Following the announcement of a further lockdown in the Philippines until April 30 in response to the COVID 19 pandemic, ICMIF member 1CISP (1 Co-operative Insurance System of The Philippines) is continuing to support employees and members through these difficult times. President of 1CISP, Roy Miclat, says “I always believe that how you treat your employees is how they will treat your customers, which is why at this time of crisis 1CISP assures that employees will continue to receive their salary and benefits in full”.
Despite the lockdown, employees are working from home and using online apps and services to communicate with members. DigiCoop, a fintech platform partly owned by 1CISP, is being introduced to allow online transactions such as lending, money transfers and payment of premiums and claims. This is a pioneering initiative in the Philippines that 1CISP initiated with a blockchain company to digitalize the processes of Philippine cooperatives
For Life Operations, 1CISP has confirmed that health and death claims due to COVID 19 will be covered, and the usual required claims documents will be accepted by soft copy in order to abide by quarantine requirements. The grace period for late payment will be extended up to 60 calendar days. For Non-life Operations, all policies expiring April 2020 shall be renewed automatically pending issuance of corresponding renewal policies. Loan payments will be deferred for 60 days to give temporary relief to members.
1CSIP has made several donations to hospitals, communities and partner organisations through its Community Development Fund, including a donation of 3 million Philippines Pesos (USD 60,000) worth of medical supplies such as PPEs, face shields, surgical face masks and kits to support frontline staff in their fight against COVID 19.
1CISP is looking to introduce business interruption in its future group policy to protect members in cases like the current pandemic.