Breakout Microinsurance, Fatina Abu Okab, Microfund for Women

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Breakout Microinsurance, Fatina Abu Okab, Microfund for Women

  1. 1. Micro-insurance Programs Himaya & Ri’aya November 18th, 2013
  2. 2. Indicators as of Oct. 2013 No. of branches • 45 No. of staff • 441 (70% ♀) No. of loan officers • 251 (79% ♀) No. of active clients • 97,500 Portfolio (In millions) • 44.0 M $
  3. 3. Services Offered as of Sep. 2013 Credit Financial Services •Group & Individual loans Non-Credit Financial Services •Microinsurance Non- Financial services •Capacity Building & Training •Market Linkages + social services •Rewards & Benefits •College Scholarships No. of Insured Clients-Himaya (Credit life) •96,992 No. of Insured Spouses •76,623 No. of insured Ri’aya (Caregiver) •92,292
  4. 4. Credit Life - Himaya Spouse’s death Death Up to 3 times loan amount Total disability Partial disability
  5. 5. Caregiver – Ri’aya No premedical exams Up to 48 nights/ loan period 21 $/ night spent @ Hospital Affordable Premium Minimal Exclusions
  6. 6. Why MFIs & Microinsurance?  Risk management tool to reduce the vulnerability of lower income clients  Improve the ability of clients to repay their loans  Help MFIs improve retention and attract new clients  Contributes to MFI’s Commercial and Social agenda  In April 2009 MFW/ WWB applied for an ILO grant to launch an insurance product that would enable our clients to better cope with financial burdens associated with medical emergencies
  7. 7. Hospital Type Military 20% Private 8% Public 72%
  8. 8. KPIs Monitored Number of insured Number of claims Number of rejected loans Expense ratio Claims ratio Coverage ratio Claims frequency Hospital stay length Claim processing duration Claim rejection ratio
  9. 9. Win – Win – Win … How? Insurer Client MFI
  10. 10. Key Messages
  11. 11. Key Messages Develop the product for the right reason (serving your client) Keep a close eye on your indicators Use pilot program to validate the product Keep it simple
  12. 12. Thank you

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