Aiming to share the story and lessons of the country’s first microinsurance company, CARD MRI Founder and Chairman Emeritus Dr. Jaime Aristotle B. Alip and Pioneer Life President and CEO Mr. Lorenzo Chan, Jr. co-wrote a book chronicling the CARD Pioneer Microinsurance Inc. (CPMI) journey.
The book entitled Sachet Insurance for the Micromarket: A Glimpse into the Story of CARD Pioneer Microinsurance Inc. was pre-launched during the National Microinsurance Forum 2020 on January 30 at the Philippine International Convention Center in Pasay City.
The event was graced by Commissioner Atty. Dennis B. Funa of the Insurance Commission, and Asec. Ma. Teresa Habitan of the Department of Finance. Also present were SEDP CEO Fr. Jovic Lobrigo, BSP Managing Director of the Center for Learning and Inclusion Advocacy Ms. Pia Bernadette Roman Tayag, MiMAP President Ms. Silvida Antiquera, and MCPI Chairperson Eduardo Jimenez.
Said CPMI co-founder Mr. Chan, the book was launched to share their lessons on microinsurance, whose framework was often cited as a model used by other countries.
“It is with hopes that we can contribute further to the growing knowledge on insurance – a once elite product now made accessible for all,” shared Mr. Chan.
The CPMI Journey
In 2013, CARD MRI and Pioneer Life forged partnership to provide non-life insurance products to socioeconomically challenged families. Among the products that CPMI offers are the Sagip Plan, Kabuklod Plan, and crop insurance.
In an interview, Dr. Alip and Mr. Chan shared how their similar passion to provide safety net to the poor led them to a joint venture.
“In the mid-2000s, CARD’s management looked into the possibility of providing non-life insurance products to its clients,” narrated Dr. Alip. ”Our pursuit to this goal led us to a man who, like CARD, has a heart for the poor.”
Then came 2007 when Dr. Alip and Mr. Chan met. “I was on the hunt for a partner microfinance institution who would help us actualize our dream of a ‘sachet insurance’,” shared Mr. Chan.
“Sachet insurance” refers to affordable and accessible insurance products catering to the needs of the lower classes.
This meeting led to a partnership between the country’s largest microfinance institution and one of the country’s most innovative commercial insurers.
In April 2019, CPMI has been recognized by the Insurance Commission as one of the top microinsurance providers in the sector, with 66.89% market shares.
The Sachet Insurance for the Micromarket will be officially launched in April 2020. To reserve a copy of the full version of the book, you may contact CARD MRI Publishing House through its Facebook page @CARDMRIPublishingHouse or at publishing@cardmri.com.
