Microinsurance map

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  • raRegulation
  • raRegulation
  • raRegulation
  • Is the data collection process reliable
    What are the Scientific mechanisms used to weed out junk data ?
  • Is the data collection process reliable
    What are the Scientific mechanisms used to weed out junk data ?
  • The slide should be exhaustive in terms of capturing categories of report but not in capturing all combinations
  • Microinsurance map

    1. 1. Microinsurance Databank: Catalyzing growth through a live market dashboard Rupalee Ruchismita Executive Director Centre for Insurance and Risk Management (CIRM) 6th International Microinsurance Conference Manila 9-11 November
    2. 2. Agenda Why: Motivation for the Databank What is Microinsurance Map (MiM)? Putting It All Together Analysis: The Story in the Data Going forward Benefits
    3. 3. Agenda Why: Motivation for the Databank What is Microinsurance Map (MiM)? Putting It All Together Analysis:The Story in the Data Going Forward Benefits
    4. 4. Catalyzing MI Growth Sustainable MI growth needs » Capital » Distribution models » Information
    5. 5. Catalyzing MI Growth Need For Information in Microinsurance • Absence of risk data: • Lack of actuarially sound pricing • Regional health morbidity, livestock breed and disease data missing • Inability to foray into new risk areas • Vicious cycle: Conservative high price - Attracting high risk clients - High claims: escalation of premium costs – Absence of Market data: – Isolated innovations without replication – Limited efforts at recording and assessing efficacy of insurer’s MI strategy – Parallel efforts by intermediaries to compare and choose products in the market
    6. 6. Drawing a Parallel: The MiX Precedence • 10 years ago, microfinance was in a similar state as Microinsurance is today • MiX Market is a global, web-based, microfinance information platform – A dashboard of financial, operational and social performance data – Standardises data based on international accounting standards – A trusted, independent and accessible source • Today 1,800 MFIs report to MiX Market. It has 200 partners The Microfinance proof and the Microinsurance potential Inspired us to create a National (India) Data Bank for Microinsurance
    7. 7. Core Objective of the Databank Access to market level data, contributes to: • Improved transparency leading to self regulation of market • Sharing of best practices seamlessly • Key Value – Tool to spearhead innovation and greater outreach – Better planning by regulator for catalysing Microinsurance sector growth
    8. 8. Agenda Why: Motivation for the Databank What is Microinsurance Map (MiM)? Putting It All Together Analysis: The Story in the Data Going Forward Benefits
    9. 9. Microinsurance Map A publicly available MI Data Bank comprising industry and risk data Partners: Micro Insurance Innovation Facility, ILO
    10. 10. Agenda Why: Motivation for the Databank What is Microinsurance Map (MiM)? Putting It All Together Analysis: The Story in the Data Going Forward Benefits
    11. 11. Defining the Space 1. MiM relies on Industry data reported under IRDA regulation (as under MI Act 2005 and under the Rural and Social Obligations) 2. Under the IRDA regulations, reported data includes products served to RED PLUS GREEN 3. Hence, Microinsurance Maps also presents data for RED PLUS GREEN 4. Ideally it should report for products offered to GREEN * LIG: Low Income Groups * IRDA: Insurance Regulatory and Development Authority 1. MiM relies on Industry data reported under IRDA regulation (as under MI Act 2005 and under the Rural and Social Obligations) 2. Under the IRDA regulations, reported data includes products served to RED PLUS GREEN 3. Hence, Microinsurance Maps also presents data for RED PLUS GREEN 4. Ideally it should report for products offered to GREEN * LIG: Low Income Groups * IRDA: Insurance Regulatory and Development Authority
    12. 12. Data Collection A publicly available MI Data Bank comprising industry and risk data Market Data • Regulator • Industry Associations • Insurers - public and private, life and general • Mutuals and intermediaries - MFIs, Cooperatives, NGOs, input and output suppliers (on going) Sources Risk data on regional basis • Indian Meteorological Department, Central Water Commission, Actuaries Association of India, Govt. Dept. of Agriculture, National Remote Sensing Centre, Agriculture Universities • Veterinary Universities
    13. 13. Data Collection (contd.) A publicly available MI Data Bank comprising industry and risk data • Agri crop data: variety, cropping season and period, acreage, primary risk (meteorological, pest and practice related) • Cattle: Breed, primary risks, mortality rates, productivity factors • Health: To be defined in March 2011 Organizational Profile Microinsurance business • Premia - value, volume over time and region • Claims experience - settled, repudiated, time taken over time and region • Gender break up of client over time, region and product category Product portfolio: for every product • All of the above • Coverage - exclusions, discounts • Distribution and sales strategy Data categories
    14. 14. Data Collection (contd.)Industry Data
    15. 15. Data Collection (contd.)Industry Data
    16. 16. Sourcing Data Market information • Secondary sources (Public Institutions, regulator, Govt., etc) • Primary data sources (in-depth surveys of insurers, quantitative and qualitative ) • Lack of willingness to share data (no institutional incentive identified) • Lack of granular/disaggregated data availability 1. Identifying sources of data Asset information • Specialized data warehouses (Indian Meteorological Department, Central Water Commission, Actuaries Association of India, etc) Challenges
    17. 17. Sourcing Data (contd.) • Standardization required to merge data from disparate sources • Clean up to validate incomplete and erroneous data • Acquired data to meet minimum quality levels for usability • Most insurers and intermediaries do not have data in organized form • Data validation by the provider rarely possible • Data shared in bits-n-pieces and data elements not in sync in time leading to substantial delay in putting it to use 2. Data Acquisition • Periodically updating data elements to maintain relevance of data bank • Frequency of data updation dependant on data type • Frequency of data limited by available resources 3. Updates Challenges Challenges
    18. 18. Agenda Why: Motivation for the Databank What is Microinsurance Map (MiM)? Putting It All Together Analysis: Outputs from MiM Observations – The Story in the Data Benefits
    19. 19. Microinsurance Map: Trends and Maps • Market Trends: • Outreach • Provider Profile • Product feature comparison • Government sponsored insurance schemes • Best practices • Asset based data outputs and tools: • Agriculture: Crop variety based Premium Calculators at an agro- meteorological unit • Cattle: Valuation based on breed and region
    20. 20. Stakeholder Value: Solutions for Insurers Use • Disaggregated region specific risk data to develop actuarially sound product pricing • Market insight for development of outreach strategies – competitor and profitability analysis, exposure to innovative product and processes Benefit • Public platform to market products, find potential intermediaries, new relations (IT providers, TPAs) • Plan market entry based on a range of factors- geographical, distribution models, risk specific and competitor based analysis • Market assessment – Updated about ‘sector news’; Trend analyses (over years, regions, risk type and market players) • Own portfolio monitoring, analysis and tracking
    21. 21. Stakeholder Value: Solutions for Intermediaries (Co-ops, NGOs, MFI) Use • Reports to compare pricing and features of own product by various criteria (region, risk type and insurer, premium and claims) Benefit • Use sector best practices to measure own and partner’s (insurer) service quality • Improve own visibility to find partners • Assess insurers based on products and performance
    22. 22. Stakeholder Value: Solutions for Policy Makers Use • Monitor impact of regulation on providers and products Benefit • Create industry benchmarks on product, process and service quality • Identify early trends (sectorally and also for specific providers and risk categories) to respond accordingly • Make proactive regulation and policy for underserved regions and track its impact on the market
    23. 23. Agenda Why: Motivation for the Databank What is Microinsurance Map (MiM)? Putting It All Together Analysis: The Story in the Data Going Forward Benefits
    24. 24. The Features • Outputs- Static and dynamic market snapshots • Examples: • Volumes, value, risk category (life, non-life), ownership (public, private) • Claim status (amount & number settled and repudiated) • Geographical Coverage • Product Features Public v/s Private cumulative premium Companies v/s Premium Amount Agronomy report for a region • Map based output • District level Premium Calculators • Agronomy reports • Cattle risk reports, • Health Morbidity reports (in 2011)
    25. 25. Growth: New Products registered Rural, Social & Microinsurance growth: Public & Private
    26. 26. Growth: (contd.) New Products registered Rural, Social & Microinsurance growth: Public & Private
    27. 27. Growth: (contd.) Premium underwritten: Public & Private (General Insurers)
    28. 28. Growth: (contd.) in Premium (General Insurers) Company-wise Premium underwritten
    29. 29. Claims Performance Microinsurance Portfolio (2007-08 & 2008-09)
    30. 30. Risk wise patterns: Agriculture Insurance Company of India: Premium underwritten (2005-06 to 2009-10)
    31. 31. Risk wise patterns (contd.) Performance of Govt. Health Schemes Govt. Schemes Outreach (in Millions) RSBY- National 19.69 (BPL Families) Aarogyashri – State Specific 3.75 (BPL Families) Kalaignar – State Specific 1.4 (BPL Families)
    32. 32. Risk wise patterns (contd.) Performance of Govt. Health Schemes: RSBY
    33. 33. Agenda Why: Motivation for the Databank What is Microinsurance Map ? Putting It All Together Analysis: The story in the data Going Forward Benefits
    34. 34. Going Forward… • A site overview: www.microinsurancemap.com • Completing data collection process • Launching product comparison matrix • Creating incentives for periodic updates • Expanding Agriculture risk maps nationally • Launching Cattle Risk maps in one state • Initiating Data collection of Health risk Maps
    35. 35. Thank You Please visit us at http://www.ifmr.ac.in/cirm Our Blog Safety Nets for all http://www.ifmr.ac.in/cirm/blog
    36. 36. Click here to generate basic information report Advanced Report Selection
    37. 37. Advanced Report Query Selection Page
    38. 38. Queries Selected
    39. 39. Queries Selected Public vs Private
    40. 40. Graphical Report generated Sample Snapshot: Public v/s Private Premium
    41. 41. Sample Snapshot (contd.): Companies v/s Premium Graphical Report generated
    42. 42. Sample Snapshot (contd.): Agronomy Report
    43. 43. Choose desired state of India (Tamilnadu) Choose desired state of India (Tamilnadu)
    44. 44. Choose desired district of Tamilnadu (Thanjavur) Choose desired district of Tamilnadu (Thanjavur)
    45. 45. Choose desired block in Thanjavur district (Papanasm) Choose desired block in Thanjavur district (Papanasm)
    46. 46. Right click on Papanasm to open block information window Right click on Papanasm to open block information window
    47. 47. Choose type of crop category for which info is desired (Cereals) Choose type of crop category for which info is desired (Cereals)
    48. 48. Choose type of crop for which info is desired (Paddy) Choose type of crop for which info is desired (Paddy)
    49. 49. Choose type of crop variety for which info is desired (Kuruvai Paddy) Choose type of crop variety for which info is desired (Kuruvai Paddy)
    50. 50. Agronomy report for kuruvai paddy can be downloaded from this link Agronomy report for kuruvai paddy can be downloaded from this link
    51. 51. List of rural, social & Microinsurance productsActs & Regulations in Microinsurance Pre-defined Report Links (Market Information) Pre-defined Report Links (Risk Information) Click here to go to market information page Click here to go to risk information page
    52. 52. Database Capabilities • Micro Insurance Map database is scalable and reliable and can easily handle data for multiple countries. • Database design is done in such a manner data can be managed by administrative boundaries at all levels. • Other core capabilities of the database – Supports transactions – integrity checks – less data redundancy – fundamental organization and operations handled by the DB – multi-user support – security/access control – Locking – backups
    53. 53. Technology Platform January 30, 2015 • Micro Insurance Map have been completely developed using open source tools • Language : Java/J2EE • Web Server : Apache Tomcat • Map Server : GeoServer • Database Server : PostgreSQL/PostGIS • Client Layer : Ext JS/HTML Market/Risk data Map data Webserver Mapping Server Database Server Internet
    54. 54. Database : PostgreSQL/PostGIS PostgreSQL •PostgreSQL is a Open source Relational Database Management System(RDBMS). •A standards-compliant SQL-based database server with which a wide variety of client applications can communicate PostGIS •Open source Spatial Extension for PostgreSQL developed by Refractions Research •An implementation of the OGC Simple Features for SQL Specification within PostgreSQL for the storage of geospatial data (points, lines, polygons) within an SQL based relational database management system (RDBMS). •Developed as a set of functions and data types that ‘spatially enable’ the PostgreSQL object-relational database system.

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