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462 Insurers and microinsurance literacy further exacerbated by a lack of sales channel training makes direct sales costly and exposes the client to possible mis-selling. An alternative, more affordable approach to market entry is to offer portfolio or meso-level covers to intermediaries, as tested by BASIX for its agriculture loan portfolio, which circumvents the client education cost and helps cover insurable risk at affordable rates. – Composite products: With the weak last-mile connectivity available to low-income households, life and general insurers face distribution problems. While the microinsurance regulation has allowed composite products, few insurers have offered them. The SBI Life composite product aimed at insuring life and property risk cuts down on a double transaction cost to the household, and therefore may be a step in the right direction towards more affordable, comprehensive cover. – Products for moderate risks: Many initiatives offer cheap products that cover low probability events to make them more affordable. These products tend to generate fewer claims, leading to low re-enrolment rates, which is an important yardstick for measuring perceived customer value. To increase value, products can give households the option to choose between moderate and catastrophic covers, increasing household awareness of cover and exclusions. – Providing value-added services: The preferred model of bundling services would be where the additional package reduces the insured risk, thus aligning the interest of the insurer (or the intermediary) in delivering it. For example, intermediaries may provide vaccination and fodder enrichments with cattle insurance. Another such example is the provision of outpatient coupons or healthcare camps to reduce incidents of hospitalization. Such arrangements ensure that the clients receive something tangible for their premium, even if they are unable to make a claim, increasing the perceived value of the product. The Indian achievement over the past decade to protect the poor through the involvement of all sectors of society has been nothing short of remarkable. Certainly, India has not figured everything out. There is a need to recognize that poverty and vulnerability are urban as well as rural phenomena, and to consider interventions that will benefit slum dwellers and migrants. The compulsory nature of many state-subsidized products does not allow feedback for product improvement. Additionally, dependency on the credit programme and banking network reduces the ability of insurers to control the quality of their portfolios. There is certainly scope for improved consumer education and consumer protection, to support sales while avoiding a microfinance-like crisis in the microinsurance sector. And the regulatory constraints that prevent insurers from using mobile-phone-based insurance sales and premium collection are impeding the next wave of innovation.
Insights from India’s microinsurance success 463 Regardless of the challenges that remain, India’s success, involving a diversity of approaches and players, combining financial inclusion and social protection, serves as a beacon of inspiration.
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Protecting the poor A microinsuranc
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Publications of the International L
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vi Contents Part ii Health insuranc
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viii Contents 19 Teaching elephants
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x Contents 15.4 Products included i
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xii Contents 10.3 Alternative distr
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xiv Acknowledgements Th is publicat
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xvi Table of acronyms AABY Aam Admi
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xviii Table of acronyms FMD foot an
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xx Table of acronyms NCMSL National
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xxii Table of acronyms UMSGF Union
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2 Introduction Benefits for the wor
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4 Introduction in many emerging and
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I Emerging issues 7
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Current trends in microinsurance Wh
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The potential of microinsurance for
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56 Emerging issues Th ese funds and
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58 Emerging issues year precipitati
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60 Emerging issues pre-emptively en
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62 Emerging issues 3.2 The current
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64 Emerging issues Hence, this chap
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66 Emerging issues Table 3.1 Impact
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68 Emerging issues Expenditure Indi
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70 Emerging issues Box 3.2 Impact o
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72 Emerging issues Box 3.3 Insuranc
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74 Emerging issues Utilization rate
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76 Emerging issues also measured. 1
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78 Emerging issues among members of
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80 Emerging issues 3.3.3 Psychologi
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82 Emerging issues this direction.
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84 Emerging issues Th is chapter be
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86 Emerging issues In many regions,
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88 Emerging issues Box 4.1 ICICI Lo
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90 Emerging issues Th e involvement
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Microinsurance and climate change s
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Microinsurance and climate change M
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Microinsurance and climate change B
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Microinsurance and climate change C
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Microinsurance and climate change -
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Microinsurance and climate change 1
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Microinsurance and climate change 4
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II Health insurance
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Innovations and barriers in health
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Th ird-party payment mechanisms in
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Willingness to pay for health micro
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176 8 Savings in microinsurance: Le
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178 Life insurance - Understanding
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180 Life insurance Finally, the stu
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182 Life insurance Max Vijay offere
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184 Life insurance 8.2.3 SBI Life
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186 Life insurance - Reward for pre
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188 Life insurance capacity, and co
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190 Life insurance and administrati
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192 Life insurance 2. A surrender t
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194 Life insurance be earned from o
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196 Life insurance four of them), p
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198 Life insurance 9.1 What is cred
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200 Life insurance 9.2 Who benefits
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9.2.2 Lenders 202 Life insurance Fo
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204 Life insurance easy product. Wi
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Table 9.2 206 Life insurance Value
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208 Life insurance 9.4.1 Enhanced l
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210 Life insurance An enhancement f
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212 Life insurance 9.5.1 Period of
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214 Life insurance The focus of ins
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216 Life insurance Insurers and len
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218 Life insurance Box 10.1 Mapping
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220 Life insurance Living in the sh
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Table 10.1 222 Life insurance Copin
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224 Life insurance 10.2.2 Is it ins
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226 Life insurance such other tangi
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228 Life insurance “Sold, not bou
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230 Life insurance While funeral pa
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232 Life insurance case of funeral
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234 Life insurance 1. Protecta Clas
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236 Life insurance 5. It makes busi
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238 11 Designed for development imp
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240 General insurance For reasons t
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242 General insurance Once an indem
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244 General insurance 11.1.3 Option
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246 General insurance possible inde
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248 General insurance Conducting a
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250 General insurance costs and the
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252 General insurance the most risk
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254 General insurance from competit
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256 General insurance Th is factor,
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258 12 Livestock insurance: Helping
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260 General insurance Depending on
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262 General insurance cultural poli
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264 General insurance 12.3 Difficul
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266 General insurance Improved iden
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Table 12.4 268 General insurance In
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270 General insurance Table 12.5 Pa
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272 General insurance require tappi
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274 13 The psychology of microinsur
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276 Insurance and the low-income ma
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286 14 Emerging practices in consum
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300 15 Improving client value: Insi
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16.4.4 Donors 348 Insurance and the
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VI Insurers and microinsurance 367
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Is microinsurance a profitable busi
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19 Teaching elephants to dance: The
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Teaching elephants to dance 19.1.2
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Teaching elephants to dance Box 19.
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Teaching elephants to dance 19.2.1
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Teaching elephants to dance 409 the
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512 Delivery channels and intermedi
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VIII Protecting consumers while pro
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The technology revolution in microi
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Access to insurance and financial s
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Access to insurance and fi nancial
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568 Infrastructure and environment
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Protecting consumers while promotin
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About the authors 597 Doubell Chamb
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About the authors 599 tions in micr
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About the authors 601 nomics of ban
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About the authors 603 in 1997, John
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Bibliography 605 Arun, T.G.; Steine
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Bibliography 607 Chen, T.; Comfort,
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Bibliography 609 Dror, D.; Jacquier
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Bibliography 611 Gruber, J. 2007. P
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Bibliography 613 Kunzemann, T. 2010
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Bibliography 615 Microinsurance Inn
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Bibliography 617 —; Vanderhyden,
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Bibliography 619 Sterling, R. 2000.
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Bibliography 621 Wright, G.; Mutesa
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Index 623 Senegal 417 social/financ
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Index 625 partners 383-4, 417 premi
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Index 627 funeral insurance 226-8 g
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Index 629 risk factors 120-1 risk-p
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Index 631 KaSAPI 12, 26 Kenya 14-15
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Index 633 impact 36, 59-61 as socia
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Index 635 gender differences 331 pu
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Index 637 Sandmark, Therese 582 San
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Index 639 USAID 3n1 UT Life 535, 54
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