CARD Mutual Benefit Association (MBA), Inc., a member institution of the CARD Mutually Reinforcing Institutions (CARD MRI) and the CIC Insurance Group Plc. of Kenya, Africa, signed a Memorandum of Understanding (MOU) on June 1, 2023, at the CARD MBA Head Office, San Pablo City, Laguna.
The MOU aims to share knowledge and expertise on microinsurance where both parties will complement. CIC is the largest insurance group in Kenya, Africa, while CARD MBA remains as the biggest mutual microinsurance in Philippines.
CARD MBA shall support CIC with the establishment of a Microinsurance Academy, operationalization of a Microinsurance Company, and development of life and non-life microinsurance products. On the other hand, CARD MBA shall learn from CIC’s expertise on non-life insurance and asset management. Ultimately, a continuous learning exchange program between the parties shall be established.
The partnership was conceptualized and facilitated during the two parties’ attendance to the 100th year anniversary celebration of the International Cooperative and Mutual Insurance Federation (ICMIF) Foundation spearheaded by its President, Mr. Sabbir Patel in Rome, Italy.
The MOU shall be in effect for three years (2023-2026) and shall be renewed based on mutual agreement of the parties.