Fortifying its commitment to address the widening life protection gap in the country, British life insurer Pru Life UK recently held financial literacy workshops as part of the community program, “Microinsurance distribution through online communities” or MicroComm, in the cities of Butuan and Tacloban.
In partnership with Germany’s Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and technology provider CommLinked Inc., Pru Life aims to promote the accessibility of affordable life insurance for Philippine communities, in support of the Insurance Commission’s microinsurance agenda.
“Essentially, we are creating open communities comprising everyday people with extraordinary networks. This project with GIZ and CommLinked supports our commitment to make insurance inclusive and accessible using technology,” said Kenn C. Ramirez, Pru Life UK’s vice president for Channel Incubation.
Held on Aug.11 to 12 at Watergate Hotel, Butuan and Aug. 18 to 20 at Ironwood Hotel, Tacloban, the workshops covered the topics of microinsurance and entrepreneurship. They gathered over 140 participants from various sectors in the local communities, such as small business owners, teachers, members of the local government unit, and retirees.
Launched in early 2017, the program seeks to facilitate online community discussions as well as the distribution of financial literacy materials and microinsurance products to the country’s low-income sector through the official website www.empoweringfilipinos.com. Butuan City in Mindanao and Tacloban City in Visayas are the pilot sites of the MicroComm program.
MicroComm reinforces Pru Life UK’s commitment to addressing financial literacy and reducing the protection gap in the Philippines. Since it was established in 1996, the company has expanded its reach to over 130 branches and sales offices in the Philippines, with the biggest life agency force at more than 18,000 agents, and has emerged as one of the top five life insurers in the country.