Developing,
Marke0ng,
and
Managing

Micro‐Insurance
Products
and
Partners

             William Martirez
          MicroEn...
 

“Microfinance: From Best Practice to Next Practice”
   2010 RBAP-MABS NATIONAL ROUNDTABLE CONFERENCE
                  ...
Micro insurance Providers
Insurance and insurance-like providers

 Life and Non-life Insurance Companies
 Cooperative In...
Managing Micro insurance Products and Partners
                The Intermediary Model

                 Risk Carrier


   ...
Managing Micro insurance Products and Partners
                     The Intermediary Model

MICROENSURE AS AN INTERMEDIARY...
Establishing Partnership to Micro insurance Provider


Important Factors:

1. Products and Product Development
 an insura...
Establishing Partnership to Micro insurance Provider

Important Factors:

3. Administration
  est equip to handle adminis...
Innovations: Micro insurance promotion and service delivery


 Automated Insurance Management System

  A critical compon...
Marketing Micro insurance Services

  Identify target market
  Determine the main messages to convey
 Protection
 Soli...
Marketing Micro insurance Services

A major hurdle for marketing insurance to the poor is the lack of differentiation
betw...
Innovative insurance products:
 Security/insurance for the entire family

 Loan redemption
    - fire and calamity assis...
THANK                                               YO U
MICROENSURE
PHILIPPINES

Website:

   
   www.microensure.com

Em...
Developing Marketing and Managing Microinsurance 2
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Developing Marketing and Managing Microinsurance 2

  1. 1. 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

  2. 2.   “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
  3. 3. 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
  4. 4. 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
  5. 5. 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
  6. 6. 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
  7. 7. 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
  8. 8. 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
  9. 9. 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
  10. 10. 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
  11. 11. 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
  12. 12. 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

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