mr. geric laude pioneer insurance “intermediaries and ...€¦ · mr. geric laude pioneer...
TRANSCRIPT
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Mr. Geric Laude
Pioneer Insurance
“Intermediaries and inclusive Insurance”
Sponsored by Financial Sector Deepening Zambia
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Inclusive Insurance and
Distribution
Geric LaudePioneer Insurance - Philippines
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Is there a business case?
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The Story of Pioneer Microinsurance
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Gross Premium (in USD) 133,596 257,321 604,587 1,127,029 2,801,388 3,974,359 5,238,822 10,872,108 18,536,440 24,347,741 32,403,011
Enrollments 28,760 55,395 119,249 265,769 610,650 773,167 947,774 7,801,495 18,071,358 16,656,132 21,154,252
2008: Private Iris Comic Book
Launching
2009:Microinsurance Coordinators
Formally Appointed a “Micro Champion”
2010:IC launched the Regulatory
Framework & National Strategy for Microinsurance
Blue: Milestones
Green: Claims
2011:Formation of a 3
member Micro Team
Highest Claims Paid Recorded:
$7,521,982.77(Aftermath of Haiyan,
Bohol Earthquake)
2012:CARD Care
2015:Sagip Plan
2016:CPMI Backroom
2017:CPMI Pilot Office
Incentive Programs
Monthly Meetings
2013:Joint Venture with
Card
2014:Automation Initiative
MI Supervisors
Purple: Product Launch
Created Sparx & Sparxx
Launch of CaMIA PAID Plan
PAID Plan Family Package
Kabuklod Plan
Binhi
2018:Sagip Sakay Saya
Sagip Susi Promo
Microinsurance is now Pioneer’s:
• Second biggest line of business in
terms of revenue
• Biggest contributor to income
• Combined Ratio of 80%
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Focus on Customer
Distribution
Thru Partnerships
Affordable
Organizational Risk-taking
& Agility
Focus on Products
One-on-one Selling
Cheap
Compliance with the Rules
& Lack of Flexibility
WHAT WORKED WHAT DID NOT WORK
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Partnerships
• Pawnshops
• MFIs
• Rural Banks
• Cooperatives
• NGOs
• Motorcycle
dealers
• Schools
Over 100
partners:
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• Co-ownership of MI
program
• Microinsurance has to add
value to the business of the
partner beyond
income/commission
• Train & incentivize the
customer facing employees
of partnerLesson Learned from
Partnerships
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For something to
properly work,
create the right
SYSTEM (Or if something
fails, address at the system)
A SYSTEM has:
1. Purpose/function/objective
2. Players/actors/stakeholders
3. Relationships between the
actors with each other, and
between the actors and the
purpose
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Design the proper system for
inclusive insurance to deliver the
intended outcome
(What may work for traditional insurance may not necessarily work for Inclusive Insurance)
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Alternative Claim
Documents
3-5 working days T.A.T.
Claims Process
as a system
Accepts electronic claim documents
Field validation for calamity claims
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Microinsurance Program (Product) Development Approach
Initial Discussion/s
Agree on a program design
Launch Program
Test, Measure Impact
Tweak, if necessary
No pre-designed, off-the-shelf product/program
Assume we do not know anything
To know, ask the client
Product vs. Program
Co-ownership of the program
Agree that the initial design may not be the final version
Prepare to discover what we previously do not know
Variability in context will matter
Fail fast, fail plenty
Define Value -Perspective of all stakeholders considered
A good “product” goes beyond coverage and premiums
Literacy and awareness
Program development is never static. It constantly evolves.
Product
development
as a system
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Partners should be
co-owners of the system
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Partner’s Microinsurance Orientation
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Microinsurance Orientation with Members
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Microinsurance Orientation with Members
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Focus Group Discussions
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Focus Group Discussions
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Other Product Needs Assessment
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Unit Office Immersion
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Pioneer and Partner Team Alignment
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Inclusive Insurance and
Distribution
Geric LaudePioneer Insurance – Philippines
Email: [email protected]
Skype: geric.laude
Thank You!-