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How microinsurance products and claims procedures can be streamlined and simplified to the benefit of clients and providers alike
This online Expert Forum, which will take place on Tuesday, 31 January from 3pm-4pm CET will address the question of how to simplify and streamline products and claims procedures in such a way as to improve client understanding, premium affordability and speed of claims payments, whilst enabling the provider to make a for-profit business case.
Confirmed guest speakers for this Expert Forum are:
Catherine Denoon-Stevens, Senior Research Associate at Cenfri, South Africa
Marie-Christine Bélanger, Project Manager at FADQDI, Canada
Peter van den Broeke, Senior Policy Advisor at IAIS, Switzerland
Photo: A.Bianchessi, Microinsurance Network
Moderator: Annette Houtekamer-van Dam, Microinsurance Expert at the Microinsurance Network.
Catherine will speak about this topic from the angle of incidence:
“The business of insurance is hard. Microinsurance has proven to be mostly impossible. Whilst promising examples have been documented of insurers achieving the impossible, sometimes even at scale, insurance cover for billions of excluded adults appears to be a long way down the road.
Reviewing Cenfri's research to date, Catherine will discuss the top reasons why this challenge appears insurmountable:
1. Inadequate knowledge of low-income customers.
2. Inadequate access to these customers.
3. Inappropriate products for non-“standard” risk needs.
4. Customers are inexperienced users of formal risk management products.
5. Insurers’ delivery costs are inappropriate for low-value premiums.”
Marie-Christine will talk about how area-yield index insurance simplifies crop insurance by measuring "losses" at the area or community level instead of measuring yield for each producer. Further, she will discuss how teaming up with entities that are already collecting yield data in the field (such as governments, cooperatives, aggregators and service providers), can simplify the process and create added value. Various ways of simplifying the selling and compensation processes will also be discussed.
Peter will highlight what regulators might do to stimulate insurers to design suitable, simple and potentially profitable products for low-income people.