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Developing Marketing and Managing Microinsurance 2
 

Developing Marketing and Managing Microinsurance 2

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    Developing Marketing and Managing Microinsurance 2 Developing Marketing and Managing Microinsurance 2 Presentation Transcript

    • Developing,
Marke0ng,
and
Managing
 Micro‐Insurance
Products
and
Partners
 William Martirez MicroEnsure Philippines 2010
RBAP‐MABS
Na.onal
Roundtable
Conference
 Hya=
Hotel
and
Casino,
Manila
 June
3,
2010

    •   “Microfinance: From Best Practice to Next Practice”  2010 RBAP-MABS NATIONAL ROUNDTABLE CONFERENCE June 2-3, 2010 Hyatt Hotel and Casino, Malate, Manila Developing, Marketing, and Managing Micro-Insurance Products and Partners Presented by: William H. Martirez Country Manager, MicroEnsure Philippines
    • Micro insurance Providers Insurance and insurance-like providers  Life and Non-life Insurance Companies  Cooperative Insurance Societies (CIS)  Insurance/Service Cooperatives  Mutual Benefit Associations (MBAs)  Preneed Companies  Health Maintenance Organizations (HMOs) Intermediaries - entities or individuals such as brokers and agents - facilitate provision of insurance services by licensed insurance providers  Brokers act on behalf of the clients in the purchase of insurance products  Agents act on behalf of the insurance companies in the solicitation of insurance business
    • Managing Micro insurance Products and Partners The Intermediary Model Risk Carrier •  Insurance Company • Reinsurance Company • Cell Captive Front Office Back Office • MFIs, • Systems – Data Capture/ •  Rural Banks Reporting • Aid Agencies • TPA – Claims Servicing • NGOs • Product Design/Negotiation • Retail • Training and Education
    • Managing Micro insurance Products and Partners The Intermediary Model MICROENSURE AS AN INTERMEDIARY  Negotiates with insurance companies on behalf of clients to keep premiums to a minimum  Aim is to achieve sustainability for insurance companies, product distributors, and clients Effective Product Distribution  Work in partnership with organizations that are currently serving the poor such as microfinance organizations, rural banks, as well as humanitarian organizations that are providing non-financial services Sophisticated MIS system / Back Office Processing   ey to minimizing the cost of micro insurance K   racks details of clients covered, collects premiums and administers claims. T Extensive market research and insurance expertise  Products designs that address the real financial risk management needs of the poor
    • Establishing Partnership to Micro insurance Provider Important Factors: 1. Products and Product Development  an insurance provider that   an understand the needs of the clients. C   an understand operational realty of the Bank C   hould be able to design a product that is more suitable for all S parties 2. Transaction cost   anagement Information System for transacting insurance business M   n insurance provider/intermediary that benefits from a wider A client bases and global reach can fund such an overhead  nvestment in system reduces transaction cost I   perating efficiencies O
    • Establishing Partnership to Micro insurance Provider Important Factors: 3. Administration   est equip to handle administration relating to claims processing b 4. Additional channel of sale 5. Staff training and Client Education 6.  ange of Sustainable Product R 7. Distribution Network/Linkages 8.  echnological Enhancement T 9.  xpertise and experience in insurance and microfinance E 10.  equired no capital outlay on the part of bank R
    • Innovations: Micro insurance promotion and service delivery Automated Insurance Management System   A critical component in the timely and cost effective provision of micro insurance services to Rural Banks and MFIs   A state-of-the-art technology that specializes in the following:   Data encoding   Large volume data processing   Data Management   Insurance Claims Processing   Data Synchronization   Automated Reports
    • Marketing Micro insurance Services   Identify target market   Determine the main messages to convey  Protection  Solidarity  Optimism  Trust Three Step marketing Process Raise awareness Cultivate an - About insurance understanding of Activate the - About a specific insurance (costs market insurer/intermediary and benefits Source: Protecting the Poor, A Micro insurance Compendium edited by Craig Churchill
    • Marketing Micro insurance Services A major hurdle for marketing insurance to the poor is the lack of differentiation between microinsurance and conventional insurance products Client education   esigned to promote understanding of the options for managing risk d   xplain the fundamental concepts underlying insurance and the terms that define e it so that the poor can determine what is the most suitable option in their particular case Development of comic books in clients' local languages   rovide an understanding of insurance in an informative and easily p understandable format. Materials are the result of in-depth research into client understanding and attitudes concerning insurance
    • Innovative insurance products:  Security/insurance for the entire family  Loan redemption - fire and calamity assistance - unemployment insurance - daily hospital income benefit   Micro housing insurance - fire, lightning, typhoon, flood, earthquake, volcanic eruption, landslide) - evacuation assistance and family personal accident insurance   Protection to micro entrepreneurs and their tools of trade - property insurance - burglary/housebreaking - personal accident insurance - money, securities and payroll - electronic equipment insurance - fidelity guarantee   Climate responsive index products - weather index based crop insurance for drought/dry spell, excess rain, and typhoon wind speed
    • THANK YO U MICROENSURE
PHILIPPINES
 Website:

 
 www.microensure.com
 Email:

 
 william.mar.rez@microensure.com
 
 
 
 
 Phone:
 
 (033)
329
0729;
(033)
320
0387
 
 
 
 (02)
893
9752