Microinsurance Master: CARD Pioneer is global microinsurance benchmark

Belgium based Microinsurance Master recognized CARD Pioneer Microinsurance Inc. (CPMI) as the global benchmark for its successful approach in protecting the low-income market segment through simple, affordable, and accessible microinsurance solutions. 

Photo shows CARD MRI Founder Dr. Dr. Jaime Aristotle Alip and Pioneer Group Head and Microinsurance Network Chair Lorenzo Chan Jr.

Microinsurance Master Founder Bert Opdebeeck said there is no other organization in the world that champions microinsurance like CPMI. “No wonder they are the only microinsurance company that was able to achieve a massive reach in the Philippines,” Opdebeeck revealed.

Opdebeeck recently held the Microinsurance Master Acceleration Program for the fourth time in the Philippines out of 6 runs to-date because the story and business model of CPMI is an ideal benchmark for the global delegates who are senior insurance executives from 14 different countries. 

“CPMI is a perfect case study because they have the mileage and track record which prove that the customer centric approach to microinsurance is actually powerful,” Opdebeeck said.

One of the key highlights of the two-week program was the panel discussion between Pioneer Group Head Lorenzo Chan Jr. and CARD MRI Founder Dr. Jaime Aristotle Alip where they shared the beginnings of CPMI, the challenges they faced, and their successful customer-centric microinsurance business model, driving enrollments beyond 20 million in 2023. 

Chan, who is also the global Microinsurance Network chairperson, revealed that CPMI’s game-changing  microinsurance business model was founded on good faith and trust. “It took both Pioneer and CARD MRI, to take a leap of faith and trust in each other as they sought to disrupt traditional industry standards to better serve customers and look beyond the short term,” Chan said. 

Dr. Alip shared that it is crucial to act with urgency in releasing claims to low-income customers at their time of need in order to gain trust. “We wanted a maximum of five days for customers to receive their insurance claim, which was unheard of in the industry, when we started. Pioneer was able to deliver that despite the huge risks at that time. Today, our target is from eight to 24 hours because of digitalization,” Dr. Alip said. 

In 2023, CPMI premiums reached 1.5 billion pesos and paid a total of 314 million pesos in microinsurance claims to the low-income segment.

Opdebeeck said the delegates were in awe of the dynamics between Chan and Alip and appreciated the insights on how to disrupt the industry to better serve customers from the low income sector. “They also gained a deep understanding on how their approach laid the foundation for the success of CPMI. No other insurer worldwide has achieved such penetration when it comes to microinsurance. And that’s why we always like to come back and learn from them,” Opdebeeck said.

ADVT.