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Grantee
Pioneer Life Inc. is a leading life insurance company in the Philippines. A member of the Pioneer Group, which has been in operation for more than fifty years, Pioneer Life´s core business is to provide its clients with suitable financial options to secure what matters most to them. Pioneer makes itself relevant to its customers by identifying their particular needs and providing products/services and distribution channels suited to their unique requirements.
Project Summary
- Project name: OFW Family Savers and Wellness Club
- Project start date: June 2009
- Duration: 3 years
- Country: Philippines
Beneficiaries
The project targets families of migrant workers – children and adult dependents – who are part of a migrants´ association at churches and schools in selected provinces within Luzon and Metro Manila. Through financial literacy sessions, the project shall educate 250,000 migrant families, with an average monthly income of $350 and provide access to microinsurance and savings products.
Project Description
The project combines financial and risk management education with a product that bundles savings with life and accident microinsurance. The program and products will be offered through Wellness Clubs set up in schools and churches. The built-in savings, through small “bite sized” amounts, and insurance cover, combined with education on savings and insurance, is a non-intimidating approach to create a culture of informed risk management and awareness of the benefits of savings and insurance.
The clubs will be initiated by the church in every diocese of target provinces; a network of school coordinators and parish leaders will form the community of financial wellness facilitators that will support the implementation of the program. Facilitators will also help impart the key learning of the modules and increase club membership on a wider scale and at a faster rate.
Key Challenges
- Turnover among the financial Wellness facilitators in charge of coordinating the program
- The public´s limited knowledge about the difference between regulated insurance products versus alternatives that may be less secure
- Sufficient attendance during launches of Wellness Clubs
- Adequate response rate to client satisfaction surveys
- Availability of competent/qualified parish leaders to conduct financial literacy sessions
Learning Agenda
- Among the proposed program benefits, what is the most appealing feature that convinces customers to join the Clubs?
- What is the impact of financial literacy training on the behaviour/attitude of the target beneficiaries towards insurance and savings?
- How efficient is the church as a delivery channel to reach the target group?
- How valuable is the insurance benefit? Which feature of the microinsurance product is the most important to policyholders?
- How valuable is the benefit of the savings product to the target group? What drives them to save more?
More information on the project
Website of the grantee:
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