A chronicle of the partnership that brought insurance to millions of low-income Filipinos has been named the year’s top business title at the Philippines’ premier literary honors, signaling the growing mainstream prominence of financial inclusion models.

Covering Nanay: The Philippine Microinsurance Journey, which documents the rise of CARD Pioneer Microinsurance Inc. (CPMI), received the Best Book on Business award at the 43rd National Book Awards. The ceremony, held March 14 at the Megatrade Hall in Mandaluyong, was organized by the National Book Development Board and the Filipino Critics Circle.

The book beat four other finalists to secure the top spot in its category. Co-authored by Dr. Jaime Aristotle Alip, Lorenzo Chan Jr., and Pia Yupangco, the work provides a behind-the-scenes look at the joint venture between the Center for Agriculture and Rural Development Mutually Reinforcing Institutions (CARD MRI) and the Pioneer Group. The partnership has since become a global case study for inclusive insurance.

Dr. Alip, a co-author, described the narrative as a story of how two mission-driven organizations overcame skepticism and logistical hurdles to serve marginalized sectors. He noted that the project began by asking how insurance could be restructured to meet the specific needs of the poor.

The narrative details the early volatility of the venture, including significant financial losses following major natural disasters that triggered millions of pesos in claims. Despite these initial setbacks, the organization scaled rapidly. While CPMI recorded 700,000 enrollments in its inaugural year, that figure surged to 28.7 million by 2025.

The success of the model relies on a synergy between CARD’s grassroots network—composed largely of female microfinance clients, or "nanays," who maintain a 99 percent loan repayment rate—and Pioneer’s technical expertise in life and non-life insurance.

International observers have cited the Philippine model as a blueprint for both emerging and developed markets. Rob Wesseling, president and chief executive officer of Co-operators, said the CARD journey should be propagated globally to build resilience. Michael McCord, managing director of the Microinsurance Centre at Milliman, called CPMI the premier global example of what microinsurance should be.

Since its April 2024 release, the book has been featured at international conferences in Nepal, Argentina, Japan, and Kenya. It has sold over 10,000 copies and is currently in its third printing.

Lorenzo Chan Jr. noted that while the award validates the journey, the pursuit of financial inclusion remains an ongoing challenge. He emphasized that the lessons learned from the "nanays" prove that providing protection to the underserved is commercially viable and socially necessary.