Do you have a Land Transportation Office (LTO) Land Transportation Management System (LTMS) account yet? If not, you kind of need one—at least if you hope to drive around these parts legally. This is because creating an LTO LTMS account is one of the first steps in the revamped driver’s license renewal process. Don’t stress if you haven’t made one yet, though. The entire ordeal is pretty straightforward. Here’s how: Creating an LTO LTMS account Step 1: Have a valid email address. Step 2: Register at the LTO LTMS public portal here. Step 3: Click ‘yes’ and accept the security code. Step 4: Click ‘enroll as an individual.’ Step 5: Click ‘no’ if you have no driver’s license. Click ‘yes’ if you have one and provide the required information. Step 6: Click ‘yes’ if you are Filipino. Step 7: Provide all the information being requested. Step 8: Enter a valid email address and contact number. Step 9: A confirmation email will be sent to you. Accept it. Step 10: Create a password for the LTO LTMS portal. Step 11: Log in using your created password. Step 12: Head to your LTO LTMS profile and fill up all necessary information. Click ‘apply changes.’ And you’re good to go. You’ll probably also find this guide to renewing your LTO driver’s license useful, too. Source: topgear.com.ph

PIRA Deputy Chair Art Reyes and ED Mitch Rellosa together with the other LTO Stakeholders at a Dialogue with DOTr Sec. Jaime Bautista and his team.

Soon, motorists will no longer have to go to the Land Transportation Office (LTO) for almost all the transactions concerning their driver’s license and registration of their vehicles. And for a start, newly-stalled LTO chief Asst. Secretary Vigor Mendoza II said they will be implementing an appointment system for the application and renewal of driver’s license and motor vehicle registration. Mendoza disclosed the plan amid reports of the continuous presence of fixers roaming around its offices, adding that this is also in pursuit of the digitalization that President Marcos has ordered all agencies to focus on. “The appointment system is a big step towards digitalization of the LTO, which means that all transactions would be done online,” said Mendoza. He apparently drew inspiration from the appointment system for passport transactions at the Department of Foreign Affairs (DFA), as well as the positive results of its implementation at the LTO office in Quezon City. Mendoza said that if the DFA can do it, the same appointment system would work for the LTO. “This is already being done at the LTO Central Office and we are looking into replicating this process in all our offices across the country similar to what the DFA is doing. This is also for the benefit of our clients so that they would process their own transactions on their own without tapping fixers,” said Mendoza. “We assure the Filipino people, especially our clients, that we will simplify and shorten the entire process as we pursue the immediate implementation of the appointment system,” he added. Mendoza said the appointment system is also a big help in dealing with the years-long problem on the presence of fixers in the LTO offices. By pursuing the appointment system and eventually the shift to online transactions, he said fixers would be denied the opportunity to engage in their illegal activities. “Ultimately, we would shift to online transactions in terms of driver’s license and motor vehicle registration so that our clients would no longer need to go to the LTO offices,” said Mendoza. Source: mb.com.ph

The Land Transportation Management System (LTMS) has been created to streamline all the services being offered by the Land Transportation Office (LTO) through a single contactless database system and digital platform. However, its full potential is still being untapped. LTO chief, Atty. Vigor Mendoza II has vowed to go full LTMS by the end of October 2023. In line with the directive of Transportation Secretary Jaime Bautista, Mendoza said a technical working group would be created to focus on the LTMS so that it will be 100% operational by this month. “We will create a Technical Working Group (TWG). I want to once and for all that this TWG will only focus on the full implementation of LTMS to make sure that whatever issues we have on this computer program we will fix them,” said Mendoza. Mendoza said he already talked to regional directors and district officers about his goal to completely migrate towards the use of LTMS when providing service to the public. Mendoza also said that he sees no reason why all LTO branches can’t use the new system since some procedures had been changed to accommodate the LTMS. “Hopefully by this end of the month we are 100% LTMS,” Mendoza added. What is LTMS? As mentioned above, LTMS is an online platform of the LTO where the agency’s services can be processed digitally in the comfort of your home or office, or elsewhere there is internet access. Think of it as a one-stop shop where a motorist can process various transactions including driver/conductor’s application for renewal of licenses, requests for revision of records, and requests for Certificate of No Apprehension. The LTMS is also eyed as a platform where motorists can settle or pay for traffic violations instead of going to an LTO District Office Cashier. If a motorist wishes to contest a traffic violation, the LTMS can also be utilized to submit their position papers for adjudication. Notifications of hearing schedules and settlement updates will then be sent via e-mail and through a portal dashboard. Additionally, the LTMS contains vast resource materials for individuals who want to know the basics of driving a vehicle before even applying for a Student Permit. To log in to LTMS, one must create his/her user ID and password. LTMS registration is FREE of charge. Source: autoindustriya.com

On 18 and 19 September 2023, Incheon Metropolitan City, the Incheon Institute and the United Nations Office for Disaster Risk Reduction (Office for Northeast Asia and Global Education and Training Institute) organized the International Disaster Resilience Leaders Forum Incheon 2023 (IDRLF 2023) in Incheon, Republic of Korea, with the support of the Ministry of the Interior and Safety (MOIS) of the Republic of Korea, and in cooperation with the Trilateral Cooperation Secretariat (TCS). This second edition of the IDRLF was conducted under the theme ‘Enabling technological application and partnership for climate and disaster risk reduction’ and brought together national and local government representatives from 25 countries and 31 cities from all continents, as well as technical experts from the academia and international and regional organizations. Over the course of two days, national and local leaders and practitioners shared experiences and good practices in applying innovative technologies and measures for disaster resilience and climate change adaptation. Participants also discussed opportunities and challenges for technology application and transfer in the context of disaster risk reduction, including access to knowledge, funding, and capacity development. The Forum concluded with a field visit to state-of-the-art environmental management facilities of Incheon Metropolitan City, a Making Cities Resilient 2030 (MCR2030) Resilience Hub. Click here to access the entire newsletter. Read more about IDRLF 2023: https://www.undrr.org/news/innovation-and-unity-key-resilience IDRLF 2022: https://idrlf.kr/en/ IDRLF 2023: https://idrlf2023.kr/en/

More than two-thirds (69%) of global investors engaged in nature investment plan to increase their investments according to a new report from climate and nature advisory firm Pollination. Pollination’s 54-page report Nature Finance Focus - tracking global trends in nature investment surveyed 557 institutional investors in six major jurisdictions: UK, USA, Australia, France, Singapore and Japan, with 332 respondents at firms managing over $100bn in assets under management. The report reaffirms investor engagement and interest. Pollination said there is a growing interest in nature’s investment potential and US investors are already some of the most active on nature investment. The report revealed that despite significant politicization on sustainable and responsible investment in the US market, 87% of engaged investors plan to increase investments in the space, closely followed by Singapore (79%) and Australia (76%). “The polarized nature of the responses throughout, from motivations and perceptions of risk through to expectations of returns, highlights the preliminary nature of work in the space.” The company said investors in all regions, however, share the view that some or all nature-related investments can be classified as an asset class (75%), with larger investors more likely to hold this view. The survey found that many investors are looking for both returns and impact when they make investments in nature, but 23% said they were motivated firstly by improving environmental outcomes. Pollination co-founder and CEO Martijn Wilder said, “Investing in the natural world is investing in the resilience of the economy. It is clear that investors across the globe are starting to recognize the potential that nature-related investments have for producing returns as well as reducing systemic risk, alongside protecting and improving the natural environment. Mr. Wilder said, “We need to continue to transform our global economy to avoid further damage and begin to restore nature.” The report found that the impact of activist pressure ranges across the world. While only 16% of English investors cite activist pressure as a driver, half (50%) of Singaporean investors give the same answer. Source: asiainsurancereview.com

Vietnam, Indonesia, Thailand, and the Philippines face unique emerging risks, resulting in distinct nuances within their insurance sectors, says the Singapore-headquartered regional InsurTech company, Igloo. Additionally, the combination of rising income levels and growing digital and financial literacy in these countries is influencing a shift in insurance preferences among their consumers. Tapping insights into the preferences and trends among consumers in the four Southeast Asian markets, Igloo uses technology and collaborates with leading digital enablers to address the changing preferences of Southeast Asian consumers. While these countries together account for over 97% of the region's GDP per the IMF, insurance penetration in each of these countries remains below 3%. Digital shift Regarded as one of the world’s next big digital economies, Southeast Asia has seen a rapid uptake of digital insurance over the past few years. With digitization, consumers have become used to a speedy and seamless experience when purchasing insurance. This has led to an expansion of distribution channels, which Igloo expects to continue into the coming years. This digital shift is also driving the need for innovative products that specifically address risks inherent to today’s digital-first consumers. In the Philippines, where according to GlobalData almost 90% of the population shop online, there is a growing demand for secure shopping experiences. With this in mind, Igloo and GCash partnered to offer Online Shopping Insurance providing coverage from undelivered goods, uncontactable sellers, partial delivery, and fake goods. Meanwhile, consumers in Indonesia express concerns over data privacy and protection. A report by Ensign InfoSecurity states that a significant portion of the personal data stored online in Indonesia is continuously released for sale. Cyber insurance, a product offered solely to businesses in the past, has gained popularity among Indonesian netizens looking to protect themselves online against data breaches, cyberattacks, and financial losses associated with cybersecurity incidents. Economic growth Across the different countries in the region, sustained economic growth is seen to positively impact sectors such as transportation, travel and tourism, and property and real estate. As the government continues to improve the nation’s infrastructure, the general insurance sectors tend to benefit because improved infrastructure often leads to increased property value which requires more insurance coverage. In countries like the Philippines where there is heightened susceptibility to natural calamities, Filipino consumers place a premium on insurance products that protect their assets against phenomena such as typhoons, earthquakes, and volcanic eruptions. Climate change Climate change has also brought about risks such as extreme/irregular weather and crop failures which has drastically affected agricultural output for many countries in Southeast Asia. With agriculture accounting for 10.3% of the region’s GDP, farmers need protection for both their benefit as well as the economy’s. In 2022, Igloo launched its parametric Weather Index Insurance in Vietnam to protect rice farmers against irregular rainfall and later extended it to protect coffee farmers. When it comes to transportation, Southeast Asia sees the second highest road traffic fatality rate among all WHO regions. Among the countries analyzed Thailand ranked second in traffic-related mortality — creating demand for personal accident and motor coverage. Similar sentiments are also echoed in Vietnam. Igloo recently addressed this by collaborating with AirAsia Ride in Thailand to offer protection to riders against theft, vehicle damages, accidental death, and injuries which may arise during the journey. Igloo is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, The Philippines, Vietnam and Malaysia and tech centres in China and India. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Source: asiainsurancereview.com

The insurance industry in the Philippines raked in a net income of PHP22.4bn ($393.5m) in the second quarter of 2023, 4.23% higher than in the corresponding period in 2022, according to data released by the Insurance Commission (IC). Profits rose in 2Q2023 although total premiums dipped by 0.5% year on year in 2Q2023. With net results of PHP9,855.2m for 1Q2023, the profits of the insurance sector for the first six months of the year added to PHP32,241.3m, 2.6% more than in 1H2022. The data from 126 out of 138 insurers show that benefit payments fell in April-June 2023, attributed as one reason for the higher net result. Total benefits or claim payments decreased by 5.04% year on year to PHP61.8bn in 2Q2023. Source: asiainsurancereview.com

Malaysia's takaful industry has been promoting values-based intermediation to spur innovation and support the development of takaful. While the takaful market in Malaysia has experienced growth in the past year, operators face several challenges to innovate and scale their business. “The size of the takaful industry has expanded nearly three times from where it was a decade ago. The growth is propelled by the growing public awareness of takaful products and a supportive Islamic finance ecosystem. “It is also facing critical challenges in attaining expertise to scale and find the right business model. These challenges have become roadblocks for the industry to be on a better footing to resolve the social protection landscape and facilitate an orderly transition to a green economy,” said Bank Negara Malaysia assistant governor Suhaimi Ali speaking at the Takaful Rendezvous. He said there are more than 330 takaful operators in 47 countries worldwide. Global takaful assets are estimated to be worth $73bn, almost double compared to 2015. “Attaining greater market maturity is still a long journey as the current takaful share is a modest 1% relative to the global insurance market,” he said. He said takaful operators should introduce values-based products to meet the socio-economic needs of the country. “An important outcome that we hope to see is greater availability and accessibility of takaful products that serve protection needs of the society,” he said. He said takaful operators should make use of digital technology and the environment provided through the regulatory sandbox. Through such initiatives, the regulator is keen to facilitate innovative business models by new entrants as well as incumbents. “More countries are working on the necessary regulations to enable the capital offerings and growing contribution of the sector,” he said. Takaful players in Malaysia need expertise and capabilities that provide the capacity to support the growth and expansion of the takaful industry in other markets. Mr. Ali also spoke about how takaful operators should remember the importance of abiding by the objectives of shariah. “The integration of shariah principles and values-based intermediation in managing takaful funds is not only expected but crucial for the industry advancements,” he said. However, requirements imposed by the regulator can be challenging for takaful operators to follow. “Following Islamic financial principles is easy but it has been regulated in such a way that it has become very descriptive. As a result, there's an added cost to takaful companies because they must have a separate line of governance on Islamic finance principles,” said industry consultant and former Munich Re CEO Mohamed Rafick Khan speaking at Takaful Rendezvous. He said takaful companies must be allowed to use different models and not be restricted to a wakalah model. “We need to find a structure that supports the companies’ products operationally and is efficient from a tax and capital perspective … Many are struggling because of technical and structural issues to achieve a cost-efficient operation. The regulator (faces challenges) in finding a way forward to unwind past insurance processes,” he said. The Takaful Rendezvous 2023 runs from 26 to 27 September in Kuala Lumpur, Malaysia, organized by Asia Insurance Review. Source: asiainsurancereview.com

The Boards of the Association of Insurance Brokers of the Philippines (AIBP) and PIRA meet up to touch base, compare notes and plot a way forward for the betterment of the Insurance Industry in the country.