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Churchill C5 Paris, June 2010

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Craig Churchill presents the main trends of microinsurance, give some example of innovations in the sector and highlight the common mistakes the different players make when starting a scheme.

Craig Churchill presents the main trends of microinsurance, give some example of innovations in the sector and highlight the common mistakes the different players make when starting a scheme.


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Transcript

  • 1. Microinsurance
    overview
    Craig Churchill
    Microinsurance Innovation Facility
    International Labour Organization
  • 2. Would you insure these houses?
  • 3. Would you insure these farmers?
  • 4. Would you insure these assets?
  • 5. Or these?
  • 6. Would you insure these lives?
  • 7. Overview of Presentation
    Microinsurance stats and trends
    Examples of innovation
    Common mistakes
  • 8. Survey results
    • 14.7 million people in Africa covered by 227 microinsurance providers
    • 9. USD 257 million in premiums received in 2008
    • 10. 2.6% of the population living under USD 2 per day
  • Success
    Difficulty
    Microinsurance product irony
    Credit life
    Funeral insurance
    Term life/Personal accident
    Property insurance
    Endowment life
    Agriculture
    Health
    Products in greatest demand are least available
  • 11. Microinsurance trends
    Insurance companies are increasingly interested in serving low-income households
    Microinsurance is emerging out of the shadow of microfinance
    Greater variety of distribution channels are being used
    Experimentation with consumer education tools and methodologies is beginning
    Policymakers, regulators are showing a greater interest (e.g. Access to Insurance Initiative)
    Product innovations are taking place to provide more valuable coverage
  • 12. Four dimensions of value
  • 13. Product Evolution
  • 14. Overview of Presentation
    Microinsurance stats and trends
    Examples of innovation
    Common mistakes
  • 15. Overview of the Facility’s Grantees
    see Grantee Community on www.ilo.org/microinsurance for details
  • 16. Innovative Distribution Channels
    • Launching a property insurance product sold through retailers and suppliers of cell phone airtime
    • 17. Collaborating with national consumers’ association for rural water rights to develop life, health, personal accident and funeral insurance products for farming families, with premium payments collected with water bills
    • 18. Distributing life insurance and savings product for the families of migrant workers through churches and schools
  • Product innovation: Life
    • A simple, tangible savings and insurance product sold through small retailers
    • 19. Includes death and accident coverage based on account balance, irregular savings as low as USD 0.22
    • 20. Does not lapse
  • Product innovation:Health
    Microfund for Women, Jordan
    • Pilot the “Caregiver” product – cash payments when a client or a family member is hospitalized.
    • 21. Benefits for lost wages, transportation, accommodation (not for medical expenses)
    • 22. Includes family members
  • Product innovations:Health
    • Out-patient cover using hand held terminals for tele-medicine and insurance (India)
  • Product Innovations:Agriculture
    DHAN Foundation
    • Crop insurance programme based on a weather or area-yield index to protect farmers, their assets and their crops
  • Product innovations:Livestock
    Livestock insurance testing RFIDs to reduce fraud
    Satellite index of vegetative cover for livestock insurance
  • 23. Product innovation: Composite
    Cooperative Insurance Company, Kenya
    • Bimaya Jamii: “Basket” product with the National Health Insurance Fund (NHIF)
    • 24. Family (up to 7 members) coverage: In-patient health, AD&D, loss of income due to accident, funeral expenses
    • 25. Selling through MFIs, SACCOs and other cooperatives
    • 26. Emphasizing training and consumer education for distribution channels and their members
  • Overview of Presentation
    Microinsurance stats and trends
    Examples of innovation
    Common mistakes
  • 27. Overview of Presentation
    Microinsurance trends and characteristics
    Examples of innovation
    Concluding thoughts
  • 28. Common Mistakes(1)
  • 29. Common Mistakes(2)
  • 30. Thank you!
    Craig Churchill
    churchill@ilo.org
    Tel +41 22 799 6242
    www.ilo.org/microinsurance