ICMIF member Union Life Insurance is the only insurance cooperative in Thailand. It was established by cooperatives in October, 1994 and was registered in March, 1995. The organization is committed to providing the best services for its members at a competitive cost through self-help, mutual help and to secure the interest, benefits, and income of both cooperatives and members throughout the region.
On September 18-20, 2013, Union Life Insurance officers attended the two day ICMIF – Asia and Oceania Association (AOA) Networking seminar “Improving Access to Insurance”, which was held in the Philippines and hosted by ICMIF, RIMANSI and CARD MRI, the Center for Agriculture and Rural Development Mutually Reinforcing Institutions.
The seminar gave an immense impact and inspiration to the delegates from Union Life Insurance to move forward, strengthen and expand the company’s business relationship by collaborating with CARD MRI Insurance Agency, an insurance agency engaged in selling both life and non-life insurance and ICMIF member CARD MBA, the leading microinsurance provider in the Philippines, for the development and enhancement of our products and services as well as to work together to share experiences and knowledge and therefore improve each of the organizations’ operations.
It was on 23 October, 2013, when both parties agreed and entered into a Signing of the Memorandum of Understanding (MOU) in order to move towards the successful completion of the plan. The signing of the MOU took place at the Union Life Insurance head office in Bangkok, Thailand.
Mr Sahaphon Sangmek, Managing Director of Union Life Insurance and CARD MRI Managing Director Dr Jaime Aristotle Alip signed the Memorandum of Understanding together with Ms Virginia D. Baldo, President of CARD MBA; Mrs May Dawat, Chairman of the Board (CaMIA); and Mr Picha Siriyodhin, Deputy Managing Director of Union Life Insurance. The said signing of ceremony was attended and witnessed by ACCU.
Possible areas of collaboration have been discussed and study thoroughly. The areas to explore are collaboration on technical assistance; development and distribution of products and services; and investments and ownership agreement.
Lastly, on 16 December, 2013, when all parties have come to an understanding, the Memorandum of Agreement (MOA) was formally signed which was held at San Pablo, Laguna in the Philippines, where the CARD MBA and CaMIA’s head office is located.
The purpose of this memorandum of Agreement (MOA) is to specifically identify the areas of collaboration on terms of services to be provided and to clearly understand the roles and responsibilities of each party as they relate to providing the consolidated Description of Services that serves both parties.
Union Life Insurance says: This great collaboration is a direct outcome of the ICMIF AOA Networking Seminar in September 2013. We do thank you for the opportunity and the great impact that this successful partnership will bring us for a brighter future.