Step Up has concluded a comprehensive review of client perceptions and market competitiveness on the enhanced microinsurance offerings by a leading Microfinance Institution (MFI) in the Philippines from January to March 2025. The evaluation aimed to measure the effectiveness, impact, and market positioning of these products, which are designed to deliver financial protection to low-income and vulnerable populations.

The 2025 review focused on gauging awareness, satisfaction, and user experience among policyholders and beneficiaries. The review took a detailed look at the revised features and procedural updates resulting from recent improvements to the MFI’s microinsurance offerings

A critical component of the review explored the potential for pricing adjustments to maintain the products’ affordability and accessibility, especially for financially constrained households. Findings from the study underscored the vital role these insurance products play in supporting communities through unexpected events such as accidents and medical emergencies. Many beneficiaries reported that the microinsurance served as a crucial safety net during times of crisis, reinforcing household resilience and economic stability.

The evaluation highlighted the strengths of MFI’s microinsurance offerings by benchmarking them alongside similar products in the market, showcasing competitive advantages in pricing, features, process efficiency, and delivery channels.

Based on the data gathered, Step Up issued targeted recommendations aimed at enhancing the value, efficiency, and outreach of the MFI’s microinsurance program. These insights are instrumental in shaping the next phase of product development, ensuring broader impact and improved financial security for underserved communities.