Insurers educate students on value of insurance

The Philippine Insurers and Reinsurers Association (PIRA) has started a Campus Tour to educate young people on the importance of insurance.

PIRA officials visited last week the New Era University in Quezon City to give a lecture on the introduction to non-life insurance and the basics of suretyship as well as the opportunities waiting for new graduates in the insurance industry.

PIRA's PR Commitee Chairman Michael Rellosa introduced some 500 students to the reality of risks and how they could manage these risks through insurance. He explained the difference between non-life insurance and pre-need since many students still equate insurance with educational plans which fall under the pre-need category.

"Insurance deals with uncertain events which may or may not happen, things like fire and road accidents, while pre-need such as educational plans deal with events that are sure to come like a child going to college," Rellosa said.

"It is very important to differentiate these two things. There are no insurance companies closing down. The insurance industry is tightly regulated and very stable," he said.

Antonio Roderick Cabusao, a member of PIRA's PR Committee, meanwhile, taught the students the basics of suretyship and the fundamentals of bonds. This topic was a special request of the students who major in Banking and Finance.

The two executives later talked about their experiences in the industry and encouraged the students to consider insurance as a stable and exciting career option after graduation.

New Era University officials were all praises to PIRA for the Campus Tour.

College of Business Administration Dean Isagani Sabado expressed appreciation for PIRA's efforts in educating their students. Dean Sabado is a Certified Public Accountant and an accredited auditor of the Insurance Commission.

Meanwhile, Dr. Emilia Mananghaya, program coordinator for Banking and Finance, said many of the students are now excited to join insurance companies for on-the-job trainings and promising careers after graduation.

The Philippine non-life insurance industry is one of the oldest in Asia and considered one of the most stable industries in the country.

A total of 83 insurance companies comprise the industry, but this number does not yet include brokers, agents, adjusters and other support companies.

To promote the industry further, PIRA will be visiting seven other universities in the next eight weeks, namely San Beda College Alabang (August 13), Polytechnic University of the Philippines (Sept. 3), University of Sto. Tomas (Sept. 20) and De La Salle University (Sept. 29). Other universities with tentative schedules are Miriam College (Sept. 26 or 28), De La Salle Canlubang (1st week of Sept.), and Ateneo de Manila University (2nd week of Sept.).

LECTURE AT NEW ERA UNIVERSITY: PIRA's PR Committee Chairman MIchael Rellosa (top left) interviews a student as he provides an introduction to non-life insurance. PR Committee Member Dick Cabusao (lower left), meanwhile, gives an intro to suretyship. The lecture was attended by 500 students taking up Banking and Finance.