Philippine Standard Time
 

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MOA Signing 1

 

The Department of Science and Technology-Philippine Institute of Volcanology and Seismology (DOST-PHIVOLCS) and RuralNet, Inc., officially formed a partnership through Memorandum of Agreement (MOA) signed on November 03, 2022.

The RuralNet, Inc. is an organization that provides the first fully digital & Application Programming Interface (API)-driven insurance distribution platform in the Philippines which makes this ceremonial signing another milestone for the institute. This marks the first collaboration of DOST-PHIVOLCS with an insurance company that allows stakeholders to integrate HazardHunterPH API into their information and communications technology. This streamlines hazard assessment processes, influences data-driven pricing of insurance premiums, and increases risk transfer mechanisms in non-life properties in the Philippines through insurance.

Moreover, Dr. Teresito C. Bacolcol, Officer-in-Charge of DOST-PHIVOLCS, highlighted GeoRiskPH's initiative of standardizing hazards data from PHIVOLCS, the Department of Environment and Natural Resources-Mines and Geosciences Bureau (DENR-MGB), and the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) integrating them in one system, and developing frontend applications like HazardHunterPH. Mr. Justin Daniel Tan Arcenas also discussed their organization’s mission of providing assistance in accessing a social safety net in case of disasters. He also stressed the importance of acquiring solid risk data, like the databases of HazardHunterPH, for expansion of non-life insurance services, quick response to stakeholders, and as a tool to motivate stakeholders to invest in insurance.

The ceremony successfully ended with the goal of expanding the reach of GeoRiskPH’s APIs to more private sectors for a more efficient hazards assessment and a streamlined work process in connecting government data to individuals.

MOA Signing 2