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Insurance literacy pushed in 2022 BSP FinEd Expo

The country's insurance experts pushed for insurance literacy programs and raffled off insurance products during the five-day 2022 Financial Education (FinEd) Virtual Expo organized by the Bangko Sentral ng Pilipinas.

The Philippine Insurers and Reinsurers Association (PIRA), in partnership with the Insurance Institute for Asia and the Pacific (IIAP) and Alliedbankers Insurance Corporation, actively promoted insurance education programs through their booth at the FinEd Expo.

It was the fifth time since 2018 that PIRA and IIAP partnered in the FinEd Expo, which serves as the highlight of the National Economic and Financial Literacy Week as designated under Republic Act No. 10922

Through their virtual booth, PIRA and IIAP promoted the importance of studying insurance.

PIRA Executive Director Mr. Michael Rellosa thanked the BSP for another opportunity to promote insurance literacy among Filipinos.

"We are honored to be part of this event, the biggest event in financial education in the country every year," he said.

For his part, IIAP Executive Director Mr. Francis Papa praised the BSP for continually pushing for the country's financial education agenda despite the limitations and challenges from the Covid-19 pandemic.

"With the BSP showing us the way, we are energized in our collective efforts to promote insurance literacy as an important component of financial education," he said.

Among the things PIRA and IIAP highlighted in their booth were the PIRA Campus Tour, the SUITS Scholarship Program, and the Thesis Sponsorship.

The Campus Tour is PIRA's way of reaching out to students by visiting them in their schools and giving them ideas on the exciting careers available in the insurance industry.

The SUITS Scholarship Program is an intensive Management Training Course provided by the IIAP to new graduates to fast-track their entry to the industry. The graduates from this program are hired immediately by companies under PIRA and the Philippine Life Insurance Association (PLIA) as young managers.

The Thesis Sponsorship, meanwhile, is financial support offered by PIRA to students and thesis advisers who are doing research related to insurance.

The PIRA-IIAP Booth attracted thousands of visitors from all over the country who downloaded brochures about the said programs. Some even sent emails expressing their interest.

Meanwhile, Alliedbankers Insurance Corporation, a member of PIRA, generously donated 25 raffle prizes comprised of eight Personal Accident insurance, eight residential Fire insurance, eight Travel insurance, and a Motor Car insurance for up to P20,000 in premium and taxes.

The said prizes were raffled off every day for five days, with Alliedbankers and PIRA being acknowledged by the emcee.

The event was a huge success and was viewed by financial educators and students, as well as employees from the government and the private sector nationwide.

Ms. Rizza Reyes, head of Bankassurance Marketing and Sales of Alliedbankers, congratulated the winners who all received electronic certificates of insurance coverage.

Recordings of the event are available through the Facebook pages of the Bangko Sentral ng Pilipinas and PisoLit.

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