Invest in insurance solutions (to not exceed 7.5% of daily minimum wage for premiums and charges) for low-income and vulnerable smallholder farmers. This model incorporates an efficient claims-processing system, through physical and digital platforms, thereby increasing access, and automatically initiates payouts when predefined index triggers are met.
Product design, after-sales service of insurance products for smallholder farmers can be implemented in partnership with intermediary organizations like microfinance service providers.
CARD Bank, Inc. is a microfinance bank that was founded in San Pablo City, Laguna on September 1, 1997. It has since grown to become a nationwide financial institution with 54 branches and 329 Micro Banking Offices (MBOs). CARD Bank serves over 900,000 clients across the country and has recently partnered with Cebuana Lhuillier in the inclusion of microinsurance as part of a requirement for small-scale agricultural financing. While the current coverage is small, there's significant growth in the market for those areas that have proven the viability of claims in case of calamity.
Sureserv is a Filipino microfinance service provider that helps working-class Filipinos pay for healthcare. It aims to fill the healthcare access and convenience gap by providing loans to working-class Filipinos so they can afford the healthcare they need and has helped employees from manufacturing, manpower, retail, SME, and BPO companies.
ASA Philippines is a non-profit, non-stock corporation specializing in microfinance. The first branch that the foundation started with was in Camarin, Caloocan in August 2004, and as of today, the foundation has already expanded its operations nationwide. The foundation caters to more than 2 million clients who are called by ASA as Micro Entrepreneurs.
The "Weather Index-Based Insurance (WIBI) Mindanao Project," an initiative implemented by the UNDP in partnership with the Philippine government (specifically PCIC and the Department of Agriculture) from 2014 to 2017, aimed to address climate-related risks in agricultural communities in Mindanao, focusing on Regions X and XI. The program offered insurance coverage for major grain crops, particularly rice, against both low and excess rainfall. By the end of 2015, the project had distributed weather index-based insurance to 837 enrolled farmers, covering approximately 961 hectares and amounting to around Php 19.19 million payouts.
Providing improved financial security to poor families within the agriculture industry through microfinancing and microinsurance products.
