46th Annual Report of the IIAP President to the Members                                                (June 30, 2021)

 

EXECUTIVE SUMMARY

As the year was marked with slow business activities due to pandemic and lockdowns, the Institute was not spared from the negative impact of this unfortunate and unexpected turn of events. What used to be robust enrollment to some of the best-selling courses of IIAP, such as Basic Non-Life and other technical courses, suddenly lose the numbers as face-to-face classes were prohibited by the government to arrest the spread of the killer virus.

True to IIAP’s form, the Team did not take things sitting down and started converting all the physical classes into virtual courses.  Mid-year 2020 marked the start of all IIAP courses being offered on the digital platform.  Even the newly introduced zoom, a meeting and events app, was learned quickly by the Team so that virtual classes can be held immediately through this medium, replacing what used to be face-to-face classes.  The year ended with 46 number of courses and 903 number of enrollees.  Webinars were offered and conducted, with selected IIAP lecturers facilitating the classes virtually.

 

The IIAP was also bent on being relevant during COVID -19 and embarked on a series of free webinars to help the industry players and our members during the difficult months. The IIAP did webinars on the most pressing concerns of insurance companies during the lock down such as challenges in a Work From Home environment, Crisis Management and Cyber security, risks and exposures.

 

The IIAP consciously reached out to insurance companies that were struggling with their operations and hosted webinars on organizational transformation and insurance products of the future.

 

The IIAP likewise inked a contract with TALVIEW on the same year, a software provider with a platform for online exams.  This is to assist the life insurance industry in expediting examinations for life agents. The other examinations of IIAP were placed on the same digital platform, as well. The total number of life examinees for 2020 was 4,530. This was unexpectedly high but still fell short of the numbers in 2019, Conversely, this gave the Institute the much-needed push upward in terms of revenues.

 

Although the bottom line is still negative, we are hopeful that 2021 will be a better year, with the continuation of the online exam and more course exams being uploaded on the platform to give examinees more flexibility in terms of exam date and time.  Examinees can take the exams wherever they may be at their most convenient time.

In terms of number of courses, only 46 was facilitated during the year, which is a far-cry from 106 total number of courses in 2019.  The total number of students was only 903 or remarkably lower by 56% in 2019 with 2,069 no of enrollees.  Total revenues posted for the year is at P23.5 million as against P 45.2 in 2019, or a decrease of 48 % in 2020.

 

The Institute also signed an agreement with Chartered Insurance Institute of London to become an official distributor of CII courses, that will be facilitated on the virtual platform, to complete the designation courses leading to CII Certification.

SUITS (Select Universities Insurance Training and Scholarship) PROGRAM

IIAP temporarily suspended this Program as physical training of selected graduates from different colleges and universities was prohibited.  The Institute will resume this worthwhile project once the situation allows for it.

IIAP FACULTY CONFERENCE

IIAP did not hold the annual Faculty Conference in compliance with the government directive of prohibiting gatherings.

ECONOMIC BRIEFING

IIAP pursues to keep the insurance community updated on the latest economic trends and issues. In line with this, your Institute conducted a free Economic Briefing virtually for Insurance Industry Executives last October 29, 2020. The resource speaker was Dr. Cielito F. Habito and this was attended by 69 officers and managers. This was sponsored by Alfredo Lim Yee Goan Chair.

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REGULAR PROGRAM

Your Institute continuously offered regular courses on Basic Non-Life, Basic Life and other intermediate and advanced courses, including management courses, through webinars.

In-house and exclusive courses were also facilitated by IIAP for different companies most notably were a series of courses for Malayan Insurance Co., BPI/MS Insurance Corp, Standard Insurance Co., COCOGEN, Stronghold Insurance Co., Inc., FGen Insurance Corp., Starr Insurance Phils. and Kwik Insurance Brokers.

To keep up with IIAP’s mission of educating insurance practitioners despite the pandemic, several free webinars were offered to the industry such as Cyber Security, Impact of Covid 19 to Insurance in the Long Run, sponsored by Cologne Re Chair, and Introduction of Digital Tools for Non-Life Insurance Agents, sponsored by PIRA Chair.

Basic HMO was conducted for members of the ASP and employees of HMO industry last December 1-4, 2020 with 27 participants.  

LIAC/VFE LICENSING PROGRAM

For the Life Sector, the Life Insurance Agents Course with Validating Final Examination (LIAC-VFE) continues to be the main offering where the number of enrollees availing of IIAP’s services averaged to about 900 prospective agents a month.

A total of 4,530 examinees from various Life Insurance Companies took the on-site and offsite LIA-VFE exams through pen and paper and computerized exam version, during the year.

CERTIFIED WEALTH MANAGEMENT PROGRAM

Impacted by the lockdown, as well, the Wealth Management Center also continued with its programs on the digital platform. IIAP signed an addendum to the previous contract it signed with WMC, reducing our share on the fees for their online trainings.

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IIAP FACULTY CONFERENCE

IIAP did not hold the annual Faculty Conference in compliance with the government directive of prohibiting gatherings.

 

ECONOMIC BRIEFING

IIAP pursues to keep the insurance community updated on the latest economic trends and issues. In line with this, your Institute conducted a free Economic Briefing virtually for Insurance Industry Executives last October 29, 2020. The resource speaker was Dr. Cielito F. Habito and this was attended by 69 officers and managers. This was sponsored by Alfredo Lim Yee Goan Chair.

ONLINE COURSE ON CONDOMINIUM INSURANCE

IIAP, in collaboration with Coursebank, introduced its first online course on Condominium Insurance last May 2020. This course is facilitated by Dr. Pedro Benedicto Jr.

EXAMINATION CENTER ACTIVITIES

IIAP continues to administer the examinations for many international organizations such as the SOA, LOMA, CAS and ALU.

 

FIRST QUARTER 2021 TRANSFORMATION

IIAP was designated by the Asian Insurance Council as the lead Institute to handle the Asian Reinsurance Program for the Asian market.  The first Module on Updates on the Asian Reinsurance Market was conducted on February 19, 2021 where 34 number of enrollees attended said webinar.  This was facilitated by Mr. Gabriel Manoughian of InuRe.  The second and third offerings of IIAP will be in July and August 2021, respectively.

Conducted free webinar in partnership with PIRA Inc and IPV Network on Cybersecurity and the Insurance Industry

TOP 5 PATRONS

On behalf of the Board of Trustees of IIAP, I would like to thank our top five patrons for 2020: These are:

1. Wealth Management Center

2.  BPI/MS Insurance Corporation

3. Malayan Insurance Co., Inc.

4. Philippine Pacific Insurance Brokers and Managers Inc.

5. Stronghold Insurance Co., Inc.

29TH EAIC PROFESSORIAL CHAIR FOR IIAP

The 29th EAIC Manila Organizing Committee of 2018 has finally decided to donate the 29th EAIC Professorial Chair to IIAP aimed to promote awareness campaign and insurance education among selected Senior High Schools and Colleges, to advance innovation in learning and teaching methods, and to support the 29th EAIC in Seoul 2022.
 

ILO-IMPACT INSURANCE FACILITY’s TRAINING AND WEBINAR ON INSURANCE FOR SMEs

Another first for the Institute is the Training on Insurance for SMEs, a project in collaboration with International Labor Organization – Impact Insurance Facility of Geneva, Switzerland.  IIAP’s selected lecturers were initially trained by ILO-Impact Insurance Facility and were assigned to handle specific portions of the webinar conducted on February 22-23, 2021.

 

CYBERSECURITY WEBINAR

A free CyberSecurity Webinar was also conducted on February 5, 2021 to create an awareness among insurance companies on the importance of protecting stored valuable data and information from cyber hackers. The late Mr. Ramon Dimacali was at the helm of this project during his active days in the insurance industry.
 

Herminia S. Jacinto

       IIAP President