I.C. Minds2, the Innovation Team of the Insurance Commission (IC), came up with WikInsurance as their innovation project. The team desired to improve the efficiency of the delivery of the insurance literacy program. Using relevant information, the team was able to identify different issues on the insurance literacy programs. The three (3) issues that were identified were the general public’s perception of insurance, policy development, and program management. The team devised some ideas such as development of a web/mobile application, development of promotional materials such as an AVP, brochure, leaflets, poster, and other mainstream media exposure, establishment and analysis of the baseline data on the Insurance Literacy Program, recommendation of the framework to management, and, standardization of modules for the Insurance Literacy Program. After idea combination and some enhancements, the team came up with WikInsurance, which features useful information on different insurance companies and the different products and services that fit the client, and advocacy materials. The project aims to equip the public with knowledge about insurance and increase the insurance penetration rate in the country, which could be done through the digital platform.
Data Exploration and Insights
The Innovation Team brought relevant information that could help in identifying issues or opportunities for improvement of insurance literacy programs. They shared their gathered information and insights, which include the following:
- Filipinos lack access to insurance information, therefore financial literacy is relatively low in the Philippines.
- People are discouraged to have insurance because they treat it as an expense.
- Perception and participation of the insuring public towards insurance is not strong.
- There are illegal financial schemes that affect the perception of the people towards insurance.
- There are limited communication channels to provide more access to insurance information for the public.
- An established, holistic framework on insurance literacy lays down the scope and roles of stakeholders.
- There is no clear policy on who should take the lead on the program.
- There is no allocation of budget for the program.
- Private efforts are not integrated with that of IC.
- Local Government Unit’s (LGU) priorities do not include insurance literacy.
- There is a poor advertisement for insurance.
- There is an absence of an established framework that translates to the undefined roles of the insurance literacy program.
- Speakers lack training.
- Insurance literacy programs are poorly implemented.
- There is a dependency on other agencies’ initiatives.
- Industry associations do not cooperate.
- There is no mechanism to reach the indigenous people.
- There is no cooperation from LGU/unit transportation.
- There is a need for approval/opposition of Associations.
- Data that would show how and where to concentrate is unorganized.
In summary, the team came up with three (3) themes:
- Public Perception and Adaptation
- Policy Development and Management
- Program Management and Administration
The I.C. Minds have come up with WikInsurance, which aims to equip Filipinos to gain better knowledge about insurance and increase the penetration rate of insurance subscribers in the Philippines. WikInsurance may be accessed on the agency website or a mobile application. It features useful information on different insurance companies, and the different products and services suited to the needs of each client. Key features of this project are advocacy materials, which include online brochures and videos.
Project Success Measures
Through WikInsurance, the agency will be able to improve the efficiency of the delivery of insurance literacy programs, improve the public’s perception of insurance and policy development. Thus, the success measures of the project are as follows:
- Reach more Filipinos in any part of the world through a digital platform
- Equip the insuring public with knowledge about the concept and importance of insurance
- Increase the insurance penetration rate in the Philippine market because the insuring public knew the benefits and importance of insurance