Coop insurance firm taps financial institutions for inclusivity

1CISP is partnering with UnionBank of the Philippines and FINTQ — the fintech unit of PLDT, Inc. — as well as cooperatives throughout the country to make financial services available and more accessible to Filipinos particularly in remote areas. (Photo: 1 Cooperative Insurance System of the Philippines Life & General Insurance)

MANILA — The 44-year old 1 Cooperative Insurance System of the Philippines (1CISP) is tapping other financial institutions to boost its agenda of financial inclusivity and stability in the country.

1CISP is partnering with UnionBank of the Philippines and FINTQ — the fintech unit of PLDT, Inc. — as well as cooperatives throughout the country to make financial services available and more accessible to Filipinos particularly in remote areas.

1CISP President Roy Miclat said the firm aims to maximize the opportunities brought by digital technology for the company to “grow exponentially”.

Miclat added that by partnering with other financial institutions, 1CISP targets to serve more Filipinos in their financial needs and protection through the networks of UnionBank and cooperatives the company is partnering with.

Since it was organized in 1974, 1CISP has been serving the financial and insurance needs of farmers, fisherfolk, labor groups, cooperatives, and individuals who are not covered by usual insurance providers such as the Government Service Insurance System, Social Security System, and private insurance companies.

Miclat said 1CISP has grown to a cooperative insurance firm with current capital stock of PHP951 million from PHP30 million in 1975.

1CISP is also providing financial and insurance services to more than 2,000 cooperative members nationwide.