microinsurance building trust nigeria conf (jsa 09 10-13)
TRANSCRIPT
MICROINSURANCE: BUILDING TRUST, BUILDING BRIDGES
THE PHILIPPINES
INTERNATIONAL MICROINSURANCE CONFERENCELEARNING SESSION NIGERIAABUJA, NIGERIA SEPTEMBER 10-11, 2013
JOSELITO ALMARIODEPARTMENT OF FINANCE, PHILIPPINES
WHAT ARE WE FACED WITH
• INSURANCE IS SOLD, NOT BOUGHT
• INSURANCE IS A BUSINESS OF TRUST
WHAT WERE DONE
2010
2011
2012
• Microinsurance Defined• Microinsurance Providers
Identified• Branding and Slogan Conceived• Formalization Process Clarified• Microinsurance Agents/Brokers
Created (CBOs included)• Prototype Product Developed• Contracts Simplified• Performance Standards
Formulated• Reporting Standards Established• MBA Chart of Accounts Revised• Trainings on MI Advocacy and
Seminars • Alternative Dispute Resolution
Mechanism Established
July 2013
WHERE ARE WE NOWCOMMERCIAL PROVIDERS• 2008 - 2• 2012 – 35 (Life – 17, Non-life - 18)
MUTUAL BENEFIT ASSOCIATIONS• 2008 - 6• 2012 - 19
PRODUCTS APPROVED• 2008 – 7• 2012 – 89 (Life – 38, Non-life – 25, MBAs – 26)
INDIVIDUALS COVERED• 2008 – About 3 million (mostly credit life including
informal insurance)• 2012 – 12 million
WHAT ARE THE LESSONS LEARNED
Clear rules and regulations provide
better understanding and transparency
Consistency of implementation
results in predictability –
branding can help
Financial literacy is educating, not
marketingAdvocacy is
convincing, not selling
Localized and simple alternative
redress mechanisms
promote effective after-sales service
CLARITY, TRANSPARENCY, CONSISTENCY, LITERACY AND SIMPLICITY IN MICROINSURANCE–
BUILDS TRUST, BUILDS BRIDGES
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