Malayan Insurance Co. Inc. recently signed a Strategic Cooperation Agreement with 1 Cooperative Insurance System of the Philippines (1CISP), to better serve the insurance needs of the Philippine cooperatives movement.
Likewise, the accord will enable insurance support services pertaining to claims, process improvements, distribution and sales, and product development. Reinsurance support is the main area of cooperation between the two top insurers.
The insurer agreed to lend its knowledge, assistance and experience to further strengthen the collaboration.
Malayan Insurance is the leading non-life insurance firm in the Philippines and a member of the Yuchengco Group of Companies (YGC). Malayan Insurance is celebrating its 90th anniversary this 2020 and has received a Financial Strength Rating (FSR) at B++ (Good) and Long-Term Issuer Credit Rating (Long-Term ICR) at “bbb+” from A.M. Best global insurance rating agency. It has a network of 35 fully functioning branches and service offices nationwide.
1CISP was founded on January 25, 1974, as a cooperative insurance society to promote and engage in insurance services for the cooperative market. 1CISP now has a composite license issued by the Insurance Commission, and is now providing both life and non-life insurance products to its cooperative members.
1CISP is operating nationwide with 8 area offices, insuring mostly the underprivileged and farmers of the country. 1CISP is being regulated by two Government Agencies; the Insurance Commission and the Cooperative Development Authority. To date, 1CISP has more than 3,031 cooperative members and insuring over a million individuals annually.