Impressive Growth of 65% BY 1Cooperative Insurance System

2018 has been a great year for 1CISP (1Cooperative Insurance System of the Philippines) which has had their 45th Annual General Assembly held at Crowne Plaza with good news about their growth. This sends positive outlook for the company with further growth in the coming years.

The announcement made at the press briefing led by 1CISP president Roy S. Miclat, he revealed that 1CISP’s total assets as of end-2018 has reached P2.57 billion, an impresive 65% increase from the cooperative’s total assets of P1.55 billion in 2017.  Also joining the presentation were Brig. Gen. Teodoro P. Evangelista, Chairperson and 1CISP Directors Imelda S. Magabilen and Sec. Senen Bacani. 

This growth, according to Miclat, was due to the positive business landscape for cooperatives during the year as well as their aggressive pursuit of new projects and programs for cooperative businesses in the country. They've already hit the 2 Billion peso mark in the third quarter and have gained another half-billion up to the end of the year which brings it to P2.57 billion.

Miclat also reported that 1CISP ended 2018 with a net surplus of P216 million, a hefty 35% increase from the cooperative’s net surplus of P160 million the previous year. The net surplus was distributed by 1CISP accordingly: a dividend rate of 12% and an experience refund of 7.19%, which is further broken down into a patronage rate of 2.40% and an experience rate of 4.79%.

1CISP also launched three major projects in 2018—CoopKicks, 1KoopMart, and 1Koop Leaders Academy.

Coop Kicks is the first-ever cooperative pitch fest in which young innovators and aspiring entrepreneurs were given a chance to pitch their ideas on cooperative ventures. Aside from participating in an entrepreneurship and technology boot camp, the winners will also receive a financial grant for their projects from sponsoring cooperatives and partners.

1KoopMart, in turn, is a project of 1CISP in partnership with retail giant NCCC to come up with the country’s first ever cooperative sari-sari store chain. Aside from the regular convenience store products. 1KoopMart will offer anything that cooperatives can produce as well as services by partner companies. 1KoopMart will provide cooperatives with a regular outlet for their products.

1Koop Leaders Academy is 1CISP’s partnership with Asia Select Inc., one of the country’s leading human resource companies. The 1Koop Leaders Academy is an up-skilling training program for future cooperative leaders whose objectives are to train young minds and build strong foundations in business, tech up their knowledge and skills, and become better cooperative leaders. HR experts and marketing professionals will serve as trainers and special lecturers.

"Our goal for 2019 and beyond is to further elevate cooperatives and make them known for what they truly are--an important pillar in national development," stressed Miclat. "The launch of these three projects in 2018 was only the beginning of more things to come for 1CISP and its partner cooperatives," he revealed. 

Miclat also shares that they will have a new office soon as their way to show improvement and growth of the company. He also shares that employees are very satisfied working with 1CISP that they rarely have resignations. They are also looking at the possibility to integrate the Blockchain technology to their system which will further boost financial management for the company and its customers. They invested in making their employees happy with work which is also a factor in motivating them to push further.

As they remain the leading insurance cooperative in the Philippines, with over 2,000 cooperative members and insuring around 700,000 individuals annually, they are looking forward to have members and cooperatives joining them. Their network are also rooted in the provinces which many banks or financial institutions would rarely invest in despite the potential it can do with the people and their resources.

Along with their projects that also empowers the youth, 1CISP has found a new purpose as an empowering financial institution, and as the same time support developing projects that will help people in many far places in the Philippines. Their direction and vision will indeed pave the way in achieving their targets this year, hopefully I think could reach 3 Billion or more.

No comments:

Post a Comment