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Insurance Regulators, Industry Players and Local Communities Gathered Together to Raise Awareness on Financial Risk Protection thru Online Communities

Being online is important as it provides a reliable and free venue to communicate with others but majority still has trust and security issues. A mere 7% of the 300 respondents on a market study conducted in the cities of Butuan and Tacloban on online behavior answered that they engaged in online banking. Top concerns of the target market are health issues and sickness. Insurance agents are still the most effective sources of information on insurance. Thirty-one percent (31%) of the respondents have insurance policies and 57% of the respondents are open to get insurance in the future.

These are some of the key findings of the study which was conducted in April 2017 to understand online behavior of the target respondents as input in the design of a highly relevant online community that can be a platform for financial literacy, including use and value of microinsurance. This online platform and key findings of the study were presented during the event “Increasing Awareness on Financial Risk Protection thru Online Communities” on 23 May 2017 at the Fairmont Hotel Makati.

In 2010, GIZ and the IC organized a series of roadshows to raise awareness of low income households on financial risk protection. Sixteen (16) key cities were visited and around 500 microinsurance agents were trained. This year, capitalizing on the onset of technology, GIZ continues to promote inclusive insurance though online communities. Local champions from the cities of Butuan and Tacloban, key insurance industry players and government institutions involved in the financial sector gathered together to advocate for increasing awareness on financial risk protection thru online communities. Last April and early May, a seminar on introduction to online communities was conducted in Butuan City and Tacloban City to open the minds and sensitize local communities on online communities.

These events were organized by the Deutsche Gesellschaft fur Internationale Zusammenarbeit Gmbh (GIZ), Commlinked and PruLife UK under a new partnership launched early this year, “Microinsurance distribution through online communities (MicroComm)”, with an aim to reduce the protection gap in the country.

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About GIZ

As a service provider with worldwide operations in the field of international cooperation for sustainable development, GIZ works together with its partners to develop effective solutions that offer people better prospects and sustainably improve their living conditions. GIZ is a public-benefit federal enterprise and supports the German Government as well as many public and private sector clients in a wide variety of areas, including economic development and employment, energy and the environment, and peace and security.