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GSIS paid Php50 B in claims & benefits in 2011, 18% growth due to improved processes

The Government Service Insurance System (GSIS) reported that it has paid Php50 billion in claims and benefits to its members and pensioners in 2011, an increase of 18.4 percent from the Php42.2 billion disbursed in 2010.

The monthly pension benefit, which accounted for half of the total claims, reached Php24 billion, representing a  12.8 percent increase over the Php21.3 billion level in 2010.

The GSIS has more than 200,000 active old-age pensioners and disburses an average of Php1.7 billion in pension benefit every month.

The pension fund also released Php16 billion in retirement benefits in 2011, up by 46.7 percent compared to Php11 billion last year. Life insurance amounted to Php4.5 billion, a 9.8 percent growth from Php4.1 billion in 2010.

Total disability benefits released rose 25.4 percent to Php142.9 million from Ph113.9 million the previous year while funeral benefits disbursed reached Php220.1 million from P215 million last year.

Similarly, the GSIS posted increased disbursements in optional, pre-need and Employees’ Compensation (EC) insurance benefits —  optional insurance benefits grew to Php718.1 million from Php715.4 million; pre-need insurance went up to P298.5 million from 243.5 million; and  EC climbed  to P58.5 million from P30.7 million.

The pension fund attributed the improved performance to massive efforts in updating members’ records, increased accessibility with the roll-out of additional GWAPS kiosks and renewed partnership with LANDBANK as additional servicing bank. These initiatives resulted in a more accurate database and faster disbursement of claims and benefits.

“Today, claims can be filed in any of our offices. Benefits such as cash dividend for our members and pension and cash gift for our pensioners are now conveniently withdrawn through the GSIS eCard,” GSIS President and General Manager Robert G. Vergara said.

“We look forward to another year of breakthroughs not only in terms of claims disbursements but more importantly in terms of delivering responsive and convenient service to our stakeholders,” Vergara added.