SECP in Pakistan formulates draft rules for microinsurance
Dawn.com, 17 October 2012
The Securities and Exchange Commission of Pakistan (SECP) is in the process of formulating a regulatory framework for the microinsurance sector as risks to economic development would not be safeguarded if the insurance needs of low-income people are not met, it said during a roundtable discussion on this issue. Drawing parallels from the branchless microfinance banking model, it urged insurance companies to gradually move away from the agent-based, brick-and-mortar approach they have grown accustomed to in Pakistan.
SECP also launched a diagnostic study "Microinsurance in Pakistan: A Diagnostic Study on Demand and Supply", with assistance from FIRST Initiative/World Bank, which analysed the demand and supply side of microinsurance, where it currently stands and where it needs to be taken. Addressing the meeting SECP Commissioner Insurance Mohammad Asif Arif said that a conducive and enabling regulatory environment is required for the development of microinsurance.
In Pakistan, where insurance penetration is just 0.8 per cent of GDP, it is anticipated that this initiative will help in creating a transparent and enabling environment thereby increasing the insurance density and affordable outreach to low-income people, and alleviation of poverty.
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Tigo Ghana innovates with customer self registration
BusinessGhana, 11 October 2012
Ghana's premier telecommunication services provider Tigo has taken a giant lead in the mobile insurance sector. The operator made Tigo Family Care Insurance product more accessible by launching a short code that allows customers to self register for the product without the need for an agent. This means customers can now choose any of the three options to register. With this new channel, potential Family Care Insurance customers can now register and get covered up to GHC 2,000 (less than EUR 1,00) by dialing the short code and following the prompts. They also have the options of either visiting any Tigo Customer Service Center or designated Tigo insurance agents to register.
The Solutions Category Manager at Tigo Ghana, Abdul-Nasser Alidu noted that "the need for subscribers to register themselves and a close family member for a life insurance cover is crucial since more than 95% of the Ghanaian adult do not have access to insurance". He indicated that by introducing the self-registration, Tigo hopes to reach the people that hitherto had no access to life insurance cover.
Since the telecom operator launched the Tigo Family Care Insurance, more than 500 subscribers have received claims from the product.
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Insurance cover launched for Kenyan slums
CapitalFM Business, 1 October 2012
Kenyans living in slums can now insure their household goods for KES 480 (EUR 4.3) per year, following the launch of a triple package insurance cover by CIC Insurance Group. The insurance product known as Nuru ya Jamii is the first policy targeting low-income earners that combines property insurance and life assurance as a package.
The policy has three benefits: Cover for household goods in the event of fire, family disability due to death and family life. The policy will leverage on mobile money transfer service, M-Pesa, for payment of premiums and lapses once a claim has been paid.
The Kenyan industry still suffers a general lack of awareness on the benefits of insurance, a trend that the Association of Kenya Insurers is trying to reverse through public education campaigns. A study by the Centre for Financial Regulation and Inclusion (Cenfri) in 2010 estimated that over 95 percent of the Kenyan population is not covered by any form of insurance.
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Webinar on indexed microinsurance product Kilimo Salama
Vimeo, 5 October 2012
On 2 October 2012, the USAID FACET project hosted a webinar presentation on Kilimo Salama. This service offers smallholder farmers access to indexed microinsurance against either drought or excessive rains. Currently almost 70,000 farmers in Kenya and Rwanda have subscribed.
Presented by Fritz Brugger, from Syngenta Foundation, the webinar is an insight into not only Kilimo Salama, but the microinsurance business, and its role in the agricultural value chain. The webinar has been recorded and is available for watching.
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Assocham successfully held the 6th Global Insurance Summit
MyInsuranceClub, 25 September 2012
Assocham held the “6th Global Insurance Summit – Finding the God Particle” on 24 and 25 September 2012, with the objective to discuss various key contemporary and regulatory issues for robust development in furthering financial inclusion and microinsurance industry.
The Summit was a great success with the presence of many key industry leaders. Speaking on the theme of ‘Finding a God Particle’ in the insurance industry in India, speakers stated that microinsurance was definitely the need of the hour to suit the needs of the poor people, irrespective of geography or demography and that is sustainable in the long term.
In another discussion, the urge to insurers was to shift from product centricity to customer centricity. Panellists explained that a customer centric organisations product is only one dimension of a multidimensional customer relationship and experience. The ability of an insurer to deliver a customer experience tailored to changing customer needs will enable them to expand customer base and build customer loyalty.
The industry also discussed alternate means of distribution to reach the customer with the right product at the right cost. Speakers suggested exploring new channels such as the web, mobile phones, fresh channel partners and harnessing technology to create a successful link between the insurer and customer.
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