September 2, 2011, 11:08pm
MANILA, Philippines — A company looking to succeed in offering
microinsurance must be able to handle the specialized needs of the vast
market it presents. A lot of the processes involved in traditional
insurance markets must be re-engineered into a different level of
service to garner the attention and interest of the low-income groups.
Showing its commitment to develop this market further, the Malayan Group
of Insurance Companies, the country's largest non-life insurance group,
has designated the Bankers Assurance Corporation (BAC) to service the
microinsurance segment, and to specialize on the insurance requirements
of the "masa" market.
Formerly known as the Malayan Zurich Insurance Company, BAC is tasked to
formulate products and institute specific processes that extend the
benefits of non-life insurance to what is considered as a previously
non-insurable segment.
"The microinsurance market requires a dedicated degree of service," said
BAC President Joel T. Almagro. "Products must be more consumer friendly
and affordable, require less documentary requirements, and of course,
offer genuine value that customers can easily understand and appreciate."
Recognizing the special requirements of this market, BAC has launched
its Bayan Asenso line of products that offer packages of insurance
covers and financial assistance, providing personal accident insurance
as well as protection for the home, small business, and family.
"Our role is to leverage on the strengths of Malayan Insurance to serve
the greater market of low-income Filipinos more efficiently," he added.
"We have a long way to go since only a small industry niche engages in
microinsurance," said Almagro. "BAC is committed to help generate
greater public awareness on the importance of having risk protection for
the low-income and informal sectors of society."
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