Covering Nanay: The Philippine Microinsurance Journey, a book chronicling the rise of CARD Pioneer Microinsurance, Inc. (CPMI), was awarded Best Book on Business at the 43rd National Book Awards, spotlighting the partnership that expanded insurance protection to millions of unserved and underserved Filipinos.
The award was given on March 14 at the Megatrade Hall, SM Megamall, under the joint auspices of the National Book Development Board and the Filipino Critics Circle.
Now on its 43rd edition, the National Book Awards remains one of the country’s most respected literary and publishing honors, recognizing outstanding books across both literary and non-literary categories, including business.
Covering Nanay stood out among five finalists in the Business Book category, reflecting the growing importance of financial inclusion and microinsurance in national development conversations.
Authored by Dr. Jaime Aristotle Alip, Lorenzo Chan, Jr., and Pia Yupangco, the book offers a candid, behind-the-scenes account of how CARD and Pioneer Insurance built CPMI into a model studied by global leaders in microfinance and inclusive insurance.
Dr. Alip shared, “This book tells a story that is larger than us. It is a story of how two mission-driven organizations — CARD MRI and Pioneer Group — worked together, overcame challenges, and innovated boldly to bring microinsurance to millions of marginalized Filipinos. We asked a simple yet transformative question: how should insurance truly be delivered to those who need it most?”
The narrative traces the early days of the partnership — marked by intense discussions, product iterations, market skepticism, and even significant financial losses following major calamities that required CPMI to pay millions in claims. Despite these challenges, CPMI remained steadfast in its mission to serve lower-income Filipinos who are particularly vulnerable to sickness, accidents, natural disasters, and unexpected loss.
CPMI had 700,000 enrollments in its first year. Twelve years after, in 2025, it had recorded 28.7 million enrollments, demonstrating how inclusive insurance can scale when anchored on trust, discipline, and strong institutional collaboration.
CARD brought to the partnership its deep grassroots reach and nationwide network of nanays — microfinance clients who maintain a 99% loan repayment rate and have built sustainable livelihoods. Complementing this strength, Pioneer Insurance contributed decades of expertise in life and non-life insurance, financial stability, and a genuine desire to insure the unserved and underserved Filipinos.
The book also captures international validation of the Philippine microinsurance model. Rob Wesseling, President and CEO of Co-operators, shared, “The Philippine microinsurance market is a beacon for the world, not only in emerging markets but also the developed world. If we are to build a safer and more resilient world, we need to actively propagate the CARD journey in the Philippines and utilize its expertise to reach more people around the world with the protection they need and deserve.”
Michael McCord, Managing Director of the Microinsurance Centre at Milliman, added that “I tell everyone that CARD Pioneer is the best example of what microinsurance should be around the world.”
Since its first publication in April 2024, Covering Nanay has been launched internationally in Nepal at the International Conference for Inclusive Insurance, in Buenos Aires at the International Cooperative and Mutual Insurance Federation, in Japan as a case study at a FALIA (Federation for the Advancement of Life and Insurance Around the World) conference, and in Kenya at the Microinsurance Master executive learning program attended by global practitioners.
Available globally on Amazon and locally at selected Fully Booked outlets, the book has sold over 10,000 copies and is now on its third printing, reflecting strong interest from the business, insurance, and development communities.
More than a business account, Covering Nanay affirms a shared aspiration: that when given a fair opportunity and the right systems of support, Filipino families can build resilience and secure a better future. With this latest recognition, the call to expand inclusive insurance grows stronger, ensuring that protection becomes accessible to more communities across the country and beyond.
Chan shared, “The pursuit of financial inclusion is a never-ending one. There are endless concerns to resolve and millions more to serve. May our journey and the lessons taught to us by the nanays serve as a reminder that while not without its challenges, it is indeed possible!”
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