Foreign experts visit VisionInsurance Program
Insurance experts and the clients at Prek Eng, Kandal Province
About 20 delegates from the Philippine government’s Insurance Commission and Philippine-based institutions on April 29 visited VisionFund credit clients in Kandal province who are insured by World Vision Cambodia’s VisionInsurance Program.
Ms. Vida Chiong, deputy commissioner of the Insurance Commission, and Mr. Ernesto C. Galenzoga and Ms. Pascuala S.Kerioso, president of micro-insurance institution RIMANSI and the Center for Agriculture and Rural Development Mutual Benefit Association respectively were among visitors who met with more than 20 villagers in Prek Eng, Kien Svay district.
“I went [with other officials] to find out what has been happening here in Cambodia as far as micro-insurance is concerned,” Ms Vida said, adding that she felt satisfied when witnessing villagers expressed pleasure with VisionFund buying micro-insurance for them.
“Personally, I was gratified…. They [the villagers] are happy with their membership with VisionFund. I can see from their faces that they are content with what has been happening,” she said.
One of the villagers was Sres Halim, who received US$110 in claim from VisionInsurance after his pregnant wife, Sen A’smak, died in March 2008 from injuries following a motorbike accident. Halim used US$80 of the money to pay off the loan his wife owed to VisionFund and the rest for her funeral.
“The claim was given to me two days after my wife’s death. It was so responsive. Without VisionInsurance, I would need to repay the loan. But now it could ease my family’s financial burden,” Halim told the visitors sadly when recalling his wife.
Ms. Pascuala burst into tears during the meeting and called on villagers to continue supporting VisionFund as it provides not only financial services, but also additional benefits through the micro-insurance program.
“I was almost crying because I felt what they felt… they were discussing an institution that will help secure their family in the future,” she said.
Mr. Ernesto emphasized that micro-insurance is a “miracle” to help the poor in particular who need financial assistance in case of death in their family.
“Microinsurance touches the lives of people, whether you are young or old, you are single or married. Everyone needs insurance, especially the poor. For example, the man [Halim]—his wife died, of course, it is a big loss for his family, but something was given to the family. He no longer needs to pay more,” the RIMANSI president said. “Life insurance is just a piece of paper, but that piece of paper will become a miracle if somebody dies because that piece of paper will become money.”
As of April 2008, 40 people received nearly US$3,000 in claim from VisionInsurance Program, which started in October 2007. It currently covers over 25,000 out of VisionFund’s 60,000 clients. VisionFund plans to buy micro-insurance from VisionInsurance Program for over 40,000 clients in 2008.
VisionInsurance Operations Manager Khem Sary hopes to initiate more micro-insurance products especially in health sector in addition to existing life micro-life insurance, to meet greater need.
“To achieve the goal, I will try my utmost effort to seek support and cooperation from the government, development partners and local residents. Hopefully, government and development institutions will support us as micro-insurance is beneficial for Cambodia’s poor,” Sary says.
VisionFund Executive Director Bora Omseng says VisionFund has implemented the micro-life insurance policy as it adheres to its social mission to help its clients as much as possible.
“Clients are insured by VisionInsurance through the policy because we love and care about them,” says Bora, who also urges Cambodian people to invest in insurance services. “If you love your family members, consider engaging in insurance services, which will ease their burden in the future.”