48th Annual Report of the IIAP President to the Members (May 8, 2023)
Annual General Membership Meeting
Despite the restrictions in conducting Face-to-Face classes, the Institute was able to get good a number of attendees to its virtual classes. The year 2022 continued to be a good year for your Institute. Despite the pandemic, the Institute was able to facilitate more webinars/online courses, solicit more attendees, and hold a number of new initiatives in preparation for the more challenging times ahead.
We achieved an annual growth rate of 15% in terms of revenues on seminar and exam fees increasing from 25.4 million in 2021 to 29.1 million in 2022.
In terms of the number of webinars/online courses, IIAP offered 71 courses and webinars with a total of 1,992 students.
Exclusive webinars were also facilitated by IIAP for different insurance companies and HMO such as Standard Insurance, BPI/MS Insurance, COCOGEN, Liberty Insurance, Corporate Guarantee, Life and Health HMP, Inc.
The online exam for LIA-VFE and the resumption of the pen and paper exams gave the Institute the much-needed revenues to sustain its operation. More advanced course exams have been uploaded on the platform to give students/examinees more flexibility in terms of exam date and time.
THE SECOND VIRTUAL PHILIPPINE INSURANCE SUMMIT
The Summit was presented digitally last June 22 and 23, 2022, 2 half-day session as large physical gathering was still not allowed.
The number of Sponsoring Companies was 37. Total number of attendees reached 197. The event was in collaboration with Insurance Philippines, through Mr. Reynaldo de Dios, the proponent of this yearly activity.
SUITS BATCH 6
SUITS (Select Universities Insurance Training and Scholarship) Program of the IIAP again trained a total of 10 outstanding university graduates under the 6th batch of the 2-month intensive training program, which was a combination of virtual and physical training.
We are pleased to report that 100% of the graduates of SUITS in 2022 have been employed by various insurance companies, as management trainees.
IIAP pursues to keep the insurance community abreast on the latest economic trends and issues. In line with this, your Institute conducted a free in-person Economic Briefing for Insurance Industry Executives last October 5, 2022. The resource speaker was Dr. Cielito F. Habito and this was attended by 22 officers and managers. This was sponsored by the Robert Morris Chair.
ASEAN REINSURANCE PROGRAMME 2ND INTAKE
In cooperation with the ASEAN Insurance Education Committee (AIEC), the IIAP offered for the second time the topics assigned to the Philippines on Asean Reinsurance Market Developments, Asean Reinsurance Pricing, and Asean Reinsurance Planning and Structuring. All these were facilitated by Mr. Gabriel Manoughian, an expert on Reinsurance, based in Australia. All the topics assigned to the Institute were all well-attended online with a total of 77 students from different Asian countries.
EAST ASIAN INSURANCE CONGRESS (EAIC) 2022
East Asian Insurance Congress (EAIC) 2022: Diamond Jubilee was held virtually last September 21-22, 2022 with the Theme: "Cutting a Multi-Faceted Clear Vision for the Industry”. The IIAP participated in the event as Silver Sponsor
The Institute conducted pilot seminars on Basic Life Underwriting Course in cooperation with PLIA, Award in Customer Service in Insurance (W04, a CII Course), Risk Surveying and Analysis with a total of 75 participants.
IIAP conducted special seminars on NatCat Claims in the Philippines, Motor Claims, Damage Analysis and Estimating Seminar and Corporate Governance.
The Institute continuously offered regular online courses on Basic Non-Life Insurance (on-line and one face-to-face in Cebu City). The BNL Course was conducted 20 times during the year with 838 students, facilitated 30 Intermediate and Advanced Courses, including management and short courses, through webinars.
Exclusive courses were also facilitated by IIAP for different insurance companies and 1 HMO. These are Standard Insurance, BPI/MS Insurance, Cocogen, Liberty Insurance, Corporate Guarantee, Life and Health HMP, Inc.
To keep up with IIAP’s mission of educating insurance practitioners, several free webinars were offered to the industry, such as:
Emerging Strong and Happy Through the Pandemic
Economic Briefing for Insurance Industry Executives
Bridging the Poverty Trap on Healthcare System (with PIRA)
Financial Wellness Webinar in cooperation with BPI Foundation and Department of Education for DepEd’s Teaching and Non-teaching Personnel
IFRS 17 For Non-Life Insurance Companies Overview and Operational Impact
IFRS 17 For Life Insurance Companies Overview and Operational Impact
7. Grammar and Technical Report Writing Workshop for APAC/PILA
LIAC/VFE LICENSING EXAMINATIONS
For the Life Sector, the Life Insurance Agents Course with Validating Final Examination (LIAC-VFE) continues to be patronized by life insurance companies by sending their prospective agents. A total of 12,795 examinees from various life insurance companies took the online, online proctored and pen and paper traditional examinations in 2022. We also conducted special examinations in the provinces all over the country.
CERTIFIED WEALTH MANAGEMENT PROGRAM
Despite the inability to conduct face-to-face classes due to government restrictions on the pandemic, the Wealth Management Center also continued with its programs on the digital platform. IIAP was able to receive its share of the revenues from virtual classes WMC conducted during the year.
FIRST QUARTER 2023 UPDATES
At the start of the 2023, the lockdown was completely lifted giving rise to normal business operations. Thus, the Institute was able to accomplish the following:
Renewal of Contract with Talview on Online Examination
IIAP’s 2023 Awarding Ceremonies for years 2019 to 2022 with 170 Awardees at the IIAP Function Hall
Exclusive courses for Stronghold Insurance in Cagayan De Oro City, Standard Insurance, Liberty Insurance; Alpha Insurance and Aboitiz Power Corporation
The 16th Philippine Insurance Summit at the Dusit Thani Hotel attended by 319 local and foreign delegates.
Asean Reinsurance Program 3rd Intake.
TOP 5 IIAP PATRONS
On behalf of the Board of Trustees of IIAP, I would like to thank our top five patrons for 2022: These are:
Standard Insurance Co., Inc.
Government Service Insurance System
BPI/MS Insurance Corporation
BDO Insurance Brokers, Inc.
Pioneer Insurance and Surety Corp.
At this point, we would like to thank all the members of the Board of Trustees, for the support extended to the Institute to all its programs. Likewise, we would like to extend our gratitude to the Management and staff of IIAP, who tirelessly contribute to the realization of all the programs and projects of the Institute.
Your Institute will continue to further improve its service by offering trainings and other activities that will benefit the insurance industry.
Thank you and have a pleasant afternoon!
Herminia S. Jacinto