Customer education in agriculture insurance is important to (1) achieve better understanding of how to mitigate risk, (2) create value for customers, and (3) help providers reach more clients and expand markets. There are challenges in developing responsible insurance through education including lack of awareness and poor risk perception, low demand and uptake, and lack of clear roles and adequate regulatory frameworks. Effective customer education approaches include using various engagement activities, marketing collaterals, workshops, and participation in local events to increase awareness and understanding of agricultural insurance.
Webinar on Bundling agriculture index insurance with financial and non financ...Impact Insurance Facility
Bundling index insurance with other financial and non-financial services can help scale agricultural insurance. It provides incentives for farmers to purchase insurance and opportunities for other stakeholders. Index insurance has been successfully bundled with credit in places like Mali, increasing farmer investment and incomes. Insurers like ACRE bundle products with farmer groups, banks, and input suppliers. Appropriate services to bundle with include credit, seeds/fertilizers, and complementary insurance covers. Key considerations for effective bundling include pricing affordability, evaluating value for all stakeholders, and delivering bundled products that protect farmer incomes.
This webinar looked at how governments can catalyse the development of agriculture insurance markets through a variety of interventions such as the provision, administration and management of subsidies, support for developing infrastructure for effective implementation of insurance programmes, investment in collection and sharing of data and customer education. It also looked at the government's role in developing enabling regulations and using insurance as a part of their social protection and agriculture development agendas. This webinar was organized together with the WBG's Global Index Insurance Facility, the USAID & Basis/I4-supported Global Action Network for agriculture insurance.
Speakers: Lena Heron (USAID), Peter Wrede (the World Bank) and Vincent Tithinji Ngari (Government of Kenya).
A holistic and systematic approach to market development can overcome barriers to serving insurance to the low-income population. Collaboration between supervisors/regulators, industry players, policy makers, and donors is already showing positive results in some countries.
The role of governments in scaling up agriculture insurance - Implementation ...Impact Insurance Facility
This webinar followed an interesting discussion we had in February 2016 on governments as important catalysts for developing the agriculture insurance market. In this second part we continued to touch upon the variety of interventions such as provision, administration and management of subsidies, support for developing infrastructure for effective implementation of insurance programmes, investment in collection and sharing of data and consumer education. In addition, the government's role in developing enabling regulations and using insurance as a part of their social protection and agriculture development agendas was discussed by experts from the World Food Program, HDFC Ergo General Insurance and BASIS/I4.
Speakers: Tara Steinmetz (BASIS/I4), Mathieu Dubreuil (World Food Programme) and Vivek Lalan (HDFC Ergo General Insurance).
This document discusses microinsurance and strategies for succeeding in the microinsurance market. It begins by defining microinsurance and noting its target population is those living on $2-8 per day. It then discusses how microinsurance is taking off as carriers experiment with new business models to differentiate themselves, innovate, and partner with other organizations. Key differences between microinsurance and traditional insurance are that microinsurance products have lower premiums and benefits, simpler concepts and processes, and rely more on group pricing and non-traditional distribution channels. The document advocates that to succeed in microinsurance, carriers must differentiate their products and services, innovate in their operating models, and form partnerships with governments, NGOs, and other organizations.
This document discusses micro-insurance practices and prospects in India. It defines micro-insurance and outlines fundamental insurance principles. It describes various micro-insurance product types including loan-linked insurance, health insurance, and long-term insurance. It discusses the micro-insurance supply chain and regulatory framework in India. It also analyzes trends in the Indian micro-insurance industry, including the growing use of bancassurance and savings-linked products. The document concludes by suggesting ways that MicroSave could provide technical assistance and research to further develop the micro-insurance sector.
Joseph Alaban from RIMANSI Organization for Asia and the Pacific, Inc speaks about Microfinance and Micro-insurance. (Jan 30, PACAP Community Development Forum: Microfinance Amidst the Global Financial Crisis)
Webinar on Bundling agriculture index insurance with financial and non financ...Impact Insurance Facility
Bundling index insurance with other financial and non-financial services can help scale agricultural insurance. It provides incentives for farmers to purchase insurance and opportunities for other stakeholders. Index insurance has been successfully bundled with credit in places like Mali, increasing farmer investment and incomes. Insurers like ACRE bundle products with farmer groups, banks, and input suppliers. Appropriate services to bundle with include credit, seeds/fertilizers, and complementary insurance covers. Key considerations for effective bundling include pricing affordability, evaluating value for all stakeholders, and delivering bundled products that protect farmer incomes.
This webinar looked at how governments can catalyse the development of agriculture insurance markets through a variety of interventions such as the provision, administration and management of subsidies, support for developing infrastructure for effective implementation of insurance programmes, investment in collection and sharing of data and customer education. It also looked at the government's role in developing enabling regulations and using insurance as a part of their social protection and agriculture development agendas. This webinar was organized together with the WBG's Global Index Insurance Facility, the USAID & Basis/I4-supported Global Action Network for agriculture insurance.
Speakers: Lena Heron (USAID), Peter Wrede (the World Bank) and Vincent Tithinji Ngari (Government of Kenya).
A holistic and systematic approach to market development can overcome barriers to serving insurance to the low-income population. Collaboration between supervisors/regulators, industry players, policy makers, and donors is already showing positive results in some countries.
The role of governments in scaling up agriculture insurance - Implementation ...Impact Insurance Facility
This webinar followed an interesting discussion we had in February 2016 on governments as important catalysts for developing the agriculture insurance market. In this second part we continued to touch upon the variety of interventions such as provision, administration and management of subsidies, support for developing infrastructure for effective implementation of insurance programmes, investment in collection and sharing of data and consumer education. In addition, the government's role in developing enabling regulations and using insurance as a part of their social protection and agriculture development agendas was discussed by experts from the World Food Program, HDFC Ergo General Insurance and BASIS/I4.
Speakers: Tara Steinmetz (BASIS/I4), Mathieu Dubreuil (World Food Programme) and Vivek Lalan (HDFC Ergo General Insurance).
This document discusses microinsurance and strategies for succeeding in the microinsurance market. It begins by defining microinsurance and noting its target population is those living on $2-8 per day. It then discusses how microinsurance is taking off as carriers experiment with new business models to differentiate themselves, innovate, and partner with other organizations. Key differences between microinsurance and traditional insurance are that microinsurance products have lower premiums and benefits, simpler concepts and processes, and rely more on group pricing and non-traditional distribution channels. The document advocates that to succeed in microinsurance, carriers must differentiate their products and services, innovate in their operating models, and form partnerships with governments, NGOs, and other organizations.
This document discusses micro-insurance practices and prospects in India. It defines micro-insurance and outlines fundamental insurance principles. It describes various micro-insurance product types including loan-linked insurance, health insurance, and long-term insurance. It discusses the micro-insurance supply chain and regulatory framework in India. It also analyzes trends in the Indian micro-insurance industry, including the growing use of bancassurance and savings-linked products. The document concludes by suggesting ways that MicroSave could provide technical assistance and research to further develop the micro-insurance sector.
Joseph Alaban from RIMANSI Organization for Asia and the Pacific, Inc speaks about Microfinance and Micro-insurance. (Jan 30, PACAP Community Development Forum: Microfinance Amidst the Global Financial Crisis)
1) Microinsurance in India has grown rapidly in recent years but over 90% of the population remains uninsured. Key developments include the 2005 microinsurance regulation by IRDA and growth of government schemes like RSBY.
2) Life insurance, especially credit-life, dominates the microinsurance sector in India. New products like Max Vijay are emerging but savings-linked microinsurance remains underdeveloped. Health and crop insurance have also grown but face challenges around implementation and basis risk.
3) Innovations include index-based crop insurance partnerships and programs to expand micro-pensions to informal sectors. However, most microinsurance remains supply-driven and seeks subsidies over designing sustainable customer-centric products. Strategic perspectives and
The document outlines the procedures undertaken by Mallig Plains Rural Bank to establish a micro-insurance initiative, including attending trainings, receiving approvals from regulatory bodies, and amending their articles of incorporation. Some benefits of the initiative for the bank and its clients include increased outreach, loan portfolio, and deposits for the bank, and risk protection and protection of livelihoods for clients. Challenges mentioned include regulatory changes, training costs, and ensuring affordable and viable micro-insurance products.
‘An overview of the insurance sector in the Pacific and recent initiatives’ UNDP Climate
Presented by Michael Carr, Chartered Insurer Regional Inclusive Insurance Specialist, The Pacific Financial Inclusion Programme at the Pacific Regional Dialogue on Financial Management of Climate Risk (26-28 June 2017, Apia)
Can mutual microinsurance improve the living standard of the marginalized gro...ICMIF Microinsurance
Can mutual microinsurance improve the living standard of the marginalized groups?
By Sabbir Patel, Senior Vice-President, Emerging Markets, ICMIF
AOA Seminar
Colombo, Sri Lanka, August, 2014
1. Microinsurance provides insurance protection to low-income individuals against risks like illness, death, property damage or loss, and natural disasters. It aims to protect vulnerable populations that are ignored by commercial insurance and lack social protections.
2. Microinsurance is defined as the protection of low-income people through regular premium payments that are proportionate to the likelihood and cost of the risk. It can be delivered through various channels to reach even informal workers.
3. While microinsurance alone cannot eliminate poverty, it can help low-income households manage large losses and make progress toward goals like reducing poverty, hunger, and mortality if available alongside other risk management tools.
This document discusses various economic and financial instruments for integrated water resource management. It examines in detail the main financing options for water systems, including the pros and cons of each option and how they can be applied in different circumstances. The options covered include water and sewerage charges, government grants and loans, external grants such as development aid, philanthropic partnerships, commercial loans and bonds, and private equity. It also discusses how risk guarantees can be used to facilitate financing. The document provides examples of how these instruments have been applied to finance activities like flood risk management. It concludes by suggesting a role play exercise where participants negotiate a funding scheme between a central government and local authority to improve local access to water and sanitation.
‘The Pacific dimension: The role of the insurance sector in supporting resili...UNDP Climate
This document discusses reinsurance and its role in managing climate risks in the Pacific region. It provides an overview of reinsurance, including how it works and what it can do. It notes challenges in the Pacific region like low insurance penetration and issues around information, resilience, and scale. Potential ideas to help manage risks in the region are presented, like regional approaches, risk pooling, microinsurance, and partnerships with governments. The document emphasizes that without partnership approaches, reliance on post-disaster funding will continue and it will remain difficult to attract private sector support.
Presentation by Shukri Ahmed, Rene Gommes , Craig McIntosh and Alexander Sarris at the Index insurance for agriculture in Ethiopia, Addis Ababa, Ethiopia, 9 December 2010.
As part of the global agenda of insuring for sustainable development, the Impact Insurance Facility (www.impactinsurance.org) and the PSI Initiative (www.unepfi.org/psi) are organizing a webinar series with the theme, “Making inclusive insurance work”. The fifth webinar had the topic "Agriculture and climate risks" and was held on 25 April 2017.
Speakers: Samson Ajibola (Leadway), Marcel Stäheli (CelsiusPro) and Manoj Yadav (RIICE/GIZ). Moderator: Miguel Solana (ILO's Impact Insurance Facility).
The Impact of Rainfall Index insurance in Amhara, Ethiopiaessp2
1. The document describes a project that tested the impact of rainfall index insurance and interlinked credit programs for smallholder farmers in Amhara, Ethiopia. The project was a collaboration between researchers and private insurance and banking companies in Ethiopia.
2. Standalone insurance and interlinked insurance that bundled credit with insurance were tested. Uptake of both products was low initially but increased with subsidies. Interlinked credit was difficult to implement due to reluctance of agricultural cooperatives and government involvement in credit.
3. The impact of the insurance programs was evaluated using a randomized controlled trial design with surveys of farmers over time and an individual-level randomization of insurance subsidies. Preliminary analysis found balance across treatment groups and
Introduction to microinsurance, description of the users needs, difference between traditional insurance and microinsurance and presentation of key challenges.
Crop insurance aims to mitigate financial losses suffered by farmers due to damage or destruction of crops from various risks like weather fluctuations. It provides insurance coverage and financial support to farmers in the event of failed crops. The objectives are to encourage progressive farming practices and stabilize farm incomes. Crop insurance can avoid losses from unpreventable causes like weather, pests, and market prices. It benefits farmers through increased repayment capacity and avoiding risk of non-payment. It also benefits banks and reduces government relief payments. Leading technology like the AIR Multi-peril Crop Loss Model provides a scientific approach for analyzing and pricing crop insurance programs.
1. The document discusses weather-based crop insurance and describes various risks faced by farmers like droughts and floods. It also discusses different formal and informal risk management strategies.
2. Formal insurance programs are described, including a weather index insurance product offered by ICICI Lombard and BASIX to insure farmers against deficient rainfall. The program divides the monsoon season into growth phases and provides payouts if rainfall is below a trigger level.
3. Challenges in developing weather index insurance are also outlined, such as basis risk. But the product is seen as well-suited for catastrophe risks with simple design and low costs.
P&C Market Outlook: 2020 Insurance Planning Insights CBIZ, Inc.
After approximately 20 years of a soft, buyer-friendly insurance market, we are facing a hardening market – one that is less friendly to insurance buyers. This article discusses trends to be aware of, rate forecasts, factors you can manage that affect your rates and tips for insurance buyers.
Leverging Public and Private Investment for Nonpoint Source Pollution Prevent...Tony Uhl
The presentation proposes a public-private partnership (PPP) to reduce runoff pollution in Maryland's Chesapeake Bay. The PPP would use state funds to attract private investment for runoff reduction projects. It would implement various financial mechanisms like pollution credits, loan guarantees, and participatory loans. Pollution credits would establish a market-based system where certified credits representing pounds of reduced pollution could be bought and sold. Loan guarantees and participatory loans would partner private banks with the PPP to increase lending for green projects. The goals are to cost-effectively meet Maryland's 2025 pollution reduction targets and continue incentivizing growth in runoff reductions thereafter.
This document discusses weather index crop insurance provided by Sanasa Insurance Company in Sri Lanka. [1] It provides payouts to farmers when weather indices like rainfall fall outside predetermined thresholds. [2] Sanasa first offered this insurance in 2010 and has since expanded coverage. [3] While it reduces issues like delays and human errors in claims, scaling it up faces challenges like the costs of implementation and lack of reliable weather data in all areas.
Government run crop yield insurance scheme, procurement at minimum support prices and calamity relief funds are the major instruments being used to protect the Indian farmer from agricultural variability. However, crop insurance covers only about 10% of sown area and suffers from an adverse claims to premium. There are problems with both the design and delivery of crop insurance schemes. These problems could be overcome with rainfall insurance with a well developed rainfall measurement infrastructure. Private and public insurers are currently experimenting with rainfall insurance products. Given the current levels of yield and rainfall variability the actuarially fair premium rates are likely to be high and in many cases unattractive or unaffordable. Instead of adopting the easy and unsustainable route of large subsidies, in the long term the government should consider risk mitigation through improvements in the irrigation and water management infrastructure.
Integrating ict in insurance management design & development of an online ins...Alexander Decker
The document summarizes the design and development of an online insurance system for an East Africa insurance company. Key points:
- The system was developed to create awareness about insurance policies and benefits through an online presence, as the existing manual system was ineffective.
- Requirements for the system were determined through qualitative research methods like interviews and document review with insurance providers and clients.
- The system was built using PHP, WAMP, and MySQL. It allows authorized users to access insurance information and claims through a secure web interface.
- After development, the system's perceived usefulness and ease of use were evaluated through a questionnaire, finding it provided important insurance awareness.
Zvi bodie retirement 2020-junk science and consumer financial protectionBoston University
Default options provided by governments should be safe, simple, and trustworthy. Governments should protect consumers through regulating truthful advertising and facilitating efficient pension markets. However, guarantees are not sufficient if the issuer could default, so the default option must be free from default risk.
This document summarizes key learnings from the 7th Microinsurance International Conference in Brazil. It discusses innovations in microinsurance (MI) products in Latin America, including insurance linked to remittances, natural disasters, and specific health issues. MI distribution through partnerships with telecommunications companies and retailers is highlighted. The use of technology like mobile phones is described to help address challenges of accessibility, enrollment, billing, and customer relationships in MI. The document also discusses partnerships, regulations, and opportunities to expand MI in the Philippines, including through the use of mobile technology and deposit-linked products.
1) Microinsurance in India has grown rapidly in recent years but over 90% of the population remains uninsured. Key developments include the 2005 microinsurance regulation by IRDA and growth of government schemes like RSBY.
2) Life insurance, especially credit-life, dominates the microinsurance sector in India. New products like Max Vijay are emerging but savings-linked microinsurance remains underdeveloped. Health and crop insurance have also grown but face challenges around implementation and basis risk.
3) Innovations include index-based crop insurance partnerships and programs to expand micro-pensions to informal sectors. However, most microinsurance remains supply-driven and seeks subsidies over designing sustainable customer-centric products. Strategic perspectives and
The document outlines the procedures undertaken by Mallig Plains Rural Bank to establish a micro-insurance initiative, including attending trainings, receiving approvals from regulatory bodies, and amending their articles of incorporation. Some benefits of the initiative for the bank and its clients include increased outreach, loan portfolio, and deposits for the bank, and risk protection and protection of livelihoods for clients. Challenges mentioned include regulatory changes, training costs, and ensuring affordable and viable micro-insurance products.
‘An overview of the insurance sector in the Pacific and recent initiatives’ UNDP Climate
Presented by Michael Carr, Chartered Insurer Regional Inclusive Insurance Specialist, The Pacific Financial Inclusion Programme at the Pacific Regional Dialogue on Financial Management of Climate Risk (26-28 June 2017, Apia)
Can mutual microinsurance improve the living standard of the marginalized gro...ICMIF Microinsurance
Can mutual microinsurance improve the living standard of the marginalized groups?
By Sabbir Patel, Senior Vice-President, Emerging Markets, ICMIF
AOA Seminar
Colombo, Sri Lanka, August, 2014
1. Microinsurance provides insurance protection to low-income individuals against risks like illness, death, property damage or loss, and natural disasters. It aims to protect vulnerable populations that are ignored by commercial insurance and lack social protections.
2. Microinsurance is defined as the protection of low-income people through regular premium payments that are proportionate to the likelihood and cost of the risk. It can be delivered through various channels to reach even informal workers.
3. While microinsurance alone cannot eliminate poverty, it can help low-income households manage large losses and make progress toward goals like reducing poverty, hunger, and mortality if available alongside other risk management tools.
This document discusses various economic and financial instruments for integrated water resource management. It examines in detail the main financing options for water systems, including the pros and cons of each option and how they can be applied in different circumstances. The options covered include water and sewerage charges, government grants and loans, external grants such as development aid, philanthropic partnerships, commercial loans and bonds, and private equity. It also discusses how risk guarantees can be used to facilitate financing. The document provides examples of how these instruments have been applied to finance activities like flood risk management. It concludes by suggesting a role play exercise where participants negotiate a funding scheme between a central government and local authority to improve local access to water and sanitation.
‘The Pacific dimension: The role of the insurance sector in supporting resili...UNDP Climate
This document discusses reinsurance and its role in managing climate risks in the Pacific region. It provides an overview of reinsurance, including how it works and what it can do. It notes challenges in the Pacific region like low insurance penetration and issues around information, resilience, and scale. Potential ideas to help manage risks in the region are presented, like regional approaches, risk pooling, microinsurance, and partnerships with governments. The document emphasizes that without partnership approaches, reliance on post-disaster funding will continue and it will remain difficult to attract private sector support.
Presentation by Shukri Ahmed, Rene Gommes , Craig McIntosh and Alexander Sarris at the Index insurance for agriculture in Ethiopia, Addis Ababa, Ethiopia, 9 December 2010.
As part of the global agenda of insuring for sustainable development, the Impact Insurance Facility (www.impactinsurance.org) and the PSI Initiative (www.unepfi.org/psi) are organizing a webinar series with the theme, “Making inclusive insurance work”. The fifth webinar had the topic "Agriculture and climate risks" and was held on 25 April 2017.
Speakers: Samson Ajibola (Leadway), Marcel Stäheli (CelsiusPro) and Manoj Yadav (RIICE/GIZ). Moderator: Miguel Solana (ILO's Impact Insurance Facility).
The Impact of Rainfall Index insurance in Amhara, Ethiopiaessp2
1. The document describes a project that tested the impact of rainfall index insurance and interlinked credit programs for smallholder farmers in Amhara, Ethiopia. The project was a collaboration between researchers and private insurance and banking companies in Ethiopia.
2. Standalone insurance and interlinked insurance that bundled credit with insurance were tested. Uptake of both products was low initially but increased with subsidies. Interlinked credit was difficult to implement due to reluctance of agricultural cooperatives and government involvement in credit.
3. The impact of the insurance programs was evaluated using a randomized controlled trial design with surveys of farmers over time and an individual-level randomization of insurance subsidies. Preliminary analysis found balance across treatment groups and
Introduction to microinsurance, description of the users needs, difference between traditional insurance and microinsurance and presentation of key challenges.
Crop insurance aims to mitigate financial losses suffered by farmers due to damage or destruction of crops from various risks like weather fluctuations. It provides insurance coverage and financial support to farmers in the event of failed crops. The objectives are to encourage progressive farming practices and stabilize farm incomes. Crop insurance can avoid losses from unpreventable causes like weather, pests, and market prices. It benefits farmers through increased repayment capacity and avoiding risk of non-payment. It also benefits banks and reduces government relief payments. Leading technology like the AIR Multi-peril Crop Loss Model provides a scientific approach for analyzing and pricing crop insurance programs.
1. The document discusses weather-based crop insurance and describes various risks faced by farmers like droughts and floods. It also discusses different formal and informal risk management strategies.
2. Formal insurance programs are described, including a weather index insurance product offered by ICICI Lombard and BASIX to insure farmers against deficient rainfall. The program divides the monsoon season into growth phases and provides payouts if rainfall is below a trigger level.
3. Challenges in developing weather index insurance are also outlined, such as basis risk. But the product is seen as well-suited for catastrophe risks with simple design and low costs.
P&C Market Outlook: 2020 Insurance Planning Insights CBIZ, Inc.
After approximately 20 years of a soft, buyer-friendly insurance market, we are facing a hardening market – one that is less friendly to insurance buyers. This article discusses trends to be aware of, rate forecasts, factors you can manage that affect your rates and tips for insurance buyers.
Leverging Public and Private Investment for Nonpoint Source Pollution Prevent...Tony Uhl
The presentation proposes a public-private partnership (PPP) to reduce runoff pollution in Maryland's Chesapeake Bay. The PPP would use state funds to attract private investment for runoff reduction projects. It would implement various financial mechanisms like pollution credits, loan guarantees, and participatory loans. Pollution credits would establish a market-based system where certified credits representing pounds of reduced pollution could be bought and sold. Loan guarantees and participatory loans would partner private banks with the PPP to increase lending for green projects. The goals are to cost-effectively meet Maryland's 2025 pollution reduction targets and continue incentivizing growth in runoff reductions thereafter.
This document discusses weather index crop insurance provided by Sanasa Insurance Company in Sri Lanka. [1] It provides payouts to farmers when weather indices like rainfall fall outside predetermined thresholds. [2] Sanasa first offered this insurance in 2010 and has since expanded coverage. [3] While it reduces issues like delays and human errors in claims, scaling it up faces challenges like the costs of implementation and lack of reliable weather data in all areas.
Government run crop yield insurance scheme, procurement at minimum support prices and calamity relief funds are the major instruments being used to protect the Indian farmer from agricultural variability. However, crop insurance covers only about 10% of sown area and suffers from an adverse claims to premium. There are problems with both the design and delivery of crop insurance schemes. These problems could be overcome with rainfall insurance with a well developed rainfall measurement infrastructure. Private and public insurers are currently experimenting with rainfall insurance products. Given the current levels of yield and rainfall variability the actuarially fair premium rates are likely to be high and in many cases unattractive or unaffordable. Instead of adopting the easy and unsustainable route of large subsidies, in the long term the government should consider risk mitigation through improvements in the irrigation and water management infrastructure.
Integrating ict in insurance management design & development of an online ins...Alexander Decker
The document summarizes the design and development of an online insurance system for an East Africa insurance company. Key points:
- The system was developed to create awareness about insurance policies and benefits through an online presence, as the existing manual system was ineffective.
- Requirements for the system were determined through qualitative research methods like interviews and document review with insurance providers and clients.
- The system was built using PHP, WAMP, and MySQL. It allows authorized users to access insurance information and claims through a secure web interface.
- After development, the system's perceived usefulness and ease of use were evaluated through a questionnaire, finding it provided important insurance awareness.
Zvi bodie retirement 2020-junk science and consumer financial protectionBoston University
Default options provided by governments should be safe, simple, and trustworthy. Governments should protect consumers through regulating truthful advertising and facilitating efficient pension markets. However, guarantees are not sufficient if the issuer could default, so the default option must be free from default risk.
This document summarizes key learnings from the 7th Microinsurance International Conference in Brazil. It discusses innovations in microinsurance (MI) products in Latin America, including insurance linked to remittances, natural disasters, and specific health issues. MI distribution through partnerships with telecommunications companies and retailers is highlighted. The use of technology like mobile phones is described to help address challenges of accessibility, enrollment, billing, and customer relationships in MI. The document also discusses partnerships, regulations, and opportunities to expand MI in the Philippines, including through the use of mobile technology and deposit-linked products.
This document discusses marketing strategies for the insurance sector in India. It begins by explaining the importance of insurance in helping people deal with risks and uncertainties. The main objectives of the project are to study consumer decision making processes and purchase factors for insurance policies. It then outlines the sampling design used, which involved a survey of 50 respondents through structured questionnaires. Key findings from the data include that most buyers are aged 25-60, interested in online purchasing, and influenced by company reputation and income levels. The document concludes by recommending strategies like improving awareness, relationships, and transparency to better influence insurance purchase decisions.
This document discusses new opportunities for distributing microinsurance. It begins by explaining why alternative distribution channels beyond traditional agents are needed to scale microinsurance, such as using mobile phones, retailers, banking correspondents, direct agents, and public-private partnerships. It then covers several alternative distribution models in more detail and the issues and challenges associated with each. It concludes by emphasizing that success in microinsurance distribution relies on being able to manage scale, collections, and risk management, and that insurers need to understand the perspectives of their distribution partners.
A holistic and systematic approach to market development can overcome barriers to serving insurance to the low-income population. Collaboration between supervisors/regulators, industry players, policy makers, and donors is already showing positive results in some countries.
This joint webinar organized by the ILO's Microinsurance Innovation Facility, together with the Access to Insurance Initiative, discussed inclusive insurance market development. Ithighlighted activities by supervisors through the International Association of Insurance Supervisors (IAIS) and industry players. It took inspiration from achievements in Zambia and in the Philippines to consider potential strategies for enhancing inclusive insurance markets.
This document provides a summary of an insurance webinar discussing digital disruption in the Asian insurance industry. The webinar featured presentations from representatives of Bought By Many, an insurance aggregator, and Anthropic, an insurtech company, on their approaches to digital distribution of niche insurance products and using data analytics. It also included a presentation from AXA Assistance on providing insurance as a digital service beyond just claims, such as integrating health services. The webinar concluded with a discussion of how insurance business models and products are evolving to focus on partnerships, personalized recommendations, and adding value through integrated digital ecosystems.
Multi Channel Distribution in Insurance - WhitepaperNIIT Technologies
This whitepaper explores the need to develop an effective multi-channel distribution strategy that meets customer demands and delivers differentiating customer experience. Apart from the conventional ways of marketing an insurance policy, which include brokers, agents, kiosks, work site marketing and direct marketing, insurance companies now explore new avenues of innovative and attractive range of distribution techniques that can be exploited to their advantage.
These slides were presented during the Microinsurance Innovation Facility’s second webinar, co-organized with the Microinsurance Network, and held on July 13th, 2011. It focused on "New Frontiers in Microinsurance Distribution", their strengths and weaknesses, and areas that can be explored to make these channels work more effectively from the insurer and client perspective. This webinar follow a recent paper on alternative channels prepared by Cenfri (http://www.ilo.org/public/english/employment/mifacility/download/brnote7_en.pdf). Presenters were Brandon Mathews from the Zurich Financial Services, Anja Smith from Cenfri, and Pranav Prashad from the Facility, with Jasmin Suministrado of the Facility as moderator.
The Facility and the Feed the Future Innovation Lab for Assets and Market Access (AMA Innovation Lab) at UC Davis, with support from EA Consultants, organised a webinar to officially present the "3-D" Client Value Assessment tool. Merging the Facility’s PACE tool with the AMA Innovation Lab’s calculations for Minimum Quality Standards for agricultural index insurance, this tool provides a multi-dimensional understanding of the value proposition for potential or existing clients. This webinar introduced the tool, outlined its relevance and application, and provided tips for practitioners and researchers on how to use it to assess the value of their products.
Presenters: Tara Chiu (Feed the Future AMA Innovation Lab at UC Davis), Coralie Martin (EA Consultants) and Pranav Prashad (the ILO's Impact Insurance Facility). Moderator: Aparna Dalal (the ILO's Impact Insurance Facility).
EY activities and solutions for insurers focusing on the emerging consumersEY
This document summarizes EY's activities and solutions for insurers focusing on emerging consumers. It provides an overview of the insurance market in emerging economies, noting high growth rates but low penetration compared to developed markets. It also outlines common challenges for insuring low-income customers like inconsistent cash flows and a lack of understanding of insurance concepts. The document discusses solutions insurers are adopting around product design, distribution, affordability, and awareness. It emphasizes the importance of factors like operating models, governance, culture and skills for effectively serving emerging consumers. Finally, it provides examples of EY's customized solutions and credentials working with insurers in these markets.
As part of the global agenda of insuring for sustainable development, the Impact Insurance Facility (www.impactinsurance.org) and the PSI Initiative (www.unepfi.org/psi) are delighted to announce a six-part webinar series with the theme, “Making inclusive insurance work”. The first webinar focused on clients and impact metrics and was held on 9 November 2016.
Speakers: Geric Laude (CARD Pioneer Microinsurance, Philippines), Patrick Mommeja (Allianz Africa, France), Butch Bacani (UN Environment’s Principles for Sustainable Insurance Initiative, Switzerland) and Michal Matul (ILO Impact Insurance Facility (Switzerland). Moderator: Aparna Dalal (ILO's Impact Insurance Facility).
Delivered at the International Microinsurance Conference 2014 in Mexico City (http://bit.ly/1rUzwBu) this presentation focuses on the need to understand the business compulsions and economics of the value chain members (Agents, MNOs and insurance companies) of mInsurance. It makes a case on existence of multiple mInsurance models and the business logic for each ... a comprehensive analysis of a complex subject.
Welcome to the customer revolution - how insurers can drive profitability and...EY
EY's customer centricity presentation shows how insurers can drive profitability and market leadership through better customer relationships and a focus on innovation.
For more information on the journey insurer's are taking towards customer centricity including results of EY's Global Consumer Insurance Survey 2012 report "Voice of the Customer", visit: http://www.ey.com/GL/en/Industries/Financial-Services/Insurance/The-journey-toward-greater-customer-centricity
Building Loyalty and Trust Through Continous EngagementYourCareUniverse
This document discusses how healthcare providers need to shift to a more consumer-centric business model to build loyalty and trust through continuous digital engagement. It outlines the challenges facing the traditional healthcare business model and how consumers are becoming more informed. Providers need to adopt strategies from consumer industries like retail by focusing on branding, content marketing, digital tools, and mobile solutions. Engagement leaders like Williams-Sonoma are used as examples of how continuous online content and communities have driven customer relationships. The document argues that an integrated approach to these areas can help providers succeed by developing loyal, engaged communities.
27.marketing strategies financial servicesPankaj Soni
This document discusses strategies for marketing financial services and products. It recommends networking through industry events and organizations, publishing articles to demonstrate expertise, and participating in conferences to meet potential clients. It also stresses the importance of building trust through community involvement and delivering high quality customer service. New digital marketing tactics are gaining importance, and early adopters in India's financial industry have seen benefits from strategies like social media promotion and online content platforms.
Introduction to the principles of client protection to postjpattee
The document summarizes the Smart Campaign, which aims to transform the microfinance industry to prioritize client protection. It outlines six client protection principles, explains why focus on client protection is needed now, and provides an overview of tools and resources available to help organizations assess, improve, and track their client protection practices.
This document discusses how insurers can use advanced analytics to optimize their distribution operations. It begins by noting that the insurance distribution landscape is evolving, with new channels like bancassurance emerging. This poses challenges for insurers to manage growing support costs while meeting demands of multichannel sales. The document advocates that insurers leverage analytics to gain insights from customer data and apply these insights to key business activities to enhance competitiveness and customer centricity. It also notes consumers now expect digital tools and personalized products/services from insurers.
Employing Analytics to Automate and Optimize Insurance DistributionCognizant
Today's insurers have the opportunity to employ advanced analytics to automate and optimize distribution, analyze and track customer patterns, enhance marketing campaigns, better manage agents and deliver more value to the business and its customers.
Similar to Customer education in agriculture insurance (20)
Dvara KGFS came into existence as a financial institution with a goal to cater to all the basic financial needs of rural customers of India. Dvara KGFS aspired to be a one-stop solution for customers' wealth creation and risk management requirements by providing a combination of credit, savings, investments or insurance solutions. After setting up a line of credit products--group, individual and mortgaged-backed loans, Dvara KGFS planned to add savings and investment products to its portfolio. It aimed to bring about a fundamental change in the mindset of its customers; which was to move from relying on credit to fulfill their financial goal to relying on savings and creating a financial plan to achieve those goals.
Dvara KGFS developed a data-driven algorithm that would recommend customized product packages to each customer based on their specific financial goal. Dvara KGFS also added investment and insurance products to their portfolio and piloted them through an integrated investment offering named Dvara Sampoorna Sampath Plan. The new product package was piloted in October 2019 and later rolled out in a phased manner across most of its branches reaching more than 5,000 customers to date.
Presenters: Nikhil AC, Head of Liability Products at Dvara KGFS, and Sandeep Kumar, ILO Social Finance Fellow at Dvara KGFS. Moderator: Aparna Dalal (Senior Technical Officer, Impact Insurance Facility).
When one thinks about risk management and finance, one immediately thinks about insurance. Insurance can be an effective way of managing risks that could otherwise result in large losses, which low-income people cannot cope with out of their cash flow or through the informal support of friends and relatives. To be most effective, however, insurance should be part of a broader range of financial services that includes savings, credit and money transfers, which together enable the working poor to manage a variety of risks.
To test new approaches, the ILO is currently working with partners in Asia to develop integrated risk management solutions. This webinar presents the experiences of four partners who are developing savings-linked risk management solutions to help members better manage risks related to health, calamity and life.
The featured partners include: KOMIDA, a non-profit MFI in Indonesia, Oro Integrated Co Operative (OIC) and Nabunturan Integrated Co Operative (NICO), two savings and credit cooperatives in the Philippines and CLIMBS, a cooperative insurance in the Philippines. The webinar presents lessons from the product development process and results from ongoing pilots.
Population coverage: from pilot to nationwide scale-up of the “NHIS mobile re...Impact Insurance Facility
On June 4, 2019, the Facility, in partnership with AFD and with support from the Joint Learning Network for Universal Health Coverage (JLN), organized a webinar on NHIS mobile renewal and digital authentication in Ghana.
The National Health Insurance Authority (NHIA) administers Ghana’s National Health Insurance Scheme (NHIS), which was established in 2003. Up until 2018, around 10.5 million scheme members needed to renew their membership annually and in person at a NHIA District Office. This time-consuming process deterred members from renewing and resulted in lapsed coverage. Partly as a result of these low renewal rates, the Scheme’s national penetration plateaued at around 40% of the population and remained roughly static from 2014 to 2018.
In 2017, the NHIA partnered with the ILO’s Impact Insurance Facility and started a project to digitize the renewal process, allowing members the option to renew their membership digitally on their mobile phones. Secondly, the project planned to establish the related systems for membership and identity verification at healthcare providers.
The project has been a huge success; following the launch of the mobile renewal platform by Dr Mahamudu Bawumia, Vice President of the Republic of Ghana, in December 2018 the number of renewals over the mobile phone has increased exponentially. As at March 2019, more than 65% of all renewals were taking place over the mobile phone.
The webinar is aimed at a wide local and international audience interested in learning more about digitizing operational processes that can lead to greatly enhanced efficiency. These solutions are applicable in both public and private sector contexts, and help to build scale.
Panelists of this webinar were Dr. Lydia Dsane-Selby (Chief Executive, NHIA Ghana), Mariam Musah (Senior Manager, Research, Policy, Monitoring & Evaluation, NHIA Ghana) and Shilpi Nanda (Impact Insurance Fellow alumna, NHIA Ghana). This webinar was moderated by Lisa Morgan (Technical Officer (Health Actuary), ILO).
Webinar on the first actuarial analysis of Pakistan’s Sehat Sahulat Programme...Impact Insurance Facility
The document summarizes the key results from the first actuarial analysis of Pakistan's Federal Sehat Sahulat Programme (SSP). The analysis found that:
1) The average claim per family per year was higher than the initial family premium set in 2015, indicating the premium would need to be increased to cover future claims costs.
2) Factors like older age, female sex, and urban residence were associated with higher incidence rates and average costs. Claims costs were projected to increase over time due to factors like growing membership, inflation, and increasing utilization of services.
3) Modelling projected a range of potential "level premiums" (averaged over 3 years) to fund the program in the
1. The world of risk is changing, with new consumers and risks emerging. Insurance matters more than ever to build resilience for households and enterprises.
2. Challenges in market development persist, as most developing countries are stuck in the early stages of insurance penetration. Technology and data present opportunities to overcome these challenges and improve value.
3. The insurance landscape is also changing, with new providers like MNOs and digital platforms creating opportunities but also challenges for traditional insurers. Market facilitation remains key to guiding development and realizing opportunities from innovations.
On May 10, 2018, the Facility, in partnership with FSDA and AFD organized a webinar on "Putting client insights into practice". Though most insurers are collecting data about and from clients, they often struggle to put that information into practice in a way that makes sense for their business. During this webinar, we shared structures, processes and tricks of the trade that help successful companies to do so.
Presenters: Angela Madriz (BIMA Latin America), Osvaldo Gimenez (BIMA Paraguay), Saurabh Sharma (Britam Kenya) and Alice Merry (the ILO's Impact Insurance Facility). Moderator: Aparna Dalal (the ILO's Impact Insurance Facility).
Webinar - Design Thinking as a strategy for innovation in Public Sector Healt...Impact Insurance Facility
The Facility and the Joint Learning Network for Universal Health Coverage organized a webinar on "Design Thinking as a strategy for innovation in Public Sector Health Schemes".
In this webinar, we showcased the successful application of Design Thinking to redesigning the renewal process for the National Health Insurance Scheme (NHIS) of Ghana.
Presenters: Dr. Lydia Dsane-Selby (NHIA Ghana), Shilpi Nanda (ILO Fellow with NHIA Ghana), David Hutchful (Design Thinking expert and co-founder of Bloom Impact) and Ashlee Tuttleman (Design Thinking expert and consultant). Moderator: Lisa Morgan (the ILO's Impact Insurance Facility).
Webinar on Providing insurance products to rural populations in West AfricaImpact Insurance Facility
On September 6, 2017, the Facility, together with its partners FSDA and AFD, organized a webinar on "Providing insurance products to rural populations in West Africa". During the webinar, we discussed the importance of knowing the profile of the rural clients in order to better adapt offers to the needs of these populations. We also reviewed the partnership and business models that are emerging to provide insurance products to rural populations and we discussed the importance of knowing the agricultural sectors.
Presenters: Edgar Aguilar (The ILO's Impact Insurance Facility and Barry Callebaut), Gildas N’Zouba (SUNU Assurances Vie Côte d’Ivoire) and Moussa Dieng (the ILO's Impact Insurance Facility and CNAAS). Moderator: Miguel Solana (the ILO's Impact Insurance Facility).
As part of the global agenda of insuring for sustainable development, the Facility and the PSI Initiative organize a webinar series with the theme, “Making inclusive insurance work”. The sixth webinar had the topic "Health insurance for the emerging consumer" and was held on 5 July 2017.
Speakers during this webinar were: Lorenzo Chan (Pioneer Group), Sanjay H. Pande (Finsall Networks) and Walter Bacareza (PhilHealth). Moderator: Lisa Morgan (ILO's Impact Insurance Facility).
The Facility, together with its partners FSDA and AFD, organized a webinar on "Making change happen within insurers".
In this webinar, we highlighted the change management activities of two partners - AXA Mansard (Nigeria) and SUNU Assurances (Cote D'Ivoire). It also outlined FSDA and ILO's change management framework and step-by-step process.
The presenters discussed activities, results and lessons that will be helpful to other organizations that wish to go through a similar change process.
Presenters: Omosolape Odeniyi (AXA Mansard), Gildas N'Zouba (SUNU Assurances) and Paul Musoke (FSDA). Moderator: Aparna Dalal (the ILO's Impact Insurance Facility).
As part of the global agenda of insuring for sustainable development, the Impact Insurance Facility (www.impactinsurance.org) and the PSI Initiative (www.unepfi.org/psi) are organizing a webinar series with the theme, “Making inclusive insurance work”. The fourth webinar had the topic "SMEs and value chains" and was held on 16 March 2017.
Speakers: Jeremy Gray (Cenfri) and Nick Smith (AXA). Moderator: Alice Merry (ILO's Impact Insurance Facility).
The Facility, together with its partners FSDA and AFD, organized a webinar on "Improving claims management".
In this webinar we offered guidelines on how to manage claims efficiently and improve operations. Claims is the moment of truth in insurance - it is when the promise of insurance becomes a reality. For low-income households, client satisfaction hinges on receiving the insured benefit as the settled claim offers tangible evidence of the value of an insurance policy.
The webinar featured insights from two innovation partners on claims process improvements and better claims data management. Presenters: Patrick Kihuria (Britam) and Frida Mwaura (MicroEnsure). Moderator: Aparna Dalal (the ILO's Impact Insurance Facility)
As part of the global agenda of insuring for sustainable development, the Impact Insurance Facility (www.impactinsurance.org) and the PSI Initiative (www.unepfi.org/psi) are organizing a webinar series with the theme, “Making inclusive insurance work”. The third webinar had the topic "Health: telemedicine, insurance and Universal Health Coverage" and was held on 28 February 2017.
Speakers: Dr Peter Benjamin (Health Enabled), Jody Delichte (Inclusivity Solutions) and Andrew Smith (Tonic, Telenor’s m-Health service in Bangladesh). Moderator: Lisa Morgan (ILO's Impact Insurance Facility).
As part of the global agenda of insuring for sustainable development, the Impact Insurance Facility (www.impactinsurance.org) and the PSI Initiative (www.unepfi.org/psi) are organizing a six-part webinar series with the theme, “Making inclusive insurance work”. The second webinar focused on distribution and technology and was held on 9 February 2017.
Speakers: Susan Walls (South African Insurance Association), Munir Duri (Kifiya Financial Technology, Ethiopia) and MK Balachandran (HDFC Ergo General Insurance, India). Moderator: Pranav Prashad (ILO's Impact Insurance Facility).
The sustainability of agriculture insurance programmes relies primarily on reaching scale and controlling the costs of distribution. With this in mind, insurers are designing meso-level insurance policies that cover the entire portfolio of an aggregator. But while there are promising gains, there is still much to learn from implementing these solutions to achieve scale and efficiency.
Jointly organized by the Global Index Insurance Facility and the ILO’s Impact Insurance Facility, this webinar discussed opportunities and challenges in meso-level distribution. It presented diverse viewpoints on aggregate distribution and portfolio covers and the roles of various stakeholders. It highlighted experiences of scaling up and how such initiatives impact customer understanding and client value.
El Programa Impact Insurance de la OIT, Fasecolda (Federación de Aseguradores Colombianos) y la Superintendencia Financiera de Colombia organizaron el taller “Desarrollo del Mercado de Microseguros”, con el objetivo de reunir a los actores claves del mercado asegurador para identificar riesgos, oportunidades y definir un plan estratégico para el desarrollo de nuevos microseguros en el corto y el mediano plazo.
This document discusses the potential of mobile insurance in Africa. It provides examples of MicroEnsure's experience partnering with mobile network operators to provide affordable insurance products to low-income customers. Mobile insurance has seen rapid growth in Africa by using a "freemium" model where customers earn free basic life insurance by topping up their mobile accounts. This offers benefits to both customers and mobile operators by increasing customer loyalty and reducing churn. The document examines considerations for demand and supply of microinsurance and provides case studies of mobile insurance programs in countries like Ghana, Tanzania, and Zimbabwe.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
2. Interfacing with the webinar system
2
Tell us what you think. Type
your questions/ comments
here even while the
presentation is going on.
Our presenters are shown here
This shows all current participants
Polls will also be opened
during the webinar –
participate by clicking on
your answers
3. Issues and challenges around customer
education in agriculture insurance
3
Presenter:
Brenda Wandera
International Livestock Research
Institute
Presenter:
Lory Camba Opem
International Finance
Corporation
Presenter:
Navin Sharma
ICICI Lombard General Insurance
Company
Facilitator:
Pranav Prashad
Impact Insurance Facility
3
4. Achieve better understanding of how to mitigate
risk
Create value for the customers
Help providers reach more clients and expand
markets
Change behaviours in agricultural communities
Poll: Why is it important to educate
clients
4
5. Customer education at the core of
responsible finance
5
Staying Resilient and Keeping Customers FIRST
6. Why does customer education in
responsible insurance matter
6
Inadequate understanding and low consumer
protection can lead to further impoverishment of low
income consumers and can limit market expansion
and profitability of product.
The benefits of insurance products are difficult to
understand for consumers, more so in mandatory
products
Where products are voluntary and consumers must
make out-of-pocket premium payments, there is a risk
of involuntary lapse of the policy. Better
understanding creates safeguard to minimize this risk.
Greater focus on consumer’s needs and their better
understanding helps organizations build stronger
relationships with their clients. This enhances trust,
increases client retention, and reduces the risk of
lapses or false claims.
Adherence to consumer protection goals creates more
socially valuable and financially stable institutions and
products
7. Why it matters to our clients and their
customers
7
Serves customers with products that fit their needs: both traditional
and digital financial services; microenterprises (NGO transformations,
cooperatives, etc), banks (downscaling), NBFIs (insurance, housing)
Builds long-lasting customer relationships: customer education,
product understanding & use; importance of credit reporting, managing
multiple loans; diversified services to retain/obtain customers
Manages risks for more prudent growth: help develop risk
management systems and processes as backbone for more prudent,
resilient business growth, solid customer base for expanded services
Anticipates uncharted risks of opportunities (like use of technology):
low customer uptake, unreliable agents/networks, data/info security,
KYC, fraud
8. Measured by responsible insurance
indicators
8
A number of Social Performance Indicators (SPIs) are tracked so insurers can develop
a better understanding of where consumer protection needs are met and where
challenges remain. This knowledge can inform capacity-building efforts throughout
the value chain.
Consumer Protection Question Indicator
Are products appropriate for the clients they are sold
to?
• Incurred claims ratio
• Claim Settlement Turnaround
time
What safeguards exists to protect client data? • Guidelines on privacy of client
data
What renewal process is used? • Renewal ratio
What process exists to tell consumer a claim is
rejected? Is the ratio appropriate?
• Claim rejection ratio
What opportunities do clients have to file
complaints?
• Complaints ratio
Are clients satisfied? • Client Retention Rate
9. Challenges in developing responsible
insurance through education
9
Challenge 1: Lack of Awareness
and Poor Perception of Risk
Challenge 2: Low Demand
and Uptake
Challenge 3: Need for
Clarification of Roles
Challenge 4: Lack of Adequate
Regulatory Frameworks
• Provide information and education for consumers at
different engagement points
• Partners with known brands to increase trust
• Bundled products and modular products
• Digital Products (not just for distribution)
• Incentive models for voluntary insurance take-up
• Better understanding of partnerships and business
models
• Designing appropriate Risk-pooling mechanisms
• Improve cooperation between entities – better
relationship between insurers and actors in the value
chain
• Promote engagement between regulators and industry
• Develop guidance for providers (for traditional and
digital insurance)
10. Evolution of education tools and approach
10
Index based insurance is a new concept. It is important that clients receive
accurate and complete information. Misinformation leading to unrealistic
expectation and subsequent disappointment will damage the reputation of the
product.
IBLI potential clients
Mostly illiterate or semi illiterate
Have had zero or limited prior experience with insurance
Continuous education on the product and its benefit is key
Tools need to be easy to understand for them
Approaches need to be acceptable and interesting for the clients
Consumer education tools and approach adapted based on
Experience & Feedback
11. Objective of consumer education
11
Proposed theory of change around consumer education
12. Key challenges & possible solutions in
rural segment
12
Improving awareness among
farmer community
Innovative distribution & marketing
activities – promotional activities, add
on services like agro advisory
Optimise costs Using technology &
cross utilization of existing
infrastructure
Manpower and infrastructure
requirement
Creative
distribution+
Use of
technology
13. Engagement activity to create awareness
13
Creating awareness about Crop
Insurance
Facilitate better understanding
of the NCIP
Importance of Insurance as a
collateral security
Understanding of Roles &
Responsibilities
Feedback from Banks & Govt.
& Scope for improvement in
our services
Engagement with channel
partners
Engagement with government
Engagement with end users
Marketing collaterals –
awareness and promotion
Newspaper & radio spots
Objective Intervention
Use of IEC activities to achieve behavioral change in the target segment
14. Product information – benefits, cost etc.
Process for claims (and enrolment)
Information on risks and insurance principles
Alternative solutions to manage risks
Poll: What topics should insurance
consumer education address
14
15. Consumer awareness and financial
education: customer journey
15Wiedmaier-Pfister & McCord (2012)
Point of Sale
Agent educates consumer before selling
policy
TV, radio, Internet and phones
Drama, talk show, Interactive website
jingles, SMS
Workshops
Train the trainers: Need trainers equipped
to train adults in practical ways
Schools
Financial education included in curriculum
Extra-curriculum activities: clubs, school
visits
Community events
Road show, street theatre, movie
In-community knowledgeable persons
Either community leaders or simple
members
Trained for specific messages and advice
16. Educating customers helps for client-centric
product design via diversified channels
16
Improving Client-
Driven Product
Design
Diversifying
Distribution Channels
Build Consumer
and Local Players’
Awareness
Develop the reach and diversity the distribution network
Identify, pitch, enter agreements with, and provide tailored insurance
policies for local distributors
Increase consumers trust in provider and insurer, training officer to
explain advantages of insurance
Provide capacity building trainings on index insurance for local actors,
including insurers, distributors, regulators and other stakeholders
Offer bundled products, insurance + credit, leading to higher uptake
Assess data modeling methodology and techniques used for calculating
risk, pricing and handling of underlying data to make these more
transparent
Review and recommend improvements to product coverage terms,
including the claims assessment methodology (i.e. in determining what
qualifies for a payout)
Use feedback for
17. Consumer education approaches
17
• Face to face trainings - Agents endorsed by
community for trust
• Interactive radio programs - Local radio
station and languages
• Pre- recorded radio programs - Local
language
• Insurance games - Based on pastoral
production system
• Edutainment videos - Shown in the evenings
in the villages
• Community meetings - Oral community
• Skits - Local artists
• Use of village chiefs - Trust issues
18. Using Games and “Village Elders” for
“consumer education”
18
Insurance simulation games effective for insurance
understanding
• Used some of the pastoral systems to explain the
difficult concepts
• More sales were recorded in these areas as opposed
to areas where there were no games
• Resource intensive and time consuming
• Not feasible to play the games with the all the
households in the area : choose carefully
Village elders have proven to be some of the most
effective Master Trainers and VIPs
• Convincing the other village elders of the validity of
the insurance product
• Reducing the skepticism of the local population
• Sub division of roles between Master Trainers and VIPs
worked well
• The older men, who were trusted by the
pastoralists, relayed information while the
younger men finished the transaction
• Evolved to lead and sub agent relationship -
commercial
19. Past tools
19
● Cartoon
● General
Video
● Poster
● Insurance
simulation
games
● Quick Ref
● Edutainment
Video
● IBLI Training
Manual
● IBLI Payout Video
● Jingles
● Updated Pictorial
● Issue Cards
● Pocket Guides:
FAQs,
Communication
Skills, Rate Cards
● IBLI Pictorials
for Ethiopia
● Updated
Pictorial for
Kenya
● Updated quick
reference
guides
● Index
announcement
poster
2010 2011 2012/2013 2014
25. Kenya Livestock Insurance Program -
KLIP
25
Consumer education strategy
Level 1: Knowledge and tools for government
and insurance industry policy makers
Level 2: Knowledge, skills and job aids for
IBLI/KLIP sales agents and promoters
Level 3: Awareness raising for potential clients
26. Through community leaders and farmer
cooperatives
Through relevant agriculture input providers
Through mass media – radio and newspapers
Using mobile phones
Poll: What are the most effective ways to
engage with rural agricultural households
on insurance awareness & education
26
27. Stakeholder Mapping – work through
Government
27
The Insurer
District Admn.
DM & Agri.
Deptt
Deptt. of Agri
at State Level
SLBC at
State Level
Dist. Level
Banks
Farmer
Engagement at each level is a pre-requisite to
Create awareness about scheme
Earn the buy-in of each stakeholder and use them to promote
Develop rapport and set up momentum
SLBC: State Level Banking Committee
28. Focused Engagement & Recognition
28
R&R to motivate channel partners for
high penetration
Engaging & explaining to govt. and bank officials –
effective spokespersons
29. Workshops at multiple levels
29
District workshops to sensitize the district
officials about insurance covers and
processes
Pradhans (village chiefs) workshop to mobilize the people’s
representatives
Special women workshop
30. Marketing collaterals - reinforce the
message
30
Posters & Banners
Wall paintings - effective in
health too!
31. IEC Activities
31
Using opinion makers
Reach non motorables via
“hand miking” (Bihar)
Local flavour (Jharkhand) Catching eyeballs (Odisha)
Innovations - Kite festival
(Gujarat)
Mobile van campaigns
32. Participation in local events
32
Nukkad Natak - Skits and drama at Durga Puja in
Bengal
Promotion through most reachable and
relevant media - the radio jingle
34. Impact of Increased engagement and
customer oriented activities
34
Engagement with stake holders & other interventions helped in terms of extending
reach
• Significant increase in no. of farmers covered as compared to previous year in the
same district speaks volumes about the impact of effective engagement
161000
314760
24433
79300
Farmers covered K 14 Farmers covered K 15
MNAIS WBCIS
95%
224%
*Kharif 2014 and 2015
35. WBG/IFC responsible insurance strategy:
leveraging on Global Index Insurance Facility
(GIIF)
35
•Support Insurance
providers in developing
strategies to
strengthening responsible
insurance practices across
business functions
• Monitor and track
progress against Smart
Campaign social
performance indicators,
using a set framework and
set of indicators
Consumer
Protection &
Responsible
Insurance Delivery
•Develop & distribute trainings
on insurance management for
non-traditional insurance
distribution channels
•Capacity building for local
insurance entities to track
social performance
•Workshops & trainings to build
consumer awareness through
private and public financial
education campaigns
Consumer
Awareness &
Financial Education •Evaluate the impact of
insurance on the lives of
the end-beneficiaries
•Evaluate progress in
social performance
based on indicators
tracking
•Share lessons in
international fora – e.g.
Microinsurance Network,
Consumer Protection
Working Group
Evaluate Lessons &
Share Results
36. Financial education lessons from IFC
projects in India
36
Program should cover the entire delivery spectrum- broad based to
intensive
Appropriate mobilization strategy is critical for client retention-
participatory approach to contextualize content to match client
expectations
Balance should be struck between scale of the program and its
effectiveness
Regular monitoring for quality/evaluation and impact assessment for
motivating HR
Employing appropriate technology can help achieve scale and reinforce
learning among clients- MIS, radio, television, audio-visual content
Delivery of financial education should be followed up with access to
appropriate products to increase retention
Very little evidence of cost benefit analysis. Benefits could be
direct/indirect
Financial Awareness is like a vaccination drive– value unrecognized until
afflicted by disease (in this case high debt levels/erosion of savings)
37. Case study: financial institutions
interventions in financial education
37
An MFI in South Asia provides a 5 week financial literacy program to
clients on basic money management (debt management & savings)
Facilitates opening of savings accounts
Graduates get perks:
Extra Rs.2000 on credit limit
Eligible for Individual Loan if 2+ year client
Access to cashless disbursements
An MFI in China uses informal trainings to raise client awareness of
their products and their understanding of financial services via
innovative means: emails, calendars and group trainings
An MFI in India set up a Financial Information Centre to give financial
advice by telephone and uses a variety of interactive teaching
methodologies like games, stories and cases during financial literacy
trainings.
Elaborate Lessons for agri insurance
38. A greater number of countries is
developing national financial education
frameworks
38
Data from OECD/INFE,
PISA Frameworks
• Greater number of
countries are relying
on evidence and the
measurement of
financial literacy to
develop their strategy
based on evidence of
needs and gaps across
their population.
• Most countries have
used national financial
literacy surveys relying
either on available
international tools
WB Global Financial Literacy
Survey
39. Accurate and complete information to clients helps
to create realistic expectations that are more likely to
be met - this helps with building trust.
Proper information and education about insurance is
must for all stakeholders for providing full benefits to
the farmer and create value at each level.
There is a lot work still be done for consumer
education and as we've seen today, for insurance as
a product and more specifically for agricultural
farmers. IFC/WBG remains committed to financial
inclusion.
Concluding thoughts
39
40. Issues and challenges around customer
education in agriculture (index)
insurance
4040
Presenter:
Brenda Wandera
International Livestock Research
Institute
Presenter:
Lory Camba Opem
International Finance
Corporation
Presenter:
Navin Sharma
ICICI Lombard General Insurance
Company
Facilitator:
Pranav Prashad
Impact Insurance Facility
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