A Newsletter on Inclusive Insurance
In this issue:
Highlights of the presentations, panel discussion and learning sessions during the Inclusive Insurance Asia Public Private Dialogue and Microinsurance Learning Sessions and the MEFIN Organizational Meeting in Hanoi, Vietnam on 14 to 16 March 2017
Don’t you know...
That over ten years, mainly five countries (India, Ghana, Philippines, South Africa and Peru) have contributed mostly to regulatory lessons learnt in Microinsurance? Check out the presentation of DrAntonis Malagardis of GIZ for details.
That there is a mismatch between demand and MI products available, not just in Asia but worldwide. MI market outreach is relatively low in Asia but is rapidly growing? For highlights of Landscape of Asia Study, check out presentation of Dirk Reinhard of Munich Re Foundation.
That overall mobile MI penetration is around 5% which is still very low but this has been growing fast? For highlights of the study on MNOs conducted by Microinsurance Network, check out presentation of Christian Loots of CENFRI.
Allianz Life Indonesia has administered its first SEKOCI claims payout of IDR 3Million, a microinsurance voluntary term-life product launched on October 2016 in partnership with Indosat Ooredoo Mobile Network Operator (MNO). "This is the moment when we realized our commitment...", said Mr. Yoga Prasetyo, Head of Credit Life and Emerging Consumers, Allianz Life Indonesia. More on SEKOCI product.
Monre insurance promotes inclusive insurance through their EASY product lines. The company continues to innovate by tweaking existing product lines, making them affordable to low income households, improving accessibility to the public and simplifying claims processing. Factsheet on EASY products are available in MEFIN website.
In 2014, the Beema Samiti approved 7 standard MI products. In response, Nepal Life offers a life policy which also provides parents the opportunity to save money for the education of their children and a term life policy which provides financial protection to the policy holder from permanent total disability brought about by an accident. To read on these new products, check the factsheet on the two business models in the MEFIN website.
Pakistan ‘s SECP Director Mr Tariq Bakhtawar was elected as Chairperson of the MEFIN Network Regional Steering Committee. As the new chair, Mr Bakhtawar committed to expand MEFIN memberships to promote inclusive insurance in Asia. To know more about MEFIN, check out www.mefin.org.
CARD-Pioneer stayed in the market even after typhoon Haiyan and innovated their products to address the needs of the Filipinos to protect themselves from disasters. Check out the presentation of Mr Geric Laude as he shared his company’s journey in offering disaster risk insurance products during the Microinsurance Learning Sessions on Disaster Risk Insurance.
In his welcome message during the Inclusive Insurance Asia PPD and MILS in Hanoi, Vietnam on 15 March 2017, ISA General Director Phung Ngoc Khanh said that MI market of Vietnam has been officially established in 1993 and in the past decade, significant accomplishments has been achieved. This year the Ministry of Finance will submit a new decree on MI which will encourage more diversified MI products to meet the demand of the low income people.
Experts on financial inclusion and inclusive insurance participated in panel sessions on development of MI roadmap for emerging economies in Asia-Pacific, back to back with PPD in Hanoi, Vietnam. Regulators and industry players, who attended the PPD, also joined in the audience and gave inputs. The panelists look into Policy and Regulation , Business Model. Financial Literacy, Inter-agency Cooperation and Methodology/process in Developing the MI Roadmap. This kicks off a series of consultation process for the microinsurance roadmap.
The company has modified its processes (ie new structure, shorter number of days for claims, product innovations, collaboration with industry players) to better cater to microinsurance clients.
These innovations are inspired by the active discussion and open sharing among MEFIN Network members.
Purenjav Erdenebataar, CEO, Monre Insurance LLC, Mongolia
Updates for MEFIN Members
2017 work plans of the MEFIN TWGs are now available at the website. Check updates at MEFIN website members only page.