CARD’s microinsurance arm opens Davao Oriental office

To reach out to more members in Mindanao, CARD Mutual Benefit Association (CARD MBA) opened its 50th provincial office in Mati, Davao Oriental on April 3.

CARD MBA, an association owned and managed by its members, is the microinsurance provider of CARD Mutually Reinforcing Institutions (CARD MRI) and is the first microinsurance MBA in the country.

Rona Nava, deputy director for CARD MBA operations in Mindanao, explained that the continuous expansion of CARD MBA is for them to be able to respond immediately to the microinsurance needs of CARD MRI clients.

In 2015, CARD launched its 5-8-40 strategy. The strategy aims to reach eight million Filipinos nationwide and insure at least 40 million individuals in five years. “In terms of outreach, CARD is actually growing; hence, the demand for our service, too,” Deputy Director Nava added.

In Davao Oriental, CARD MBA is expected to serve to at least 30,000 microfinance clients of CARD, Inc. and CARD Bank, Inc., both are member institutions of CARD MRI.

1-3-5 day claims settlement

Deputy Director Nava also expressed that the expansion of CARD MBA plays a significant contribution in the realization of their 1-3-5 day claims settlement strategy.

The said strategy is to assist its members in times of uncertainties by validating their claims and paying strategically within the 1-3-5 day target. As of February 2017, the institution was able to accomplish 97.35% of their claims settlement target. This has been consistent since 2006 when CARD MBA started this model.

“This opening of new branch is a manifestation of CARD MBA’s strong commitment in making sure that the members of the association are secured and valued,” Ms. Luzviminda Corpuz, member of CARD MBA Board of Trustee and also a member of CARD, Inc.  South Cotabato, said.

CARD MBA is a separate legal entity owned and managed by CARD MRI members. It provides microinsurance products such as basic life insurance, retirement savings fund, credit life and golden life insurance program to four financial institutions of CARD MRI – CARD, Inc., CARD Bank, Inc., Rizal Bank, Inc., and CARD SME Bank, Inc. To date, CARD MBA insures more than 12.5 million individuals nationwide.