Developing, Marketing, and Managing Micro-Insurance Products and Partners

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Developing, Marketing, and Managing Micro-Insurance Products and Partners

  1. 1. Developing
and
Managing
Microinsurance
 Products
and
Partners

 Dinah
Verallo
 FAIR
Bank
 2010
RBAP‐MABS
Na.onal
Roundtable
Conference
 Hya=
Hotel
and
Casino,
Manila
 June
3,
2010

  2. 2. Developing and Managing Microinsurance Products and Partners RBAP­MABS
 Roundtable
Discussion
 03
June
2010

  3. 3. Brief
Background
  

Start
of
banking
operations
­
1999
 
  

Micro
Market
 
 
 
 ­
2002
  

Informal
MI

 
 
 
 ­
2002
  

MI
Regulation

 
 
 
 ­
2009
  

Transition
Planning

 
 
 ­
2010
Jan­Feb
  

Implementation

 
 
 ­
2010
Mar­Jun

  4. 4. Regulatory Framework for Microinsurance National Strategy to Microfinance GOVERNMENT BSP SEC FIN IC CDA Others RURAL BANKS INFORMAL INSURANCE MICROINSURANCE MARKET
  5. 5. Regulatory Framework for Microinsurance GOVERNMENT BSP SEC FIN IC CDA Others • Minimization of INSURANCE COMPANIES Risk RURAL BANKS • Shared FORMAL INSURANCE responsibility MICROINSURANCE MARKET • Clients’ Benefits
  6. 6. Why Opt for Formal Microinsurance? CLIENT’S SHARED RISK BENEFITS RESPONSIBILITY MINIMIZATION •  RB and IC •  Rural Bank and •  Compliance relationship the Insurance •  Reputation fosters improved Company (assurance of services and •  RB as the systematic insurance institutional procedures on product microinsurance claims) •  Lower premiums client •  Financial •  Faster claim procedure
  7. 7. Keys to Successful Transitioning   Research Phase  

Fear
of
the
unknown
makes
us
resist
for
change
 
  

Knowing
Where
to
Go,
What
to
Expect
in
the
 
 



Journey,
and
How
to
Enjoy
the
Ride

  8. 8. Keys to Successful Transitioning   Research Phase  MI Regulatory   External Environment Framework   BSP Circular No. 683 Series of 2010   Market Information   Parameters in Choosing MI Partner
  9. 9. Keys to Successful Transitioning   Research Phase  MI Regulatory   External Environment Framework   BSP Circular No. 683 Series of 2010   Market Information Technical   Parameters in Support Choosing MI Partner
  10. 10. Keys to Successful Transitioning   Research Phase Market Information   External Environment Technical Support Market Needs/Preference
  11. 11. Keys to Successful Transitioning   Research Phase Market Information   External Environment Technical Support Focus Group Discussion
  12. 12. Keys to Successful Transitioning   Research Phase Choosing MI Partner   External Environment Technical Support Pioneer Life Inc.
  13. 13. Keys to Successful Transitioning   Research Phase   External Environment   Strengths vs. Weaknesses   Internal Environment   Gap Analysis   Need vs. Existing Capability
  14. 14. Keys to Successful Transitioning   Implementation Phase  Infrastructure Lay-out   Capability-Building   roduct Development P Team   Product Features   Procedures Technical   I Partnership M Support Negotiation
  15. 15. Keys to Successful Transitioning   Infrastructure Lay-Out/ Transition Plan   Product Development Plan   Eligibility   Features   Processes   Guidelines   Promotions   Choosing the right MI Partner
  16. 16. Keys to Successful Transitioning   Infrastructure Lay-Out/ Transition Plan   Product Development Plan Clients   Communication Plan Share- Personnel holders
  17. 17. Keys to Successful Transitioning   Infrastructure Lay-Out/ Transition Plan   Product Development Plan   Communication Plan   Rationale   Product   Training Plan   Procedures
  18. 18. Keys to Successful Transitioning   Infrastructure Lay-Out/ Transition Plan   Product Development Plan   Communication Plan   Reconciliation of Balances   Training Plan   Cut-Off of Informal Insurance Database   MIS Plan   Baseline Data
  19. 19. Keys to Successful Transitioning   Implementation Phase   Preparing the   Training (Internal) Employees for the Change   Understanding the Regulatory Technical Framework Support
  20. 20. Keys to Successful Transitioning   Implementation Phase   Training(Internal)   nderstanding the U Basic Procedures on Availment and Claims Technical Support
  21. 21. Keys to Successful Transitioning   Finding the Right MI Partner   The MI Partner must   Fast Processing of support claims   Simplified Claims Procedures   Alternative/ Substitute Documents
  22. 22. Keys to Successful Transitioning  Finding the Right MI Partner   Negotiation with the MI   hoose a MI Partner C that supports your value proposition   Duly authorized by law and has complied all requirements   Willing to support all the promotions campaign of the bank
  23. 23. Thank
You.


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