01 pioneer microinsurance 02 microinsurance in the...
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MicroinsuranceProduct Innovations
01
02
030405
06
Pioneer
Microinsurance in The Philippines
Distribution Partners
Products
Product vs Program
Other value propositions
Geric LaudePresident & CEO – CARD Pioneer
Microinsurance Inc.Head of Microisurance – Pioneer
Group of Insurance Companies
20,000,000
18,000,000
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
2009 2010 2011 2012 2013 2014 2015 2016
Introduction to
Pioneer
Gross Premiums Written and Enrolments
Premiums
Enrolments
Premiums (USD)
Enrolments
91,485
20,166
566,835
103,190
996,143
265,889
2,479,656
610,650
3,509,636
773,167
4,251,710
947,774
10,872,108
7,801,495
18,536,440
18,071,358
MicroinsuranceIn the PhilippinesPremium ≤ 365 days * 7.5% * PHP 491.00Premium ≤ USD 270.00 (PHP13,500)
Benefit ≤ 1000 * PHP 491.00Benefit ≤ USD 9,820.00 (PHP491,000)
Distribution Partners
MFIs Cooperatives Rural Banks NGOs
Associations Church Groups Labor Groups Any group that delivers products and services for
the poor
ProductsWe tailor-fit products depending on the needs and budget of the partner.
We design products for both individuals and families.
Life / Burial
Accident
Health
Property Assistance
Motor
Crop
Credit Life*
Product vs Program
Enrollment Collection Claims Education Concerns Handling
Enroll?
Collect?
Pay Claims?
Educate?
Handle Concerns?
Unique Features
2 Variants: Family and IndividualCalamity CoverVoluntary product
Thru Microinsurance Agents (MIAs)MIAs have tablets to enrollPremium can be loaned from MFI
If cash, thru the MIAs, lumpsum paymentIf loans, MIF staff collects weekly
1-3-5 Claims StandardThru partner’s officesThru pawnshops via money transfer
Weekly meetings at CentersWord of Mouth using influencersAudio plugs using MP3 playersPosters, brochures, visual enrolment forms
Partner staffs, MIAsVoice of the Customer system
Product vs Program
Enroll?
Collect?
Pay Claims?
Educate?
Handle Concerns?
Unique Features
Should be sold to groupsMin of 3 (if members of MFI) & 10 in a groupVoluntary productNo Calamity Cover except for Fire
Thru Microinsurance Agents (MIAs)MIAs have tablets to enrollPremium can be loaned from MFI
If cash, thru the MIAs, lumpsum paymentIf loans, MIF staff collects weekly
1-3-5 StandardThru partner’s officesThru pawnshops via money transfer
Weekly meetings at CentersWord of Mouth using influencersAudio plugs using MP3 playersPosters, brochures, visual enrolment forms
Partner staffs, MIAsVoice of the Customer system
Product vs Program
Enroll?
Collect?
Pay Claims?
Educate?
Handle Concerns?
Unique Features
Sold to members of MFI only, Individual coverVoluntary productPositioned as “Loss of Income”
Thru Microinsurance Agents (MIAs)MIAs have tablets to enrollPremium can be loaned from MFI
If cash, thru the MIAs, lumpsum paymentIf loans, MIF staff collects weekly
1-3-5 StandardThru partner’s officesThru pawnshops via money transfer
Weekly meetings at CentersWord of Mouth using influencersAudio plugs using MP3 playersPosters, brochures, visual enrolment forms
Partner staffs, MIAsVoice of the Customer system
Product vs Program
Enroll?
Collect?
Pay Claims?
Educate?
Handle Concerns?
Unique Features
PA & Fire CoverTerm: 4 monthsVery cheap, simple to explainCan have multiple coverage
Thru front liner staffs of the partner
Cash paymentLoyalty points
Claim payment within 5 daysThru partner’s branches
Thru front liner staffsPostersTV screens at branches of partner
Partner staffsPioneer’s hotline number
Product vs Program
Enroll?
Collect?
Pay Claims?
Educate?
Handle Concerns?
Unique Features
Comprehensive Package: Family Cover, Instant Abuloy, Burial Assistance, Accident, PA Med Reimbursement, Hospital Cash, CalamityLow limitsVoluntary (80%) take up rate
Thru Account Officers of partner
Deducted from loan releases
Claim payment within 5 daysThru partner’s branchesPawnshops
Thru front liner staffsBrochuresTraining of staffs
Partner staffsPioneer’s hotline number
Product vs Program
Product vs Program
Enroll?
Collect?
Pay Claims?
Educate?
Handle Concerns?
Unique Features
Family Cover, Instant Abuloy, Burial Assistance, Accident, PA Med Reimbursement, Hospital Cash, CalamityLow limitsMandatory to all Micro loan borrowers
Thru Account Officers of partner
Deducted from loan releases
Claim payment within 5 daysThru partner’s branches
Thru front liner staffsBrochuresTraining of staffs
Partner staffsPioneer’s hotline number
Product vs Program
Enroll?
Collect?
Pay Claims?
Educate?
Handle Concerns?
Unique Features
For Small businesses, specifically sari-sari storesHigh limits of PA and FireNo Underwriting requiredOffered via Wholesalers, MFIs, Mobile load distributors, FMCG dealers
Thru front liners and sales people of partners
Cash, Loyalty points rewards
Claim payment within 5 daysThru partners
Thru front liner staffsBrochuresTraining of staffs
Partner staffsPioneer’s hotline number
Product vs Program
Enroll?
Collect?
Pay Claims?
Educate?
Handle Concerns?
Unique Features
Easy to enroll, easy to explain, easy to claimNo Confinement neededHas budget variants
Thru front liners and sales people of partnersViberCall CenterBundled with partners’ productsPioneer branches
Cash, Loyalty points rewards
Claim payment within 5 daysThru partners
Thru front liner staffsBrochures, posters, billboardsTraining of staffs
Partner staffsPioneer’s hotline number
Product vs Program
What worked for us
Claims as the most important value proposition
Tailor-fitting of products to the needs of customers
Mindful that products are not only about benefits
Partners co-developing and co-owning their Microinsuranceprograms
MicroinsuranceProduct Innovations
Thank You
Geric LaudePresident & CEOCARD Pioneer Microinsurance Inc.Head of MicroisurancePioneer Group of Insurance [email protected]