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Webinar slides on Improving client value from microinsurance

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  • 1. WEBINAR ON Improving Client Value from Microinsurance: Insights from India, Kenya and the Philippines Presenter: Presenter: Presenter: Michal Matul Eamon Kelly Clémence Tatin-Jaleran Senior Research Officer Consultant Consultant Microinsurance Innovation Facility Guest Presenter: Moderator: Shailabh Kumar Jasmin Suministrado Executive Director Knowledge Officer1 Uplift Mutuals Microinsurance Innovation Facility
  • 2. Interfacing with the webinar system Hides/unhides the control Polls will also be panel opened during the webinar – participate by clicking on your answers Tell us what you think. Type your questions/ comments here even while the Please send chat presentation is TO STAFF on-going.2
  • 3. Webinar Attendee Profile More than 350 attendees3
  • 4. What is “Client Value”? Impact Product and To what extent and process design how microinsurance How do products improves risk- meet client needs in management and relation to reduces vulnerability? alternatives? Product use Demand What is client What factors satisfaction, loyalty influence the choices and feedback to of low-income improve products? households?4
  • 5. Outline of today’s webinar 1. Measuring client value with PACE framework and tool 2. Identifying value creation opportunities 3. Analyzing offerings in relation to alternatives 4. Concluding thoughts 5. Q&A ...and two discussion forums from today till June 8 at the Facility’s Knowledge Centre5
  • 6. 1 Assessing client value with PACE6
  • 7. Building on risk-management preferences appropriate responsive simple accessible affordable7
  • 8. Client value assessment tool PRODUCT • Coverage & sum assured • Exclusions & waiting periods • Eligibility criteria • Value-added services EXPERIENCE ACCESS • Policy administration & tangibility • Choice and enrolment • Claims procedures • Information & understanding • Claims processing time • Premium payment method • Customer care • Proximity COST • Premium to client income • Premium to benefit/cost • Other fees & costs • Cost structure and controls8
  • 9. Unpacking one dimension - Product Covers appropriate risks from a client perspective1.1 Coverage, quality of Integrates appropriate riders to main coverservice, exclusions and 0.35 Provides adequate service quality (for health)waiting periods Offers simple cover without many exclusions Provides limited waiting period1.2 Sum insured in Pays out adequate amount in relation to cost of risk 0.35relation to cost of risk Does not put many sub-limits on specific covers1.3 Eligibility criteria 0.15 Is inclusive, does not exclude groups of people Offers non-insurance benefits1.4 Value-added Offers preventive health services (for health) 0.15services Offers value-added agriculture services Triggers positive behaviour changes9
  • 10. Data collection • Key Sources – Product: policy documents, marketing information, training info – Access: interviews mgt & field staff, operational process manual – Cost: product specs, budgets, tech analysis, KPI’s – Experience: Direct client interviews, operational manual, KPI’s • Approach – Audit type, triangulation – More client data the better10
  • 11. PACE vs other tools Impact Market Study Study Client Satisfaction MILK Study Client Math PACE KPIs11
  • 12. 2 Identifying value creation opportunities12
  • 13. PACE pilot testing Kenya India Philippines composite health life • CIC • ICICI Lombard – • FICCO • Pioneer MG Swath Bima • CARD MBA • Britak Yojna • CLIMBS • Jamii Bora • Yeshasvini • TSKI - • NHIF • Bharti/AXA - Microensure PWDS • VimoSEWA • Uplift • RSBY13
  • 14. Uplift in India: case study Expanding member benefits • Hospitalization product changes • Network of over 300 care providers providing care at negotiated rates • Access to health initiatives • To be sustainable with volumes and technology Claims administration • Education & empowerment versus timely payments Product and performance improved over time • Claim Rejection ratio has decreased over time to 2% • Claims ratio increased to 70% • Renewal ratio has increased over time to 70% • Out of Pocket expenses have reduced over time • Reduction in claim cost about 3 million rupees in 201014
  • 15. Microensure in the Philippines: case study TSKI Product Cover Amount Dagyaw Raised Documents Community Required Pricing Exclusions => Includes Increasing borrower and benefits spouse Definition of dependents extended15
  • 16. Opportunities and trade-offs • Many opportunities, small improvements that make a difference • Balancing trade offs in a continuous improvement process – Cost vs Product, Access and Experience • ‘Balanced’ client value vs business strategy • Contextualizing client value16
  • 17. 3 Analyzing offerings in relation to alternatives Product Product A B17
  • 18. Benchmarking to informal mechanisms informalWelfare groups productP: mostly life, ad-hoc for health, low cover, social functionA: widespread and very accessibleC: 300 Kshs per month/family, high transaction costsE: delays in ‘payouts’, good experience experience access18 cost
  • 19. Benchmarking to social security NHIF (launched 2007) informalInformal sector product mechanisms NHIFP: in-patient health; limited exclusionsA: no information, limited awarenessC: 1920 KES pa per familyE: low HCP quality; limited customer care experience access cost19
  • 20. Comparing JBT to benchmarks JBT (launched 2001) 600,000 lives (MFI) informal product mechanisms P: in-patient health full cover, no NHIF exclusions JBT A: mandatory; simple; close PoS & premium financing C: 200 Kshs per month/family, cost controls E: cashless, good quality HCP, good customer care experience access cost20
  • 21. Client value in Kenya? product experience access21 cost
  • 22. Enhancing value in the Philippines product experience access cost22
  • 23. 4 Conclusions23
  • 24. Conclusions • PACE – a complementary, simple and timely approach – to integrate client value in a product development process – to provide preliminary inputs for policy discussions – to complement other client value studies • Many value creation opportunities, small improvements that can make a difference • Product or market maturity matters!24
  • 25. 5 Questions and Answers25
  • 26. Discussion Forums May 25 – June 826