Microinsurance Network Reflects on Five Years of Leadership with Outgoing Chair Lorenzo Chan Jr. in their September Newsletter

Microinsurance Network Reflects on Five Years of Leadership with Outgoing Chair Lorenzo Chan Jr. in their September Newsletter

As his tenure as Chair of the Microinsurance Network comes to an end, Lorenzo Chan Jr. shares insights on the industry’s challenges, triumphs, and his vision for the future of inclusive insurance.

InFiNe member Microinsurance Network (MiN) recently sat down with Chan, a microinsurance pioneer from the Philippines and the Network’s first Chair from Asia, to reflect on his five-year leadership journey. From navigating the COVID-19 pandemic to driving digital transformation and advocating for vulnerable populations, Chan’s tenure has been marked by both innovation and resilience.

Chan is well-known in the Philippines for introducing “sachet insurance” (simple, low-cost policies tailored to people’s everyday needs) which has led to over 30 million enrollments. His work has made insurance accessible and affordable for low-income individuals who previously had no coverage.

During his time as Chair, Chan witnessed the acceleration of digitalization driven by the pandemic, the challenges of consumer awareness in bundled insurance products, and the importance of having the right “mindset” for success. He emphasizes that true success in microinsurance requires looking beyond revenue and profit to a greater purpose.

On the future of inclusive insurance, Chan offers a clear vision:

“Although we’ve come a long way, we still have a long way to go. We would have arrived the day insurance is no longer pushed but bought.”

Chan also highlights the unique value of the Microinsurance Network in bringing together diverse stakeholders: from donors and multilateral organizations to insurers, reinsurers, and tech companies, to collaborate toward greater objectives. This collective effort has led to significant milestones, including the Global Shield initiative.

Want to learn more about Chan’s journey, his thoughts on the industry’s missed opportunities, and his vision for making insurance as essential as everyday necessities?

Read the full interview on the Microinsurance Network website to discover the lessons learned and the path forward for inclusive insurance, and subscribe to their monthly newsletter here.

Source(s): Microinsurance Network Newsletter

Photo(s) © Microinsurance Network