Session 7: Responsible andEffective Sales, Marketing andServicing of Microinsurance byRural Banks            2011 RBAP-MAB...
Rural banks that do not yet offer microinsuranceStep 1 – Institutional Assessment• Everyone does not have to do microinsur...
Rural banks that do not yet offer microinsuranceStep 2 – Follow a product development process• The process will help  you ...
Rural banks that do not yet offer microinsuranceStep 3 – Search for the right partner• Research microinsurance service of ...
Rural banks that currently offer microinsurance#1 – Represent your clients• Act as “broker” ▫  Conflict of interest?• Make...
Rural banks that currently offer microinsurance#2 – Manage relationship with insurer• Memorandum of Association• Regular m...
Rural banks that currently offer microinsurance#3 – Monitor performance• Best way to ensure a quality product• Appropriate...
The MicroInsurance Centre                                          8  “Developing partnerships to insure the world’s poor”...
Upcoming SlideShare
Loading in …5
×

NRT 2011: Responsible and Effective Sales, Marketing and Servicing of Microinsurance by Rural Banks

385
-1

Published on

NRT 2011
May 23-24, 2011
Manila

Session 9:
Responsible and Effective Sales, Marketing and Servicing of Microinsurance by Rural Banks

By Michael McCord
MicroInsurance Centre President

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
385
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
0
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

NRT 2011: Responsible and Effective Sales, Marketing and Servicing of Microinsurance by Rural Banks

  1. 1. Session 7: Responsible andEffective Sales, Marketing andServicing of Microinsurance byRural Banks 2011 RBAP-MABS National Roundtable 24 May 2011 Hyatt Hotel, Manila Michael J. McCord MicroInsurance Centre
  2. 2. Rural banks that do not yet offer microinsuranceStep 1 – Institutional Assessment• Everyone does not have to do microinsurance• Understand if you can manage the requirements ▫  Institutional mission ▫  Financial stability ▫  Human resources, marketing, IT, documentation• Identify a product “champion” and product team• Must have endorsement of MD / CEO and board• Make sure you are ready – honestly!
  3. 3. Rural banks that do not yet offer microinsuranceStep 2 – Follow a product development process• The process will help you to improve potential for success and save money and reputation• Do not skip steps• Pilot test!
  4. 4. Rural banks that do not yet offer microinsuranceStep 3 – Search for the right partner• Research microinsurance service of insurers ▫  Flexibility ▫  Microinsurance focus ▫  Proven record of good service ▫  Commitment to fast claims payment ▫  Commitment to SUAVE products• Tender process
  5. 5. Rural banks that currently offer microinsurance#1 – Represent your clients• Act as “broker” ▫  Conflict of interest?• Make sure your products are S.U.A.V.E.• Make sure you have a clear understanding of microinsurance value• Success will only be achieved when you have a win-win-win situation• Use microinsurance as a benefit to clients
  6. 6. Rural banks that currently offer microinsurance#2 – Manage relationship with insurer• Memorandum of Association• Regular meetings• Clear roles• Efficiency ▫  Operations ▫  Claims
  7. 7. Rural banks that currently offer microinsurance#3 – Monitor performance• Best way to ensure a quality product• Appropriate key performance indicators ▫  Claims ratio ▫  Claims duration ▫  Market penetration ▫  Rejection rates ▫  Renewal rates• Track your own costs of operations• Track your marketing costs
  8. 8. The MicroInsurance Centre 8 “Developing partnerships to insure the world’s poor”www.MicroInsuranceCentre.org mjmccord@MicroInsuranceCentre.org

×