Micro-Insurance: A Poverty Reduction Tool

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Presentation transcript:

Micro-Insurance: A Poverty Reduction Tool Presented by: Freda du Toit Derek Pead AIO Life Seminar 2008

What is micro-insurance? Protection of low-income people against specific perils in exchange for regular premium payments. Delivered through a variety of channels, including non traditional and community based; With the aim of increasing the ability to deal with risk

Impact of shocks With risk management options Shocks Poverty line Safety net Without risk management options

The focus of micro-insurance Risk-management measures Micro-insurance Social protection

What is social protection? Social security is Compensation for absence of income resulting from contingencies e.g. Sickness, injury Provision of healthcare Provision of benefits to families with children Social protection Provides similar benefits Social protection = social risk management Complimentary to government initiatives

Micro-insurance products Poverty alleviation benefit Long-term savings Break poverty cycle Create education opportunities Long-term insurance Replace income loss Credit-linked insurance Opens funding for development and job creation Insurance of assets Manage shock risk Meeting special needs of women and children Increase education and health Health insurance to the poor Loss of income prevention

One size does not fit all Difference in needs, e.g. Funeral expenses Different insurance priorities for different market segments, e.g. Cover for spouses Need to: Mitigate loss from insurable risks Help build and protect assets Broaden social protection

Principles for Innovation Good product service to overcome apprehension for upfront payment Combine advanced technologies with existing infrastructure High volume, low margin drive Process innovation Collaborative distribution Challenge conventional wisdom

Understanding the demand for micro-insurance Understand client needs Differ per country Product-specific research Develop products in conjunction with clients Size of the potential market The need for volumes

Marketing micro-insurance Marketing message Protection for the vulnerable Optimism Trust After-sales service Marketing techniques Raise awareness Increase understanding