Microinsurance
The Jordanian Experience
Microinsurance
• Strategic Partnership with MFW
•
•
•
•

Trust
Transparency
Commitment
Utmost good faith

• Risk Transfer ...
Microinsurance
• New Market Segment Penetration
• Non-conventional target market

• New Experience
• Wealth of knowledge
•...
Procedures
• Very minimal procedures
•
•
•
•

No Underwriting – experience driven
Efficient Premium collections
Speedy Cla...
Riaya : Hospital Cash
• Compulsory Insurance
• Cash indemnity upon staying in hospital
• Maximum Number of nights per stay...
We Keep Our Promise
Thank You
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Microinsurance Breakout, Mazen Nimri, Jordan Insurance Company

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Microinsurance Breakout, Mazen Nimri, Jordan Insurance Company

  1. 1. Microinsurance The Jordanian Experience
  2. 2. Microinsurance • Strategic Partnership with MFW • • • • Trust Transparency Commitment Utmost good faith • Risk Transfer Mechanism • JIC covers the loan plus an additional amount in case of death/disability • Sustainability of the MFW operations • Social Participation • Commitment to elevating social standards • Economic Support • Support the community and economy
  3. 3. Microinsurance • New Market Segment Penetration • Non-conventional target market • New Experience • Wealth of knowledge • New Products • Different Procedures • Profits / Pricing? • High Loss ratios • Price adjustments based on experience • Benefits enhancements (Spouse Insurance) • Sponsorships • • • • Very Important for spreading insurance awareness Radio + TV Ads Brochures and Flyers
  4. 4. Procedures • Very minimal procedures • • • • No Underwriting – experience driven Efficient Premium collections Speedy Claims Settlements Easy Accounts reconciliation • Claims Authority Transfer to MFW • • • • Efficiency Accuracy Popper follow up Valued Partnership - Trust
  5. 5. Riaya : Hospital Cash • Compulsory Insurance • Cash indemnity upon staying in hospital • Maximum Number of nights per stay / Per Year • Challenges • Product Awareness • Amount of indemnity • Pricing • Claims Handling Riaya Statistics from 2010 to 2013. • Medical Reports • Hospital Follow up • Date of Entry and discharge • Fraud !!
  6. 6. We Keep Our Promise Thank You
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