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PCIC Corporate Business Affairs Group (CBAG)
Managed by the Business Development and Marketing Department (BDMD)
Agri-Insurance Done Right
We've Got You Covered
Recognizing the crucial role of agriculture in the Philippine economy and the unique risks faced by the sector, the Agri-Insurance Business Incubator Facility, aims to develop and deploy innovative insurance solutions that enhance risk management and financial stability for farmers. By leveraging technology, data analytics, and stakeholder collaboration, the incubator will facilitate the creation of tailored insurance products that are accessible and effective. The expected outcomes include improved agricultural productivity, enhanced resilience to environmental and market fluctuations, and broader economic benefits across rural communities.
Hi! I'm Norman, your 24/7 Business Development and Marketing Officer!
Norman AI is custom designed Generative Pre-trained Transformer (GPT) for the PCIC. It's tailored to support PCIC's staff and clients in the agricultural insurance sector, providing guidance in multiple Philippine languages.
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The primary function of Norman AI is to assist users with insurance-related inquiries, such as navigating claims processes, understanding policy details, and handling underwriting procedures. It is also answering any queries about PCIC's operation and accomplishments from 2009 to present.
Parametric and Index-Based Products
Parametric and index-based agricultural insurance are innovative approaches that offer quick, data-driven financial protection against adverse weather and other measurable environmental factors. Both types are designed to streamline claims, reduce disputes, and support farmers by mitigating the financial impacts of climate variability.
Our Ongoing
Collaboration
Development of Area-based Yield Index Insurance (ARBY)
A groundbreaking memorandum of agreement (MOA) signed today at the Philippine International Convention Center heralds a new era for rice farming and insurance in the Philippines. This new partnership features the Philippine Crop Insurance Corporation (PCIC), led by its President, Atty. JB Jovy C. Bernabe; the International Rice Research Institute (IRRI), with its Interim Director General Dr. Ajay Kohli; and the Philippine Rice Research Institute (PhilRice), helmed by its Executive Director, Dr. John C. De Leon.
The collaboration aims to develop and simulate an Area-Based Yield Index Insurance (ARBY) product, an innovative agri-risk transfer mechanism. Under this scheme, compensation isn't based on individual farm losses but is instead determined by the average harvested yield of a designated area, such as a Barangay or Municipality. This threshold is generally set as a fraction of the area's historical average yield, typically ranging between 50% and 80%. If this average yield dips below the insured limit, a payout is made—even if a specific policyholder's individual farm yield remains unscathed.
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ABIF Program Structure
Meeting the needs of our farmers and fishers
The program will operate in phases:
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Ideation and Concept Development: Insurance companies, PIRA, government agencies, private sector, entrepreneurs and innovators will be invited to submit proposals for new insurance products.
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Prototyping and Testing: Selected ideas will be developed into prototypes and tested in controlled environments.
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Pilot and Scale: Successful models will be piloted in select regions before a broader rollout.
Support services will include mentorship from industry experts, access to data and analytical tools, and initial funding for pilot projects. Selection criteria will focus on feasibility, scalability, and potential impact.
