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

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 

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

Brief Background     Start of banking operations  1999       Micro Market         2002     Informal MI          2002     MI Regulation          2009     Transition Planning        2010 JanFeb     Implementation        2010 MarJun 

Regulatory Framework for Microinsurance National Strategy to Microfinance GOVERNMENT BSP SEC FIN IC CDA Others RURAL BANKS INFORMAL INSURANCE MICROINSURANCE MARKET

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

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

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 

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

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

Keys to Successful Transitioning  Research Phase Market Information  External Environment Technical Support Market Needs/Preference

Keys to Successful Transitioning  Research Phase Market Information  External Environment Technical Support Focus Group Discussion

Keys to Successful Transitioning  Research Phase Choosing MI Partner  External Environment Technical Support Pioneer Life Inc.

Keys to Successful Transitioning  Research Phase  External Environment  Strengths vs. Weaknesses  Internal Environment  Gap Analysis  Need vs. Existing Capability

Keys to Successful Transitioning  Implementation Phase  Infrastructure Lay-out  Capability-Building  roduct Development P Team  Product Features  Procedures Technical  I Partnership M Support Negotiation

Keys to Successful Transitioning  Infrastructure Lay-Out/ Transition Plan  Product Development Plan  Eligibility  Features  Processes  Guidelines  Promotions  Choosing the right MI Partner

Keys to Successful Transitioning  Infrastructure Lay-Out/ Transition Plan  Product Development Plan Clients  Communication Plan Share- Personnel holders

Keys to Successful Transitioning  Infrastructure Lay-Out/ Transition Plan  Product Development Plan  Communication Plan  Rationale  Product  Training Plan  Procedures

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

Keys to Successful Transitioning  Implementation Phase  Preparing the  Training (Internal) Employees for the Change  Understanding the Regulatory Technical Framework Support

Keys to Successful Transitioning  Implementation Phase  Training(Internal)  nderstanding the U Basic Procedures on Availment and Claims Technical Support

Keys to Successful Transitioning  Finding the Right MI Partner  The MI Partner must  Fast Processing of support claims  Simplified Claims Procedures  Alternative/ Substitute Documents

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

Thank You. 

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

by MABSIV on Jun 11, 2010

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