1CISP posts record growth in the Year 2018 : Total assets grew by 65% YoY to P2.57B

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1Cooperative Insurance System of the Philippines (1CISP), the largest cooperative insurer in the Philippines, ended 2018 with a record-high growth in assets, owing to the conducive business environment in the local insurance industry.

During a press briefing held last Friday, April 12 at the Crowne Plaza Ortigas, 1CISP president Roy S. Miclat  reported that 1CISP’s total assets as of end-2018 reached P2.57 billion, a hefty 65% increase from the cooperative’s total assets of P155 billion in 2017.

Sec. Senen Bacani, 1CISP Director; Brig. General Teodoro Evangelista, Chairman of 1CISP; and Roy S. Miclat, 1CISP President at the 1CISP press briefing,  April  12. 

“1CISP’s record growth in 2013 was due to a 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,” said 1CISP President Roy S. Miclat.

1CISP first breached the two-billion-peso mark in assets in the third quarter of 2018 when the cooperative posted total assets of P2.04 billion as of end-September. in three months, 1CISP added over half a billion pesos in assets to end 2018 with P257 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%. 

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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 1K00p 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 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.

1CISP is the leading insurance cooperative in the Philippines and the go-to organization for the protection needs of its cooperative members, 1CISP has been in operation for 44 years and has grown to having over 2,000 cooperative members and insuring around 700,000 individuals annually.

1CISP Holds Manila leg of HR Summit roadshow

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The 1 Cooperative Insurance System of the Philippines Life and General Insurance (1CISP), the largest cooperative insurance organization in the country, recently held the third and last leg of its HR Summit at the Novotel Manila Araneta Center in Quezon City.

With the theme “Third Path HR: Journey to Cooperative HR Enterprise,” the Coop HR Summit Manila leg aims to level up human resource operations in light of prevailing issues in HR and technology affecting local cooperatives today. The first two legs were held in Davao City and Iloilo City.

Although cooperatives in the Philippines have been over-achieving in terms operational and financial performances, they’re rarely seen as employers of choice, particularly among the younger generation of graduates. This is the challenge that 1CISP aims to overcome through this capacity development activity featuring cooperative thought leaders as well human resource experts as speakers and panelists.

Among the guest speakers were Asia Select Inc. (ASI) President and CEO, Gilbert Camasura, ASI Lead Consultant, Jeremiah Bonifacio, Crawford & Company Country Head, Gigi Geronimo, Geiser Maclang Marketing Communications Inc. (GMCI) Chief Innovation Officer and co-founder, Brad Geiser, GMCI HR and Finance Director, Angela Contreras, BPO Executive, Alpha Omega Aquino, SHRM Sr. Certified Professional, Veronica Estrella, and HR and Quality Management Consultant, Alen Esguerra.

1CISP President Roy Miclat, in his keynote address, stressed that cooperatives in the country have been succeeding in their endeavors and have continually contributed to nation-building yet the public remains oblivious due to lack of promotional efforts. “Adults often say to the youth that there is no future in cooperatives, which is not true at all,” Miclat declares. “That’s one way of thinking that we need to change,” he added.

Miclat also revealed that cooperatives are, in fact, the biggest contributor in the communities they serve and oftentimes even earn more than their corporate counterparts. He also said that cooperatives have some of the most competitive compensation and benefit schemes in the industry. The challenge is how to communicate these to encourage everyone to support cooperatives,” he emphasized.

“1CISP, in comparison to corporate insurance counterparts, is growing at a remarkable rate, and believe it or not, this is not an isolated phenomenon. It is a lot more common than previously thought, with a precedent since 2007,” said Miclat, citing the International Cooperative and Mutual Insurance Federation’s (ICMIF) 2018 rankings and industry trends.

Miclat also talked about the need to adapt in an ever-changing technological environment. “Disruption in technology is happening in an unprecedented rate and if the cooperatives will not adapt, they will be extinct,” he stressed. "Our aim for 2019 and beyond is to elevate cooperatives and make them known for what they really are--an important pillar in economic and social development," Miclat added.

Miclat also announced during the event its biggest project thus far, The Koop Leaders Academy - a nationwide training program for young cooperative professionals. 

1Koop Leaders Academy is done in partnership with Asia Select Inc., one of the country's leading human resource companies, and aims to train young minds and build strong foundations in business, tech up their knowledge and skills, and become effective and principle-centered cooperative leaders. The program will have expert HR and marketing professionals as trainers and special lecturers.

"Aside from the 1Koop Leaders Academy, we also have two other projects—Coop Kicks, the first-ever cooperative pitch fest in which young innovators and aspiring entrepreneurs are given opportunities to pitch their ideas on cooperative ventures, and 1KoopMart, the country’s first-ever cooperative sari-sari store chain,” Miclat shares. “But these three projects represent only the beginning of more things to come for 1CISP and its partner cooperatives," he added.

1CISP is the leading insurance cooperative in the Philippines and the go-to organization for the protection needs of its cooperative members. 1CISP has been in operation for almost 45 years and has grown tremendously, having over 2,000 cooperative members and insuring around 900,000 individuals annually.