Friday, August 11, 2017
The summary Report of the 2017 June Member Meeting, which took place in Luxembourg is now available! If you were not able to make it, find out about the key takeaways from the event and read a brief recap of each presentation to gain insights into the topics discussed by members on pertinent topics within the microinsurance space.
The event brought together over 70 microinsurance experts from across the globe to discuss sector trends, share lessons learned over the past year and identify future focus areas. The meeting was opened by Mr. Romain Schneider, Luxembourg Minister for Development Cooperation and Humanitarian Affairs, who reaffirmed the Government of Luxembourg’s ongoing commitment to supporting financial inclusion worldwide.
The two-day event provided a broad and integrated outlook on how inclusive insurance can help to reduce and manage risk and support international development. Key insights included:
- The microinsurance sector needs to ensure that the role of inclusive insurance is explicitly and clearly recognised as an enabler for the UN Sustainable Development Goals (SDGs). (See this newly released study by GIZ on behalf of BMZ on how insurance contributes to the 2030 Agenda for Sustainable Development).
- Insurance can play a transformative role when integrated into broader development and risk management strategies.
- As the technologies used to deliver insurance services continues to evolve, there should be a focus on developing new business models that facilitate product innovation. The combination of these new models and reduced operating costs will enable insurers to address new risk categories.
- Supervisory and regulatory bodies have a role to play in guiding market development; as new digital opportunities and innovative partnership models emerge, it is important that policymakers and regulators are kept up to date with market developments so that they can respond appropriately.
- Technical definitions aside, in the context of financial inclusion actuaries should be seen as “trusted advisors providing professional solutions to business problems with quantitative backing and an understanding of how all the moving parts fit together.”
- The Landscape Studies are a highly valued tool for collecting the data and market intelligence needed to support further sector development; with some changes to how the data is collected, it is hoped that significant improvements, better cost-effectiveness and a broader scope can be achieved over the next couple of years.