program was rolled out to all of its 14,000 members. According to Mr. Sison, the product was a success because it worked for all the parties involved – UPLIFT, PPLIC and their clients.
From Good To Best
While it has been offering Microinsurance since 2005, Gata daku decided to formalize its program by partnering with Philippine Prudential Life Insurance Co. Inc. The coopertive did this to comply with their new regulatory framework and also to ensure that they would be able to pay the claims of their members.
Ms. Jinky Flores, Gata Daku’s General Manager, said that prior to partnering with Philippine Prudential Life, she was in constant fear that their reserves may not be enough to pay-off claims, even if they have been very conscientious in monitoring the premium collection and claims settlement.
Although the cooperative is now implementing more prudent measures, the co-op recognizes that these changes are necessary to ensure the sustainability of its program. With its partnership with Philippine Prudential Life in place, Gata Daku Multi- Purpose Cooperative is assured that it would be able to deliver on its promises when the need arises.
source: POVERTY ACTION CENTER NEWSLETTER (Issue No. 3)
