44th Annual Report of the IIAP President to the Members (May 6, 2019)
The seminar fees decreased by 11% from P35.4 million in 2017 to P32 million in 2018 and total revenues decreased by 5% from P49.9 million in 2017 to P 47.5 million in 2018. Our profit from operations continued to be healthy as we produced P5.5 Million in 2018 compared to P7.8 Million in 2017.
During the year, 328 students passed the certification requirements of the Chartered Insurance Institute of London under IIAP’s Basic Non-Life Course, increasing the total number of passers to 1,425. There are already more than 15 IIAP students who have been certified by CII and given the Cert CII designation.
SUITS (Select Universities Insurance Training and Scholarship) PROGRAM
IIAP again trained a total of 10 outstanding university graduates under the 4th batch of the 2-month intensive training program.
SUITS, a joint project of IIAP, the Philippine Insurers and Reinsurers Association, Inc. (PIRA), and the Philippine Life Insurance Association, Inc. (PLIA) was designed to attract quality college graduates into the Life and Non-Life Insurance Industries. We are pleased to report that all the 6 graduates of SUITS in 2018 have been employed by various insurance companies as management trainees.
A Basic Microinsurance Course was conducted in Kuala Lumpur, Malaysia with 32 participants. This is in cooperation with International Labor Organization.
IIAP pursues to keep the insurance community updated on the latest economic trends and issues. In line with this, your Institute conducted a seminar on Economic Briefing for Insurance Industry Executives last Nov. 2018. The resource speaker was Dr. Cielito F. Habito and this was attended by 46 officers and managers.
For the period January to December 2018, our Regular Programs continued to produce significant and increasing results.
We conducted a total of 128 courses/seminars during the year. We had a total of 2,711 participants who attended the various courses that are available at the Institute. Our best-selling course, Basic Nonlife Insurance, was conducted 34 times during the year.
In-house and exclusive courses were also facilitated by IIAP for different companies most notable were a series of courses for Standard Insurance Co., Philnare, UCPB General Insurance, FPG Insurance Co., Climbs Life and General Ins., Mapfre Insular Insurance, Aon Insurance Brokers, Corporate Guarantee and Insurance Co., Royal Insurance Corp. of Bhutan and Punongbayan and Araullo (auditing firm).
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 671 prospective agents a month.
A total of 8,093 enrollees from various Life Insurance Companies took the LIAC-VFE during the year.
In May of 2018, IIAP introduced the computerized version of the Agent’s examination to further expand its services to its member life companies. As of end of last year, 934 agents took the computerized exam.
MANAGEMENT DEVELOPMENT COURSES
In 2018, IIAP continued to offer management, leadership and soft skills Training Programs to the insurance industry. This is in line with the holistic approach of the Institute of providing not just the technical skills and knowledge to its clients, but also honing their management skills to become effective insurance practitioners.
During the year, 9 Management Development Courses have been conducted at IIAP involving 106 participants.
IIAP also offered special seminars during the year. These are:
RBC Seminars in cooperation with JP Wall Consulting Partners
Basic Modern Motor Vehicle System and Collision Damage Repair Estimating Seminar
Motor Claims and Damage Analysis Seminar
Trainers Accreditation Course (TAC)
Effective Collection Techniques
Setting Up a Tax Qualified Retirement Plan
Basic Life Insurance and Life Insurance Operations and Management Course
Cyber Security: Risk and Opportunities for Insurance Industry
Basic EWRM and Business Continuity Management
Basic Research Methodology
CLAIMS TECHNICIAN COURSE
The Institute also has graduated 8 Claims Personnel for this course, in partnership with AICLA (Australasian Institute of Chartered Loss Adjusters). This is an international certification course for claims specialists, known as Claims Technician Course.
CERTIFIED WEALTH MANAGEMENT PROGRAM
Under our partnership with the Wealth Management Center, a total of 357 life insurance agents have been trained and 293 of them were from TROO Life Insurance. The topics in the program centered on Estate Planning and Financial Management.
2018 AWARDING CEREMONIES
Last January 31, 2019, the Institute held its graduation ceremonies where the top 3 of each of the course offerings for 2018 were awarded with medals. The ceremony was attended by 43 sponsoring officials, 14 faculty and guests, 8 IIAP Trustees and 115 awardees.
EXAMINATION CENTER ACTIVITIES
IIAP continues to handle the examinations for many international organizations such as the SOA, LOMA, CAS and ALU.
Active Link Insurance Brokers had joined IIAP as an Associate Member and Ms. Ma. Vicenta Lucia Magno-Alcid as individual member, respectively, last year.
FIRST QUARTER 2019 UPDATES
IIAP continues to facilitate courses that will answer the training needs of the branch employees of the insurance companies in different key cities all over the country. Provincial courses (covering both basic and advanced subjects) were conducted in the cities of Cebu, CDO and Davao in the first quarter of 2019
Advanced Course Improvement Project – Sixteen members of the faculty agreed to help IIAP improve the slides and exam questions of various non-life intermediate and advanced courses and 1 life insurance course to meet CII standards.
Your institute also partnered with a course developer on online platform, which means, that soon insurance courses can be accessed through the web.
TOP 5 PATRONS
In closing and on behalf of the Board of Trustees of IIAP, I would like to thank our top five patrons for 2018: These are UCPB General Insurance Co., Inc., Government Service Insurance System, Standard Insurance Co., FPG Insurance Company, and Charter Ping An Insurance Corporation.
We would also like to thank all the Members of the Institute for their continued support to all our plans and programs here at the IIAP.
Lastly, our most heartfelt gratitude goes to the members of the Board of Trustees, Officers and Staff of IIAP for their commitment and tireless service to our beloved Institute.
RAMON Y. DIMACALI