INSURANCE INSTITUTE FOR ASIA AND THE PACIFIC
47th Annual Report of the IIAP President to the Members (May 2, 2022)
EXECUTIVE SUMMARY
The year 2021 continued to be a good year for your Institute. Despite the pandemic, the Institute was able to facilitate more webinars/courses, solicit more attendees, and hold a number of new initiatives in preparation for the more challenging times ahead in the coming year.
We achieved an annual growth rate of 129% in terms of revenues on seminar and exam fees increasing from P11.1 million in 2020 to P25.4 million in 2021.
In terms of number of webinars/courses, IIAP offered 59 courses and webinars with a total of 1,730 students.
Exclusive webinars were also facilitated by IIAP for different insurance companies and broker such as Standard Insurance, BPI/MS Insurance, COCOGEN, Benlife, Western Guaranty, Liberty Insurance, Corporate Guarantee, Aon Insurance Brokers and Allied Bankers Insurance.
The online exam for LIA-VFE gave the Institute the much-needed revenues to sustain its operation. More course exams have been uploaded on the platform to give students/examinees more flexibility in terms of exam date and time.
THE FIRST VIRTUAL PHILIPPINE INSURANCE SUMMIT
The Summit was presented digitally last July 21 to 22, 2021, departing from the usual face-to-face event conducted year-on-year.
The number of Sponsoring Companies was 37, while those who attended numbered to 74, while the rest were IIAP Trustees, Faculty and employees. Total number of attendees reached 201. The event was in collaboration with Insurance Philippines, through Mr. Reynaldo de Dios, the proponent of this yearly activity.
FIRST VIRTUAL FACULTY WEBINAR
The first virtual Faculty webinar with the theme “Captivate” was held on November 10 and 12, 2021, for active IIAP lecturers. This was facilitated by ILeap Consulting, a company whose expertise is on re-tooling lecturers with improved facilitating skills. The webinar focused on improving facilitating techniques on the digital platform and Slideology. The latter puts emphasis on the guidelines for preparing slide materials for presentation during webinars or e-meetings. This webinar was attended by 20 faculty members and 8 IIAP officers and staff.
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 August 26, 2021. The resource speaker was Dr. Cielito F. Habito and this was attended by 61 officers and managers. This was sponsored by the Robert Morris Chair.
ASEAN REINSURANCE PROGRAMME
As decided by the ASEAN Insurance Education Committee (AIEC), the Philippines was tasked to spearhead the Asian Reinsurance Programme, to create a talent pool for the Asean region on Reinsurance. The topics assigned to the Philippines are 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 with a total of 76 students from different Asian countries.
ASEAN MICROINSURANCE WEBINAR
Another milestone that the Institute achieved was the webinar on Microinsurance, another project assigned to the Philippines by ASEAN Insurance Education Committee of the Asian Insurance Council.
The webinar was conducted on October 20 to 21, 2021, with 95 participants in attendance from both local and other Asian countries and 25 sponsoring companies. The Keynote Speaker was Ms. Theresa Blissing, a German national, who is an expert on the subject matter having worked with various NGOs across the globe propagating the importance of Microinsurance.
REGULAR PROGRAMS
Your Institute continuously offered regular courses on Basic Non-Life Insurance conducted 18 times during the year, facilitated 25 Intermediate and Advanced Courses, including management and short courses, through webinars.
Exclusive courses were also facilitated by IIAP for different insurance companies and broker, namely Standard Insurance, BPI/MS Insurance, COCOGEN, Liberty Insurance, Corporate Guarantee, BenLife Insurance, Western Guaranty, Allied Bankers Insurance and Aon 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:
1. Emerging Risks: Property and Motor Insurance (in collaboration with CII)
2. Cyber Security (in collaboration with PIRA)
3. Insurance for SMEs (in collaboration with ILO Impact Insurance Facility)
4. The Latest Phishing Trends in the Philippines (in collaboration with PIRA)
LIAC/VFE LICENSING EXAMINATIONS
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 had steadily improved.
A total of 15,339 examinees from various Life Insurance Companies took the LIA- VFE exams, with the online exam on top of choice. Others took the pen and paper, as well, during the year.
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 signed an addendum to the previous contract it signed with WMC, reducing IIAP’’s share on the fees for their online trainings.
FIRST QUARTER 2022 UPDATES
Despite the on-and-off lockdowns in the months of December 2021 and January
2022, the Institute was able to accomplish the following:
1. Renewal of Contract with Talview on Online Examination
2. Signing of MOA with InCHES Academy (an Indian Institute with expertise on Life and Health topics)
3. Free Webinar on Mental Health facilitated by Mr. Matthew Doming of M-Psyche
4. Free Webinar on Universal Healthcare System, facilitated by Dr. Ian Porteous and Dr. Magul of Access International (in collaboration with PIRA).
5. Basic Life Insurance Underwriting Course in coordination with PLIA.
6. Development of a Customer Service module, a CII Course.
7. Re-launching of the SUITS Program done through e-meetings with Deans of different universities to encourage their respective graduates to join the Program, by taking the qualifying exam and interviews. The Program is slated to be undertaken in July-August 2021.
8. 2nd Intake of Asean Reinsurance Program.
9. Exclusive courses for Standard Insurance and Liberty Insurance.
10. Holding of the 2nd Virtual Philippine Insurance Summit.
TOP 5 IIAP PATRONS
On behalf of the Board of Trustees of IIAP, I would like to thank our top five patrons for 2021: These are:
1. Standard Insurance Co., Inc.
2. BPI/MS Insurance Corporation
3. Liberty Insurance Corporation
4. Aon Insurance & Reinsurance Brokers Phils., Inc.
5. Government Service Insurance System
Herminia S. Jacinto
IIAP President