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Microinsurance building trust nigeria conf (jsa 09 10-13)
1. MICROINSURANCE: BUILDING
TRUST, BUILDING BRIDGES
THE PHILIPPINES
INTERNATIONAL MICROINSURANCE CONFERENCE
LEARNING SESSION NIGERIA
ABUJA, NIGERIA SEPTEMBER 10-11, 2013
JOSELITO ALMARIO
DEPARTMENT OF FINANCE, PHILIPPINES
2. WHAT ARE WE FACED WITH
• INSURANCE IS
SOLD, NOT
BOUGHT
• INSURANCE IS A
BUSINESS OFTRUST
3. WHAT WERE DONE
2010
2011
2012
• Microinsurance Defined
• Microinsurance Providers Identified
• Branding and SloganConceived
• Formalization Process Clarified
• MicroinsuranceAgents/Brokers Created
(CBOs included)
• Prototype Product Developed
• Contracts Simplified
• Performance Standards Formulated
• Reporting Standards Established
• MBAChart of Accounts Revised
• Trainings on MIAdvocacy and Seminars
• Alternative Dispute Resolution
Mechanism Established July
2013
4. WHERE ARE WE NOW
COMMERCIAL PROVIDERS
• 2008 - 2
• 2012 – 35 (Life – 17, Non-life - 18)
MUTUAL BENEFIT ASSOCIATIONS
• 2008 - 6
• 2012 - 19
PRODUCTS APPROVED
• 2008 – 7
• 2012 – 89 (Life – 38, Non-life – 25, MBAs – 26)
INDIVIDUALS COVERED
• 2008 – About 3 million (mostly credit life including informal
insurance)
• 2012 – 12 million
5. WHAT ARE THE LESSONS LEARNED
Clear rules and regulations
provide better
understanding and
transparency
Consistency of
implementation results
in predictability –
branding can help
Financial literacy is
educating, not marketing
Advocacy is
convincing, not selling
Localized and simple
alternative redress
mechanisms promote
effective after-sales
service
