(The Philippine Star) Updated November 08, 2011 12:00 AM
MANILA, Philippines - The microinsurance initiative of the Rural Bankers
Association of the Philippines-Microenterprise Access to Banking
Services (RBAP-MABS) program has introduced a simplified licensing process.
Called the TRACS process, the process will simplify the microinsurance
licensing applications of rural bank to the Bangko Sentral ng Pilipinas
(BSP) and the Insurance Commission (IC).
The United States Agency for International Development (USAID)-supported
MABS developed the turn-key system to assist participating rural banks
in expanding their services to include microfinance product in order for
microinsurance to reach low-income groups.
The TRACS Process actually stands for: Train in microinsurance basic and
product mastery; Request for a no objection notice from the BSP;
Assemble microinsurance core team; Choose the bank's partner-insurance
provider; and, Submit complete requirements to the Rural Bankers
Research and Development Foundation Inc. (RBRDFI).
The process was introduced in a two-day microinsurance basic course
covers the fundamental concepts and principles of microinsurance. It
also imparts practical knowledge and skills to participants on
microinsurance sales and servicing.
After completion of the training, the participating rural banks must
submit its No Objection Notice to the BSP.
This document signifies the bank's compliance to the regulations and
intent to pursue the distribution of regulated microinsurance products.
Participating banks are encouraged to designate members of its
microinsurance team with expertise in marketing, operations and the
management information system (MIS) of the bank.
In addition, the team supervisor must have completed the trainings on
microinsurance basics and product mastery conducted by RBAP-RBRDFI and
the bank's partner-insurance provider, respectively. Only licensed
insurance companies and their authorized microinsurance products are
endorsed to the member rural banks.
These steps and the training provided help to ensure the success of
banks in properly selling, marketing and servicing microinsurance
services to their low-income clients.
RBAP-RBRDFI, with support from the International Labor Organization's
microinsurance innovation facility successfully trained 145 rural banks
since its launched in January 2011 and assisted more than 40 rural banks
with their microinsurance license applications.
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CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +639152919580 (Globe) and +639328590859 (Sun)
Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
SEEDFINANCE Corporation - http://www.seedfinance.net
Skype name: carlosaniph
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