Allianz Emerging Consumers Product Pool · PDF fileBajaj Allianz Life ; Group Term Life

Emerging Consumers Product Pool

Allianz SE October 2017

Overview and assessment of Allianz products for low-income populations in developing countries

public

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Introduction

This Emerging Consumers product pool lists the financial services of Allianz Group that currently target low-income people in developing countries. Products launched since June 2013 which still have less than 1,000 inforce (active) people reached are not included.

This initiative supports the “Transparency” value of our Allianz Emerging Consumers values:

1) To learn more about the Allianz Emerging Consumers values please see our latest Emerging Consumers business updates. 2) The product assessment shows how well the products is intended to serve low-income families in compliance with our

Emerging Consumers values (“as planned”). It does not verify how products and distribution look on the ground (“as is”). Example: Allianz may have produced product brochures although for various logistical reasons they do not reach the customer. The assessment is also no indicator for actual business success.

Passion Quality Fairness Transparency

e.g. product pool

A. Product specifications Gives a high-level explanation how the product looks like (distribution, benefits, pricing)

B. Product assessment2 Matches the product against the Allianz Emerging Consumers definition and assessment tool. This includes 1. Knock-out criteria: “Can we call this product an Emerging

Consumers product?”, and 2. Qualitative criteria: “How well does the product fulfill our

Emerging Consumers values?”2

C. Product brochures where available

Allianz Emerging Consumers Values1

Information on each product is presented in three sections:

We will update this product pool every April and October as new Emerging Consumers products are launched and existing products are modified or taken off market. We try to list products from the moment that over 1,000 inforce (active) people are reached until the last policy matures. However, there is no duty to update (see disclaimer).

Wen Li Tiah (Ms.) Emerging +60 32263-6118 Consumers [email protected] Allianz SE

Is this really the latest? See our Emerging Consumers website

for the most recent reports and publications

Contact

https://www.allianz.com/EmergingConsumers�

https://www.allianz.com/media/responsibility/documents/AllianzSE_EmergingConsumersDefinition_Assessment_Tool_April_2016.pdf�

mailto:[email protected]�

https://www.allianz.com/EmergingConsumers�

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Knock-out criteria: Qualitative criteria

Quality rank avg. c1-c7

A B C 1 2 3 4 5 6 7

Details

on page

Com

mercial offer

Developing C

ountry

Low-incom

e focus

Improving lives

Other benefits

Custom

ers involved

Voluntary

Custom

er education

Product simplicity

Low transaction costs

#

Country

Company

Product Name

1 Indonesia Allianz Life Mobile Micro Equity

++

++

++

++

+ + + + 1.7 5

2 Indonesia Allianz Life Term Life + edutainment +

+ ++

++

++

+ + + + 1.7 8

3 Colombia Allianz Colombia

Family Term Life +

+ - ++

++

+ + + + 1.4 12


Home Business +

+ - ++

++

+ + + + 1.4 14


Life & Maternity +

+ - ++

++

+ + + + 1.4 16

6 Indonesia Allianz Life Compre-hensive Health

++ - - +

+ ++

++

++ 1.4 18

7 Mada-gascar

Allianz Africa

Mobile Term Life +

+ - - ++

+ +

++

+ + 1.4 20

8 India Bajaj Allianz Life

SSS Life & Savings + - - +

+ ++

++

++ 1.3 23

9 Indonesia Allianz Life

Credit Life Plus +

+ - + + + ++

++ 1.3 25

10 Indonesia Allianz Life Term Life +

+ - - + +

+ +

++ + 1.3 29

11 Ivory Coast

Allianz Africa

Funeral Insurance +

+ - - ++ + +

+ ++ 1.3 32


CSC Life & Savings +

+ - - ++ + + +

+ 1.1 35


BDSY Life & Savings +

+ - - ++

++ + + 1.1 38

14 Ivory Coast

Allianz Africa

Mobile Savings +

+ - - ++

++ + + 1.1 40

15 India Bajaj Allianz General Crop Index +

+ - + - ++ + + 1.0 44

Overview1

1) See our website for a full explanation of our assessment methodology 2) PA: Personal Accident Note: A high ranking is only an indicator for compliance with Allianz’

Emerging Consumers values, not an indicator for actual business success

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Knock-out criteria Qualitative criteria

Quality rank avg. c1-c7

A B C 1 2 3 4 5 6 7

Details

on page

Com

mercial offer

Developing C

ountry

Low-incom

e focus

Improving lives

Other benefits

Custom

ers involved

Voluntary

Custom

er education

Product simplicity

Low transaction costs

#

Country

Company

Product Name


Group Term Life + - - + + +

+ ++ 1.0 48

17 Indonesia Allianz Life

Savings-linked Life +

+ - - - + + +

+ + 1.0 50

18 Malaysia Allianz General

Motorcycle + PA2 +

+ - - ++

++ - + 1.0 53

19 West Africa & Egypt

Allianz Africa Credit Life + - + + - - +

+ + + 1.0 57

20 West Africa Allianz Africa Crop Index +

+ - ++ - + + + 1.0 59

21 Burkina Allianz Africa Savings-linked Life + - - + - +

+ + + 0.9 63

22 India Bajaj Allianz General

Cattle & Livestock +

+ - - + ++ - + 0.9 65

23 India Bajaj Allianz General PA Plus + - +

+ + + - - + 0.9 67

24 Colombia Allianz Colombia Credit Life + - - - + + +

+ 0.7 69

25 India Bajaj Allianz General

Personal Accident + - - +

+ - - + 0.6 71

Overview1

1) See our website for a full explanation of our assessment methodology 2) PA: Personal Accident Note: A high ranking is only an indicator for compliance with Allianz’

Emerging Consumers values, not an indicator for actual business success

Phased out products since last update April 2017

none


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1. Indonesia: Mobile Micro Equity

Product name (generic or marketing name)

Trust Network Finance (TNF)

Product type (e.g. life insurance, assistance, savings)

Mobile Micro Equity

Company name Allianz Life Indonesia

Country Indonesia

Distribution partner type (e.g. MFIs, banks, coops, retailers)

Direct distribution

Launch date (and stop date if any)

7 June 2016

1-sentence product description Micro-Equity program for informal entrepreneurs to formalize their business through a 4-step process: Selection, Mentoring, Formalization and Scale. In the first 3 steps, TNF gives small investments from as low as USD 75 without interest, without collateral and without fixed repayment schedule, to encourage entrepreneurs to take risks and grow their business, also allowing for failure.

Group or individual product Individual

Voluntary opt-in, opt-out or compulsory

Voluntary

Covered risks & benefits / sum insured

No insurance risk covered The investment risk lies with the TNF program, in case that investees

do not repay their investment in full Investees who voluntarily repay with profit sharing receive the benefit of

business mentoring and of gradually increasing investments An investee who defaults is permanently excluded from the program

Premium range (min, max)

Investments start from as low as USD 75 No interest and no administration fees are charged on investment

amounts, i.e. no direct costs to customers Investees can voluntarily return their investments with profit sharing

Avg. premium / year (annualize if necessary)

Not applicable

Other comments

TNF is still in experimental stage. The model is new and has not been tested before

TNF is an open source business model. Replication by other organizations is welcome

TNF uses mobile money only. Physical cash is not allowed TNF does not reach the minimum 1,000 members that are normally

needed for inclusion in this overview. However, different from the other Emerging Consumers products, TNF does not aim for such a large membership. It has therefore been included nonetheless.

Additional resources “Lessons from 1 year TNF” – Webinar deck (May 2017) Documentary article on TNF Documentary video on TNF Operational handbook of TNF

A. Product Specifications

>> back to Overview

https://www.allianz.com/v_1459240628000/media/responsibility/documents/Allianz_-_TNF_webinar_-_Lessons_learned_1.5_-_20170530_-_MH.pdf�

https://www.allianz.com/en/press/news/commitment/community/170109_microlending-indonesia/�

https://www.allianz.com/en/press/news/commitment/community/170109_microlending-indonesia/�

https://www.youtube.com/watch?v=Ff3vfj685hY�

http://www.allianz.co.id/image/tentang-kami/berita---gambar/release/handbooken.pdf�

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>> back to Overview

B. Product Assessment1

Product: Trust Network Finance Ranking2 Rationale / Comments

A Commercial offer provided by Allianz Trust Network Finance is a for-profit business model that is

currently still in testing phase

B Offered in developing countries Indonesia is a lower-middle-income country according to World Bank and hence grouped under developing countries

C Min. 80% of people reached are from low-income segment

At the start of the program, TNF investees all have small informal businesses and earn around USD 200 – 500 per month, which puts them at around 40% - 60% of the Indonesian income population

1 Significant contribution to improving low-income people’s lives

++ In a survey of TNF investees, 70% of respondents stated that TNF had significantly assisted the growth of their business.

2 End-customer receives other tangible benefits (e.g. discounts, lottery etc.)

++ Besides investment, well performing TNF customers also receive business mentoring and legal assistance in formalizing their business.

3 End-customers involved in product development ++

TNF was designed after focus group discussion input from micro-insurance customers. The model was pilot tested and further refined in a nano-pilot with 9 investees

4 Voluntary opt-in (++), voluntary opt-out (+) or compulsory (-)

++ Voluntary opt-in

5 Customer education and feedback mechanisms in place ++

New investees receive intensive training on the TNF program, including the contractual terms and conditions and on how to set-up an e-money account. A yearly customer satisfaction survey gives possibility for feedback.

6 Simple product specifications (e.g. pre-underwritten, few exclusions)

+ Compared to conventional micro-credit, TNF has much less restrictions and conditions, e.g. no interest, no collateral and no fixed repayment schedule. However, the overall TNF methodology needs some time to understand.

7 Strong measures to ensure low transaction costs +

The use of electronic money speeds up disbursement and repayment, increases transparency and reduces fraud risk. Customer contacts are mostly through SMS and calls, rather than personal visits as in conventional microfinance. However, with TNF still in experimental stage, room for further process improvement exists, e.g. on reducing overhead costs.

Overall ranking3 1.7

1) See our website for a full explanation of our assessment methodology 2) For knock-out criteria A-C: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2) 3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0. Note: A high ranking is only an indicator for compliance with Allianz’ Emerging Consumers values, not an indicator for actual business success

http://data.worldbank.org/about/country-and-lending-groups�



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C. Product Brochure

>> back to Overview

Page 1 of TNF customer handbook

Page 4 of TNF customer handbook



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2. Indonesia: Term Life + edutainment (new)


Sekoci (Lifeboat)


Term Life


Country Indonesia


MFIs


18 October 2016

1-sentence product description Simple voluntary term life insurance with fixed premium, fixed sum insured and increased sum insured in case of accidental death, enhanced by weekly phone-based product and financial literacy training sessions for every customer.



Voluntary


Risk: Death of insured

Benefit: Natural death: Various plans of up to IDR 14.500,000 (~ USD

1,100) death benefit Accidental death: 5x natural death, i.e. IDR 72.500,000 in

total (~ USD 5,500) Value-Added Service:

Automatic weekly phone calls on product knowledge (4 calls = 4 weeks) and financial literacy (32 calls = 32 weeks)

Opt-out option available


Minimum IDR 15.000/year (~ USD 1.10) Maximum IDR 185.000/year (~ USD 15) Value-added phone based training is included in premium


IDR 46,000 (~ USD 3.50)

Other comments

A further enhanced version that exclusively relied on premium payment via eMoney and gave additional airtime phone credits at each renewal was also launched but discontinued due to immaturity of eMoney penetration among the target segment.

Additional resources “When the hero calls” – Interview with a Sekoci customer on her phone training experience

“Sekoci” edutainment video (4:02)


>> back to Overview

https://www.allianz.com/v_1490860084000/media/press/document/Allianz_SE_-_Emerging_Consumers_Report_2016FY_2.4_-_20170403_-_MH.pdf#page=6

https://www.youtube.com/watch?v=4MUQ4BUnsXo�

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Product: Term Life + edutainment Ranking2 Rationale / Comments

A Commercial offer provided by Allianz Sekoci is a fully commercial insurance product.



Sekoci is exclusively distributed by microfinance institutions (MFI) who focus on the low-income segment of the population.


++ Life insurance covers a significant risk of an Indoensian low-income family. Sekoci can be bought any time and continued without interruption for years, without need for a credit in parallel, like the more typical credit life requires.


++ The phone-based and interactive product training and financial literacy module offer significant added value. High listen-through rates of the automated messages indicate that many customer appreciate the service.


Sekoci was intensely tested with customers before launch. Especially the content of the phone-based trainings saw several customer feedback rounds, and are still being adapted based on ongoing customer responses.


++ Voluntary opt-in for the insurance component. The phone-based training is automatically included, but can be opted-out at any time.


The phone-based trainings on product knowledge and financial literacy are a powerful education tool. The approach is based on an EduTainment concept, combining fun with education. Most weekly episodes allow for interactivity.


+

Sekoci is pre-underwritten and has few exclusions. It is officially recognized by the insurance regulator as a “microinsurance product “because it complies with the required product characteristics: Simple, Easy, Affordable, Instant.


The enrollment process for Sekoci is simple and fast. The phone-based communication channel allows for easy distribution of renewal reminders. However, communication costs for the phone-based training component are still on the higher side. With increasing scale, they should reduce further.






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C. Product Brochure

>> back to Overview

Front

Back

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D. Phone-based training examples

Product Training. “Tell the family” episode (broadcasted 7 days after registration date) My name is Mrs. Ali. Like you, I am also an Allianz customer who has benefited from Asuransi Sekoci. I would like to share my experience with you about the insurance. You know, it is very important to tell your family that you have Sekoci insurance policy. By doing so, they can take care of the claim process if something happened to you. If you have already informed your family? Press 1 for “Yes, already”. Press 2 for “Not yet” [if 1]: Thanks that you have already followed Mrs. Ali’s advice [if 2]: Please tell your family as soon as possible that you now have Asuransi Sekoci. Thanks for heeding Mrs. Ali’s advice.

Financial Literacy Training. Introduction episode

“Good day, this is Mrs. Ali from the Sekoci program of Allianz. Over the next couple of weeks, you will receive my voice messages to improve your money management skills from this number. Around 2 calls and SMS per week. If we don’t reach you, don’t worry, we will try again 3 times if you missed a call.

To make this training more engaging, memorable and useful for you, we will sometimes ask you to respond to some questions by pressing a key on your mobile. This responding is completely free. In fact, the entire education program is free for you. It is part of your Sekoci package.

So let’s try how this responding works, OK? Let’s start with a simple question: Have you ever received any training on financial or money matters? […]

The actual messages are

delivered in Indonesian

language

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3. Colombia: Family Term Life


“Seguro de Vida” (Life Insurance)


Term Life

Company name Allianz Colombia

Country Colombia


Microfinance Institution (MFI)


1 July 2012

1-sentence product description Voluntary Group Term Life Insurance that provides life insurance cover to the group’s members (and optional their partners) plus additional funeral cover to the insured group members and up to 4 freely chosen close relatives

Group or individual product Group


Voluntary opt-in


Death due to any cause of insured (i.e. group member and optional – against additional premium – the partner): COP 3mn to COP 15mn depending on chosen premium plan (~ USD 980 to 4,900)

Funeral benefit to member and 4 freely chosen close relatives (which can include the partner): up to maximum COP 3mn (~ USD 980) for all premium plans. Benefit expires after 2 death cases

Maximum sum assured per person: COP 30mn (~ USD 10,000), e.g. if a client has multiple policies of this product


Minimum COP 9,960 per month (~ USD 3.30) for minimum benefits for single insured and 4 relatives

Maximum COP 42,068 per month (~ USD 15.00) for maximum benefits for insured, partner and 4 relatives


COP 122,880 (USD ~ 40.00)

Other comments

The product is only available to active clients of the MFI, i.e. those who have an active credit and/or savings account with that MFI

90 days waiting period for minor pre-existing conditions 180 days waiting period for major pre-existing conditions (e.g. cancer)

and suicide


>> back to Overview

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3. Colombia: Family Term Life

>> back to Overview

C. Product Brochure: not available


Product: Seguro de Vida Ranking2 Rationale / Comments

A Commercial offer provided by Allianz Fully applied

B Offered in developing countries Colombia is an upper-middle-income country according to World Bank and hence still grouped under developing countries


The MFI distributor targets low-income families, i.e. strata 1 - 3 of the 6-step Colombian socioeconomic stratification. This can also be seen by the low maximum loan amount of their micro-credit segment of COP 2.3mn (~ USD 750)


++ The product protects several family members against death which is a significant risk. Coverage includes pre-existing conditions which allows for the inclusion of more vulnerable people (subject to waiting periods)


- None


Workshops were done by the MFI in selected branches to garner input for the product design, especially as previous life insurance offers had not found wide acceptance among customers


++ Fully voluntary for existing customers of the MFI


Simple brochures are provided, and – because many customers are not fully literate - the bank’s staff also gives verbal explanations. Customers receive insurance certificates, have access to a 24/7 hotline and to a special claim help desk


+ Simple product without health declaration. Several plan options exist, so the distinction of which family member has what level of coverage takes time to understand. Certain waiting periods and exclusions exist


Monthly batch processing from MFI to insurer, sales are done complementary on top of other products (credit, savings). A claim help desk and a bank agent help desk achieve streamlining of the service processes






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4. Colombia: Home Business


“Seguro de Hogar” (Home insurance)


Property


Country Colombia


Microfinance Institutions (MFIs)


1 July 2012

1-sentence product description Voluntary Group Property insurance that covers private homes, including those used for home-based business, against damage to the building and its content arising from various risks such as fire, lightening, flooding, windstorm, civil commotion etc.



Voluntary opt-in


Costs of repair or replacement of home and home content damages due to below risks are covered as follows and up to the given maximum values. Maximum values may differ per MFI and the highest value applied to any MFI is listed below:

A: Fire, lightening, explosion, windstorm (incl. related rains and floods), falling trees, falling aircraft and vehicle crashes: up to COP 20mn (~ USD 6,500)

B: Water damage, flooding, avalanche and landslides: up to COP 15mn (~ USD 4,900)

C: Violent strikes, civil commotion and malicious acts by 3rd parties: up to COP 15mn (~ USD 4,900)

D: Actions to contain damage, actions of public authorities and debris removal: up to COP 2mn (~ USD 650)

E: Earthquake, volcanic eruption and tsunami (only applicable at some MFI): up to COP 15mn (~ USD 4,900)

Max. sum insured from all risks per home over the entire life of the policy is COP 20mn (~ USD 6,500), i.e. should the accumulated damages exceed that amount, the excess is not covered


Minimum: COP 4,995 (~ USD 1.60) per month Maximum: COP 6,700 (~ USD 2.20) per month


COP 78,000 (~ USD 25)

Other comments

The product is only available to active clients of the MFI, i.e. those who have an active credit and/or savings account with that MFI

Earthquake risk is not covered, as this is not considered important by customers and would significantly increase the premium

A deductible of 10% applies to risks B and C above; risks A and D do not have a deductible


>> back to Overview

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4. Colombia: Home Business

Product: Seguro de Hogar Ranking2 Rationale / Comments




The MFI distributor targets low-income families, i.e. strata 1 - 3 of the 6-step Colombian socioeconomic stratification. This can also be seen by the low maximum loan amount of their micro-credit segment of COP 2.3mn (~ USD 750)


++ Several serious risks to home property are covered. The sums insured are high enough to allow micro-entrepreneurs to quickly get back on their feet and resume their home-run businesses after a claim


- None


The product was developed based on strong customer demand to cater to the insurance needs of small entrepreneurs that borrow from the MFI and often run their business out of their private homes


++ Fully voluntary for existing customers of the MFI


Simple brochures are provided, and – because many customers are not fully literate - the bank’s staff also gives verbal explanations. Customers receive insurance certificates, have access to a 24/7 hotline and to a special claim help desk


+ For a property product, design and policy wording are kept relatively simple, with only 2 available coverage plans. Still, time is needed to explain the exact covered risks, the deductibles and the claim procedure.


Monthly batch processing from MFI to insurer. No on-site claim inspection needed. A claim help desk and a bank agent help desk achieve streamlining of the service processes


>> back to Overview



1) See our website for a full explanation of our assessment methodology 2) For knock-out criteria A-C: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2) 3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0. Note: A high ranking is only an indicator for compliance with Allianz’ microinsurance values, not an indicator for actual business success



https://allianz.com/oneweb/cms/www.allianz.com/v_1364458619000/media/responsibility/documents/Allianz_Microinsurance_Definition_and_Assessment_Tool_April2013.pdf�

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5. Colombia: Life & Maternity


“Voy Seguro” (I go safely)


Term Life


Country Colombia


Microfinance Institution (MFI)


1 November 2012

1-sentence product description Voluntary Group Term Life Insurance that also provides maternity benefits to the insured or partner during pregnancy and after birth



Voluntary opt-in


Death of the insured due to any cause: COP 4mn basic life benefit + COP 600k for food basket + COP 500k funeral assistance, i.e. total death benefits of COP 5.1mn (~ USD 1,700)

Maternity benefits for insured or partner: COP 400k at 6 months into pregnancy and COP 200k after birth, i.e. total maternity benefits of COP 600,000 (~ USD 200)

Maximum sum assured per person: COP 32mn (~ USD 10,000), e.g. if a client holds multiple policies of this product


COP 4,990 per month (~ USD 1.60) One standard plan only; no other premium and benefit options


COP 59,880 (~ USD 20)

Other comments

The product is only available to active micro-loan clients of the MFI (the MFI offers no savings services)

The food basket and funeral assistance benefits are usually paid out as a cash lump sum together with the basic life insurance benefit

90 days waiting period for pregnancy and minor pre-existing conditions 180 days waiting period for major pre-existing conditions (e.g. cancer)

and suicide


>> back to Overview

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5. Colombia: Life & Maternity

Product: Voy Seguro Ranking2 Rationale / Comments




The MFI distributor targets low-income families, i.e. strata 1 - 3 of the 6-step Colombian socioeconomic stratification. This can also be seen by the low average loan amount of their borrowers of COP 2.3mn (~ USD 750)


++ Death is a significant risk and coverage includes pre-existing conditions (subject to waiting periods). Moreover, maternity expenses are a very frequent risk even if the related policy benefits are not high.


- None


Focus Group Discussions with the MFI customers have strongly influenced the product, for example that the larger part of the maternity benefits is already paid out at 6 months pregnancy. This allows the expectant mothers to prepare in time for the delivery and post-natal phase.


++ Fully voluntary option that can be added to the MFIs credit offering


Customers receive verbal explanations from the bank’s staff. Brochures are not used as customers are often semi-literate. Customers receive insurance certificates, have access to a 24/7 hotline and to a special claim help desk


+ Simple, easy to understand product design with only one available standard plan. No health declaration required. However, certain waiting periods and exclusions exist.


Monthly batch processing from MFI to insurer, sales are done complementary on top of other products (credit, savings). A claim help desk and a bank agent help desk achieve streamlining of the service processes


>> back to Overview







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6. Indonesia: Comprehensive Health


“GO-JEK Driver” Health Insurance Plan


Comprehensive Health Insurance


Country Indonesia


Direct distribution to Motorcycle Taxi drivers of “GO-JEK” company


10 June 2016

1-sentence product description Voluntary health insurance plan for “GO-JEK” motorcycle drivers and their close family (spouse, children) that covers both inpatient and outpatient treatment, with cashless facility offered in Allianz AdMedika hospital network throughout Indonesia



Voluntary


Inpatient and outpatient treatment Coverage limits apply per treatment

e.g. maximum IDR 25mn (~ USD 1,900) for surgery per hospitalization period

e.g. IDR 50,000 (~ USD 3,80) for each General Practitioner outpatient consultation

Basic immunization for children <5 years included Death benefit of IDR 3,000,000 (~ USD 230)


IDR 2,300 (~ USD 0.15) per person per day, directly deducted from drivers mobile “GO-JEK” payment balance


IDR 840,000 (~ USD 65) per person per year

Other comments

“GO-JEK Driver” is a similar service as Uber but for motorcycle taxis

Additional resources Article on health insurance plan for “Gojek” drivers (Project M 2016) Testimonial video (Allianz 2016)


>> back to Overview

http://projectm-online.com/risk/go-jek-and-allianz-life-indonesia-team-up-to-deliver-unique-healthcare-plan/�

https://youtu.be/I9VSB1KAOi4�

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6. Indonesia: Comprehensive Health

Product: “GO-JEK Driver” Health Insurance plan

Ranking2 Rationale / Comments


B Offered in developing countries Indonesia is a lower-middle-income country according to World Bank and hence still grouped under developing countries


The product is exclusively available to freelance motorcycle taxi drivers that operate under the “GO-JEK” brand. These motorcycle taxi drivers don’t have any fixed salary and belong to the lower income group in Indonesia


++

Health expenses are consistently ranked among the top 3 risks that low-income people face across the globe. This product provides wide ranging coverage for such expenses, moreover on cashless basis if used within the Allianz AdMedika hospital network


- None

3 End-customers involved in product development - No


++ Voluntary


Each insured receives a membership card with key contact numbers printed on it. There is also a dedicated mobile website with explanatory videos and product information. On top, there is a customer service hotline (office hours) and a 24/7 medical hotline available


++ For a comprehensive medical plan the benefit structure is comparatively simple. Moreover, daily premium payment through mobile is very convenient for motorcycle taxi drivers who receive their income on daily basis

7 Strong measures to ensure low transaction costs ++

Enrollment and payment is conveniently done through the “GO-JEK” driver’s mobile app. The cashless facility at Allianz AdMedika network hospitals reduces hassle for the customer and improves claim settlement times


>> back to Overview







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7. Madagascar: Mobile Term Life


Airtel Antoka


Enhanced Mobile Term Life

Company name Allianz Africa

Country Madagascar


Airtel telecommunication company


June 2014

1-sentence product description In its current first phase, the product provides free cover for (a) death due to all causes, (b) total permanent disability due to accident , and (c) a lump sum hospital cash benefit for inpatient stays of minimum 3 days. Sums insured are linked to airtime consumption (“the more you call the more cover you get”). Premiums are paid by Airtel as a loyalty scheme

In a second phase (still to be launched) , sums insured will double, a flat standard monthly fee to customers will be added, and customers will be able to enroll another family member (against extra premium).



Voluntary opt-in


Sums insured depend on the previous month’s airtime consumption Death due to all causes and Total Permanent Disability due to accident:

Phase 1: MGA 100,000 – 1mn (~ USD 30 – 310) Phase 2: MGA 100,000 – 2mn (~ USD 30 – 630)

Hospital cash lump sum, paid for every hospital stay of min. 3 days: Phase 1: MGA 15,000 – 50,000 (~ USD 4.70 – 15) Phase 2: MGA 15,000 – 100,000 (~ USD 4.70 - 30)


Phase 1: free, starting from min. previous month’s airtime consumption of MGA 3,500 (~ USD 0.95) and max. sum insured reached if previous month’s airtime consumption is MGA 20,000 (~ USD 6.50) or more

Phase 2: MGA 1,500 (~ USD 0.45) for 1 person or MGA 3,000 (~ USD 0.95) for 2 persons per month with no min. airtime and max. sum insured reached if previous month’s airtime is min. MGA 20,000 (~ USD 6.50)


Phase 1: free Phase 2: MGA 21,600 (~ USD 7.00), i.e. average MGA 1,800 (~ USD

0.55) per month

Other comments

In phase 2, if customers don’t choose at least the MGA 1,500 (~ USD 0.45) monthly plan (i.e. 1 person), all coverage will stop

Even in phase 2, benefits will continue to increase with the previous month’s airtime consumption regardless of the flat membership fee


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Product: Airtel Antoka Ranking2 Rationale / Comments


B Offered in developing countries Madagascar is a low income country according to World Bank and hence grouped under developing countries


With its small sums insured and eligibility limited to pre-paid airtime customers only (instead of the generally better-off post-paid customers), it can be safely assumed that the great majority of insured is low-income


++ Of the three covered risks (death, accidental disability and hospitalization) at least death and hospitalization can be considered a high risk to most, especially for low income people to whom the sums insured are meaningful


- None



++ Voluntary opt-in


Giving the product away for free in its initial launch phase carries a strong “learning by doing” element, i.e. a form of customer education. Moreover, a 24h toll-free hotline is available for inquiries.


++ Enrollment is straight forward through USSD with few questions asked, on the spot acceptance. Exclusions are minimal. Claim requirements are also reduced to an absolute and flexible minimum.


Fully digital enrollment and (in phase 2) digital collection, plus simplified processes and documentation requirements allow for efficient, low-cost mass-scale administration






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C. Product Brochure

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8. India: SSS Life & Savings


Sarve Shakti Suraksha (SSS)


5-year term life insurance with systematic savings incorporated

Company name Bajaj Allianz Life Insurance Company Limited

Country India


Non-bank Microfinance Institutions (MFIs), Regional Rural Banks, Banking Correspondents, Customer Support Centers, Cooperatives


Launch date: April 2008 Stop date: effective August 2013, this product has been closed for the

issuance of new group policies, due to regulatory changes Last policies will mature in 2019

1-sentence product description

A combination of term insurance and systematic savings benefits designed to provide risk protection as well as alternative savings opportunities

The product term is 5 years

Group or individual product Group Insurance


Voluntary opt-in


Sum Insured: Minimum INR 2500 (~ USD 35), no limit on maximum coverage (Subject to underwriting limits)

Risks covered: Natural and accidental death + disability


Minimum INR 500 (~ USD 7.50) per annum no limit on maximum premium


INR 1,750 (~ USD 25)

Other comments The product has won numerous awards, including the Skoch Award for Financial Inclusion 2011 & 2012


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8. India: SSS Life & Savings

Product: Sarve Shakti Suraksha (SSS) Ranking2 Rationale / Comments


B Offered in developing countries India is a lower-middle-income country according to World Bank and hence grouped under developing countries

C Min. 80% of people reached are from low-income segment Majority of the premiums collected for this product

are under INR 2,000 (~ USD 30) per year


+ SSS offers life coverage and a savings feature but claims and especially savings balances are relatively small, even for low-income Indians. Moreover, in case of RBBs outstanding loan balances are deducted first


- None



++ It is a voluntary opt-in. In some cases premium amounts are also bundled with the loan installments to make the product affordable. However, there is no compulsion from the distribution partner’s side at any point in time


Allianz hotline printed on every brochure and policy document. A systematic “Value for the Customer” education initiative has been put in place, too


++ Guaranteed issuance except where questions on the health declaration are marked as affirmative. Only exclusion: Suicide not covered in year 1


The delivery channel fully integrates the product into existing business processes. Collection is often aligned with loan repayment. Other operational tasks are also outsourced


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9. Indonesia: Credit Life Plus


Payung Keluarga (Family Umbrella)


Term Life (attached to credit accounts), with riders

Company name Allianz Indonesia

Country Indonesia


Banks, MFIs


1 Sep 2006 for base product 27 Nov 2013 for riders


Compulsory group credit life coverage (conventional or takaful) with flexible benefits and a voluntary personal accident riders



Compulsory for base product (with benefit package pre-configured by MFI), and voluntary for add-on riders


Mandatory base Product: Risk: Death of debtor and spouse (optional) Benefit: Outstanding loan balance, or original loan amount Additional “funeral” benefit of up to 2x original loan (optional) Loans: IDR 0 – max. 200mn (~ USD 0 - 15,000)

Voluntary rider (since Dec-2013): Personal Accident for accidental death and total or partial

permanent disability, with benefits of up to IDR 25,000,000 (~ USD 1,900) - pro-rated for partial disability


Mandatory base Product: IDR 100 to 1mn (~ USD 0.05 – 75), depending on loan amount,

tenor & benefits Voluntary rider (annualized premium, coverage runs as long as loan):

Personal Accident: IDR 8,000 – 20,000 (~ USD 0.60 – 1.50)


Base Product: IDR 12,000 (~ USD 0.90) Rider: n.a.

Other comments Base product is modular, with theoretically 54 different benefit configurations for MFIs to choose from

Additional resources MILK Doing the Math - Brief no 36 (Microinsurance Centre 2015) Case Study: Escaping the credit life gap (Allianz 2015) Case Study: How Allianz Indonesia reached over 1 million with

microinsurance (Allianz 2013)


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http://www.microinsurancecentre.org/resources/documents/milk-brief-36-credit-life-insurance-in-indonesia.html�

https://www.allianz.com/media/responsibility/documents/Allianz_LearningJourney_PilotingAdd-on_Products_Ver23_20150330_YP.pdf�

https://www.allianz.com/v_1364402141000/media/responsibility/documents/Allianz_Microinsurance_Indonesia_Payung_Keluarga_Case_Study_on_Success_and_Lessons.pdf�



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Product: Payung Keluarga Ranking2 Rationale / Comments




98% of insured loans are under IDR 5mn (~ USD 380). This serves as a reliable proxy for „majority low income“ customers


++

Death of a breadwinner is a significant risk to low-income families in Indonesia. Although most loans are covered for the outstanding balance only, 20% of them also carry some cash payout to the families. The voluntary personal accident rider adds further flexibility to customers.


- None

3 End-customers involved in product development +

Extensive market research was done to understand the target market. Life risk was only the top4 identified customer risk.


+ The base credit life cover is compulsory for customers as per the MFIs benefit configuration. However, the additional rider can be taken by customers on voluntary basis.

5 Customer education and feedback mechanisms in place +

Brochures are provided by some MFIs. Other MFIs distribute member cards instead. MFI staff is also equipped with flip-charts to explain the product on the spot. Direct helpline and Allianz address are not provided, except for the rider product. No systematic feedback collection.


++ Free coverage limit up to IDR 10mn (~ USD 730). Only 2 exclusions: Suicide and insurance related crime (+ age limit 17-65)


Product, distribution and collection are fully integrated with MFI micro loans, including for riders. Most of the data entry and claims handling is also “outsourced” to the MFIs


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C. Product Brochure – Compulory base product

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Member Card as alternative to brochure

Front

Back

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C. Product Brochure – Voluntary add-on rider

Front

Back

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10. Indonesia: Term Life


“Si Peci” (abreviation of “Asuransi Penuh Cinta” or Insurance filled with Love)


Term Life Insurance

Company name Allianz Indonesia

Country Indonesia


Microfinance Institutions (MFIs), Allianz Agents


1 July 2015


Simple term Life insurance with guaranteed acceptance in voucher format that has a one year duration and one-time premium of IDR 50,000 (~ USD 3.70). The policy is activated by sending a unique activation code printed on the voucher card via SMS to Allianz and coverage is immediately confirmed by Allianz via SMS as well.



Voluntary opt-in


Risk covered: Death due to all causes Sum insured:

Natural Death: IDR 5mn (~ USD 380) Accidental Death: IDR 25mn (~ USD 1,900)


• All vouchers cost IDR 50,000 (~ USD 3.80) and are valid for one year


IDR 50,000 (~ USD 3.80)

Other comments “Si Peci” is a standard product that was developed under the guidance of AAJI, the Indonesian Life Insurance Association, and is currently marketed by a number of Indonesian life insurance companies.

Only one “Si Peci” policy can be bought and activated per person. This product replaced the previous “Kartu Proteksiku” scratch-card

Personal Accident product of Allianz.


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Product: Si Peci Ranking2 Rationale / Comments




Product is mainly distributed through MFIs that focus on low-income customers. Moreover, the product was specifically developed as a microinsurance product by the Indonesian Life Insurance Association.


++ Death is a significant risk for low-income families in Indonesia. The sum insured for natural death is meaningfully high and the “payout to annual premium ratio” of 100 for natural death is good.


- None

3 End-customers involved in product development -

No. During the product development process, the Indonesian Life Insurance Association did not carry out direct customer research. It relied on the input and experience of its member insurance companies.


++ 100% voluntary


Customer receives full policy wording as booklet and a handy insurance card to be put in wallet, including Allianz service number and address.


++ Simple-to-understand product benefits, costs and product format (voucher); automatic acceptance via SMS with only two exclusions (suicide and insurance related crime).


SMS activation and single premium payment minimize distribution and collection costs. Claim settlement is traditional. No integrated IT system.


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C. Product Brochure

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Insurance Voucher - Front

Insurance Voucher - Back

Brochure

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11. Ivory Coast: Funeral Insurance


Assurance Obséques (Funeral Insurance)


Funeral Insurance

Company name Allianz Ivory Coast

Country Ivory Coast




October 2009

1-sentence product description Payment of a lump sum in case of death due to any cause, with variable options (accidental death, education grant for children, family coverage); exact offering may vary per MFI



Voluntary opt-in


Death: lump sum from XOF 300,000 to 2,000,000 (~ USD 500 – 3,400), depending on selected benefit plan

With some MFIs, spouse, children, and parents can be selectively added to

coverage the death benefit is doubled in case of accidental death the insured can choose to have a part of the death benefit paid

directly to an undertaker a supplementary education rider can be added, which provides

XOF 100,000 to 500,000 (~ USD 170 – 840) for 4 to 6 years as school fees payment (depending upon chosen option)


From XOF 5,000 to 125,000 (~ USD 8.50 – 210) per year, depending on age and chosen options

An additional XOF 1,000 (~ USD 1.70) one time subscription fee is charged


XOF 22,000 (~ USD 35)

Other comments None


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Product: Assurance Obséques Ranking2 Rationale / Comments


B Offered in developing countries Ivory Coast is a lower-middle-income country according to World Bank and hence grouped under developing countries


The customers of the MFI distribution partners are low-medium segment, with at least 80% of the insured belonging to the 60% of population with the lowest incomes


+ +

Funerals are a significant expense in Ivory Coast, and the product significantly contributes to covering these. Family and parents can be covered as well at very competitive pricing. The possibility to add an education rider gives further options to customize the product to customer needs.


- No tangible other benefits. But with some MFIs the insured has the option that part of the payout is paid to the undertaker to ensure a proper funeral, no matter what

3 End-customers involved in product development - No customer studies


++ 100% voluntary


Simple language brochures are provided. Some MFIs also give Allianz contact details on their brochures. No service hotline and systematic collection of customer feedback.


++ Simple base product, with simple add-on options (e.g. education rider), no medical selection


The MFIs takes charge of distribution, subscription, data and premiums collection, and parts of the claims process. This significantly lowers costs


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C. Product Brochure

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Front

Back

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12. India: CSC Life & Savings


“CSC Bachat Plus” (CSC Savings Plus)


Variable Life Insurance Plan

Company name BajajAllianz Life Insurance Company Limited

Country India


CSCs only, i.e. Common Service Centers. Under CSC, a special purpose vehicle has been formed to enable services through the CSC network. These centres offer public and private services, such as private financial services like insurance, via a fully digitalized platform. There are now over 200,000 CSCs in India.


26 August 2015

1-sentence product description Life insurance with regular premium contributions, the larger share of which will accumulate as a savings value (Policy Account Value) and the smaller share of which will be used to pay the Life insurance cover and administration; at policy maturity, customers will receive more back than they paid in gross premiums.



Voluntary opt-in


Risk covered: Death due to all causes of policyholder Sum insured: between INR 12,600 (~ USD 190) and INR 200,000 (~

USD 3,000) Maturity Benefit: Policy Account Value, i.e. net paid premiums credited

with 1% guaranteed interest rate every year and additional interest rate of 4% (years 1 – 5) or 0.5% (years 6+); guaranteed minimum maturity benefit is gross paid premiums (less any withdrawals) compounded at 1% per year


Minimum INR 150 (~ USD 2.20) per month or INR 1,800 (~ USD 25) if yearly mode

Maximum INR 1,665 per month (~ USD 25) or INR 20,000 (~ USD 300) if yearly mode


INR 2,000 (~ USD 30) per year

Other comments CSC-labeled products fall under a special CSC guideline of the Indian insurance regulator. They can only be distributed through the CSC network. Other distribution channels are not allowed.

All products to be sold from these CSC outlets have to be pre-fixed with the name “CSC”.


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12. India: CSC Life & Savings

Product: CSC Bachat Plus Ranking2 Rationale / Comments

A Commercial offer provided by Allianz Fully applied to the risk portion of the product. There is also

an interest bearing savings component.


C Min. 80% of people reached are from low-income segment Majority of the premiums collected for this product are

under INR 2,300 (~ USD 35) per year


++ CSC Bachat Plus offers the double benefit of life coverage and a savings feature with clear guarantees. The sums insured and maturity values are high enough to make a difference for low-income Indians.


- None

3 End-customers involved in product development -

No. The regulations on CSC products by the insurance supervisor leave little room for product feature flexibility. Customer involvement could therefore only have little impact on product design.


++ 100% voluntary


There is no direct customer education from the company to customers in place. However, in order to obtain their necessary insurance sales license, CSC sales staff need to undergo 20 hours of training to educate customers on the product. Contact numbers for complaints are clearly provided, and complaints are tracked and reported on as required by the regulator.


+

For a variable insurance plan, the product is relatively simple. However, an understanding of interest rate guarantees is required. Regulations lead to a few rather complex definitions, e.g. of the exact Sum Assured at Death.


CSC products piggy-back on the fully digitalized CSC infrastructure of over 200,000 CSCs in India. This ensures low operational costs, transparent digital processes and good accessibility for customers, even in rural areas.


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C. Product Brochure: not available 1) See our website for a full explanation of our assessment methodology 2) For knock-out criteria A-C: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2) 3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0. Note: A high ranking is only an indicator for compliance with Allianz’ Emerging Consumers values, not an indicator for actual business success




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13. India: BDSY Life & Savings


Bima Dhan Suraksha Yojana (BDSY) (“Saving + Insurance Scheme”)


Term Life Insurance (with return of premium)

Company name BajajAllianz Life Insurance Company Limited

Country India


Microfinance Institutions (MFI)


1 October 2015

1-sentence product description Voluntary non-linked, non-participating, single & regular premium payment micro term insurance plan with 5, 7 or 10 years policy term and 100% return of premiums at maturity



Voluntary


Death due to any cause: Minimum sum insured: INR 7,500 (~ USD 110) Maximum sum insured: INR 200,000 (~ USD 3,000)

Maturity benefit: Return of total premium, excluding any extra premium,

service tax & education cess, if any


Regular Premium: INR 1,500 (~ USD 20) to INR 6,000 (~ USD 90) per year

Single Premium: INR 5,000 (~ USD 75) to INR 25,000 (~ USD 370)


INR 3,000 (~ USD 45)

Other comments Monthly premium payment is also possible. Surrender of the policy for a surrender value is possible, for single

premium at any time and for regular premium after first year.


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Product: Bima Dhan Suraksha Yojana Ranking2 Rationale / Comments




The product has officially been registered by the Indian regulator under its microinsurance regulations. A low-income focus is therefore ascertained


++

The product offers life insurance protection for a relatively long period of time and allows customers to choose the premium and sum insured according to their individual payment capacity and protection needs. Moreover does the return of premium feature act as a meaningful savings vehicle for customers


- None

3 End-customers involved in product development - No. The product was developed with consideration of the

regulator’s micro insurance guidelines


++ Voluntary opt-in


A toll free customer hotline number is printed on all brochures and policy documents. Moreover, the Indian ombudsman function is explained in the policy certificate. Lastly, the company conducts regular financial education events together with the distribution partners


+ At a high level, the product is simple. The return of premium feature is easy to understand and has no interest rate risk to the customer. However, also due to Indian regulations the product carries quite a bit of fine-print

7 Strong measures to ensure low transaction costs + One pager enrollment form & death claim form with

minimum documentation


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C. Product Brochure

Outside

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14. Ivory Coast: Mobile Savings


“Allianz Epargne” (Allianz savings)


Pure savings plan (no insurance element!)

Company name Allianz Côte d’Ivoire Assurance Vie

Country Ivory Coast


Telecommunication company


1 June 2012

1-sentence product description Mobile savings plan with regular contributions for min. 3 years where 85% of investment earnings on the net premium are credited to the account value (example: of 10% investment return on net premiums 8,5% are credited to customer’s savings account)



Voluntary opt-in


At the end of the savings plan’s term, or in case of prior death or total permanent disability, the account value accumulated until this date will be returned in full to the account holder

Benefits: terminable annuities chosen by the insured Max. 30% of the account value can be withdrawn every year (except in

year 1) at no penalty; total withdraw is possible after two years at 5% surrender fee


Premiums are minimum XOF 3,000 (~ USD 5) per month Premiums can also be paid quarterly, semi-annually or annually Premiums are automatically deducted from customer’s mobile money

account Premiums are subject to an administration fee of 6.6%, the net of which

will be invested with annual investment results credited 85% to the account


XOF 40,000 (~ USD 65), based on the fact that most policyholders choose the monthly premium payment option

Other comments Minimum age limit is 21; no maximum age limit Enrollment still happens by physical form filling at the telco’s outlets, but

premium payment is only possible through mobile money Although this non-insurance product was already launched in 2012 it

was just included in the Emerging Consumers report in 2016 because only since then are non-insurance able to be included in reporting.


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Product: Allianz Epargne Ranking2 Rationale / Comments


B Offered in developing countries Ivory Coast is a lower-middle-income country according to World Bank and hence grouped under developing countries


Mobile money is primarily used by low-income people in developing countries, including in Ivory Coast. The fact that most policyholders choose the minimum required monthly savings amount also indicates their low-income status


++

This savings plan may be the first time ever that customers have the opportunity to put money aside in a formal savings plan. Experience shows that the opportunity for convenient, private and formal savings is much appreciated by low-income people in developing countries


- None



++ Voluntary opt-in


Through their mobile product administration menu on their phone, customers can always get in touch with Allianz and even execute some self-service action such as savings withdrawals


+ Because this is not insurance, there is no underwriting and everyone 21 years or older can easily join. The product works with percentages, e.g. for investment crediting, which may not be fully understood by all savers


Savings contributions are conveniently paid through mobile money. Also some self-administrative functions can easily be done through the phone. However, the enrollment process itself is still partly paper-based


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C. Product Brochure

Front

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C. Product Brochure

Back

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15. India: Crop Index


Crop index insurance


Index Insurance

Company name BajajAllianz General Insurance Co. Ltd.

Country India


Banks


March 2014 for WBCIS schemes March 2016 for PMFBY schemes

1-sentence product description This insurance mostly falls under the subsidized public Indian PMFBY scheme (Prime Minister’s Crop Insurance Scheme). A smaller portion falls under the subsidized public WBCIS scheme (Weather-Based Crop Insurance Scheme). PMFBY covers smallholder farmers against shortfall in crop yields due to multiple risks. WBCIS covers more specifically against crop damages due to adverse weather conditions.



Compulsory (tied to agricultural loans)


Cover: Adverse behavior of a yield index (PMFBY) or weather index (WBCIS) as a proxy for actual losses. Payouts start from a pre-defined trigger point, e.g. long-term average yield, and proceed in steps until a defined exit point at which the maximum sum insured would be paid

Risks included under PMFBY: Prevented sowing, standing crop losses due to flood, drought, fire, cyclone, pests etc., localized risks like hailstorm, inundation etc., post harvest losses

Risks included under WBCIS: Several weather indices can be used, e.g. rainfall (excess, deficit, dry spells), temperature (high/low), humidity, wind speed or any other measurable weather parameter

The trigger, exit and sum insured depend on the location, season, crop, claim experience and business potential

Sum insured is equal to the loan amount Avg. loan size is INR 15,000 – 30,000 (~ USD 220 – 450) for food crops

and INR 20,000 – 100,000 (~ USD 300 – 1,500) for cash crops


Farmer premium per hectare: INR 250 to 1,000 (~ USD 3.70 – 15) Farmer premium per loan: 2% (PMFBY) or 5-12% (WBCIS) of loan for

rainy season and 1.5% (PMFBY) or 4-8% (WBCIS) for winter season


Farmer premium of around INR 1,700 (~ USD 25) per loan for food crops and INR 5,000 (~ USD 75) per loan for cash crops

Annualization is not applicable because coverage only runs 3.5 months

Other comments This product is subsidized by average 90% under the PMFBY scheme and 30% – 75% under the WBCIS scheme

The product is also available on voluntary basis. However, this option plays a marginal role


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Product: Crop Index Ranking2 Rationale / Comments




The government’s PMFBY and WBCIS schemes, under which this products is brought to market, specifically targets low-income smallholder farmers.


++ Crop loss due to weather risks and other adverse events is the single largest risk for farming in India. The product significantly contributes to mitigate such risks and allows farmers continued access to agricultural credits.


- None.

3 End-customers involved in product development +

End customers are not directly involved but the Government involves representatives from the district authorities in finalizing the index and negotiates with the insurance company to make the triggers farmer friendly.


- Mostly compulsory because tied to agricultural loans. A small number of non-loaning smallholder farmers also take the subsidized insurance on a voluntary basis.


BajajAllianz General puts a lot of effort into creating product awareness (farmer meetings, van campaign, marketing collaterals, phone based education etc.)


+ Only few exclusions apply, especially on PMFBY. The yield index mechanism is relatively easy to explain on PMFBY, but slightly more complex on WBCIS.


Enrollment data requirements are numerous and time consuming, but banks do help with enrollment since they already have most data at hand. Due to the index-based claim mechanism, farmers do not need to file claims. Claims are triggered automatically if the index strikes.


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C. Product Brochure A (PMFBY)

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C. Product Brochure B (WBCIS)

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16. India: Group Term Life


Group Term Life


Pure Risk Insurance coverage for a period of one year

Company name Bajaj Allianz Life Insurance Company Limited

Country India


Non-bank Microfinance Institutions (MFIs)


Not available


An insurance product designed to provide risk protection against natural death to loan or savings customers

Other benefits include an accidental death & disability rider

Group or individual product Group Insurance


Compulsory, with voluntary doubling of sum insured with some MFIs


Sum Insured: Minimum INR 1,000 (~ USD 15), no limit on maximum coverage

Some MFIs allow a voluntary doubling of the sum insured against a doubling of the premium

Risks covered: Natural and accidental death Disability rider is optional

(but rarely implemented in microfinance context) For loans, the MFIs deduct the outstanding loan balance (if any)

from the sum insured For savings, the full sum insured is paid to the beneficiary


Depending on the group, underwriting rate is set by the company’s underwriter

Varies based on group demographics


INR 100 (~ USD 1.50)

Other comments In 2015, the product was for the first time attached to savings products of MFIs and the possibility of voluntary sum insured doubling was introduced. Previously, the product was fully compulsory and only attached to loans.

GTL (Group Term Life) is used for the dominant form of 1-year micro-loans. For multi-year loans, technically a different product called “GCPP (Group Credit Protection Plus)” is used. However, besides duration all other characteristics are the same. This assessment and our reporting lumps both products together.


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16. India: Group Term Life

Product: Group Term Life Ranking2 Rationale / Comments




All loan customers of MFIs are enrolled in the scheme. The great majority of MFI customers are low to very low income


+ The outstanding loan can be paid off from the sum insured in case of death. The difference is paid to the beneficiaries, but it is often a small amount, unless the MFI allows for a voluntary increase of the sum insured.


- None



+ In the context of an MFI opting for this product, it is compulsory. This applies to lending as well as savings products to which this product is attached. Some MFIs allow for voluntary doubling of the sum insured.


Customers receive insurance certificates of insurance with Allianz name and address. No service line and systematic feedback collection in place


++ Simplified product design and easy to explain. The only exclusion is suicide not being covered in year 1. It is covered for repurchases from year 2 on


Distribution and collection is outsourced to the MFI for lower costs. The MFIs also forward certificates of insurance & assist with claims


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17. Indonesia: Savings-linked Life


“Payung TabunganKu” (umbella for my savings)


Term Life Insurance


Country Indonesia




1 June 2014

1-sentence product description Insurance that is bundled with savings and time deposits of MFIs, with premiums usually paid by the MFI and sums insured usually equal to the savings balance (“The more you save, the more insurance you get”)



Mostly compulsory, although some MFIs offer the product voluntarily for time deposit customers.


Death due to any cause Benefit can be up to maximum IDR 200mn (~ USD 15,000) and

structured in 3 different ways: A) Same amount as savings balance or time deposit amount

(most common) B) Fixed amount irrespective of savings balance C) Amount that has still not been saved in a targeted savings

plan, i.e. the savings shortfall


0.048% of sum insured per month for age 17 – 60


Average IDR 450 (~ USD 0.05) per month, i.e. IDR 5,400 (~ USD 0.40) per year

Average insured savings balance is IDR 1,000,000 (~ USD 75)

Other comments Spouse coverage and coverage for ages 61-65 is also available at special rates

This product is the sister product to Payung Keluarga, which is virtually the same product for micro-credits


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Product: Payung TabunganKu Ranking2 Rationale / Comments




The product is distributed through Microfinance Institutions which primarily target low-income customers. The low average insured savings balance of IDR 1,000,000 (~ USD 75) confirms the low-income status of customers


++

The product offers life insurance protection for as long as people are saving. That is an advantage over credit life where insurance stops when credits are repaid. Moreover, in the most common configuration the product rewards savers who save more with an increase sum insured


- None



- Mostly compulsory, apart from a few exceptions


The MFIs explain the insurance to customers during the marketing of their own savings product. As MFIs usually pay the premium, that money would be wasted if customers don’t appreciate the insurance. However, no special education measures or feedback mechanisms are in place


++ Free coverage limit up to IDR 10mn (~ USD 750). Only 2 exclusions: Suicide and insurance related crime


Product, distribution and collection are fully integrated with the MFIs own micro-savings products. Most of the data entry and claims handling is also “outsourced” to the MFIs


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18. Malaysia: Motorcycle + Personal Accident


Motorcycle & Personal Acccident


Motorcycle & Personal Accident

Company name Allianz General Malaysia

Country Malaysia


Postal Service


1 July 2011

1-sentence product description Motorcycle coverage for third-party liability and (optional) loss and damage to due to accident + Personal Accident as semi-bundled extra offer



Voluntary opt-in


Motorcycle loss & damage: maximum current market value of motorcycle

PA: Death due to accident: MYR 5,000 (~ USD 1,200) PA: Total permanent disability or dismemberment:

MYR 5,000 (~ USD 1,200) PA: Bereavement benefit: MYR 500 (~ USD 120)


for Motorcylce: n.a.; for PA: MYR 15 (~ USD 3.60) per year


For Motorcycle: MYR 100 (~ USD 25) For PA: MYR 15 (~ USD 3.60)

Other comments Motorcycle premiums vary per brand and engine volume Product is also marketed by tied agents at different premiums

(excluded here) Third-party liability cover is a statutory requirement for motorcycles in

Malaysia. Additional motorcycle cover and personal accident cover are voluntary


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Product: Motorcycle & PA Ranking2 Rationale / Comments

A Commercial offer provided by Allianz Applied

B Offered in developing countries Malaysia is an upper-middle-income country according to World Bank and hence still grouped under developing countries

C Min. 80% of people reached are from low-income segment Customer base of postal service is generally

low-income, especially for insurance sales


++ Motorcycle coverage is comparable in importance to car coverage in developed markets. It is a statutory requirement in Malaysia. PA is sensible for motorcyclist as a high risk group


- None



++ Several options to choose from: Third-Party liability only (a statutory requirement), comprehensive (TPL + loss & damage) and on-top Personal Accident cover


Brochures and policy documents are provided, including an Allianz customer service hotline. Coverage is widely used and well known in Malaysia.


- Motorcycle policy wording is quite lenghty, the same as for all other distribution channels (e.g. tied agents), and the same as for car insurance


Distribution through low-cost Malaysian postal service allows somewhat lower distribution and operational costs (e.g. vis-à-vis tied agents)


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C. Product Brochure

Outside Personal Accident only. No brochure for Motorcycle component.

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C. Product Brochure

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Inside Personal Accident only. No brochure for Motorcycle component.

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19. West Africa & Egypt: Credit Life


• Assurance Décès Emprunteur (Life Insurance for Entrepreneurs)


• Term Life (attached to credit accounts)

Company name • Allianz Africa and local subsidiaries

Country • Cameroon, Burkina Faso, Egypt, Ivory Coast, Madagascar, Senegal


• Microfinance Institutions (MFIs)


• 13 January 2008

1-sentence product description • In case of death of the loan taker due to all causes or in case of total permanent disability of the loan taker due to accident, Allianz repays 100% of the initial loan amount

Group or individual product • Group


• Compulsory


• Death of the loan taker due to all causes • Death of spouse (as voluntary add-on, Senegal only) • Total permanent disability of the loan taker due to accident (medically

certified) • Sum Insured: 100% of the initial loan amount from which:

• The MFI receives the outstanding loan balance • The micro-entrepreneur’s family receives the difference

between the initial loan amount and the outstanding loan balance


• Avg. 0.6% of loan amount (depending on risk characteristics of the insured group)


• USD 3 per loan • loans run for an average of 12 months with an avg. loan size USD 540

Other comments • none


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19. West Africa & Egypt: Credit Life

Product: Assurance Décès Emprunteur Ranking2 Rationale / Comments


B Offered in developing countries Burkina Faso, Cameroon, Egypt, Ivory Coast, Madagascar and Senegal are all developing countries according to World Bank.


The vast majority of insured are low income micro-entrepreneurs. This can be seen from their average loan size of USD 540 (data from Cameroon and Ivory Coast not included)


+ Death is a significant risk and there is a direct payout to the family (after deduction of the loan balance). Coverage of HIV+ or diabetic entrepreneurs facilitates their access to credit. Accidental disability risk is less significant


- None


A market and demand study was done. Product design and education materials were pilot tested with micro-entrepreneurs


- The product is compulsory for the credits of all MFI partners

5 Customer education and feedback mechanisms in place -

The MFI’s credit officers are trained to orally explain the product to their clients, but no local language material for the customer. Regular exchange on customer complaints between MFIs and the broker (Planet Guarantee)


++ No pre-underwriting. Only 3 exclusions (suicide, radiation, war). No medical exclusions. Simplified disability definition and easy claims documentation


The mandatory underwriting-free group insurance approach lowers transaction costs. Most processes are outsourced to the MFIs and the broker (Planet Guarantee) which operate on lower costs than Allianz


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20. West Africa: Crop Index


Assurance Récolte Sahel (Sahel Harvest Insurance)


Index insurance

Company name Allianz Africa and local subsidiaries

Country Burkina Faso and Mali


Microfinance Institutions (MFIs), banks, agricultural cooperatives and agro-dealer networks


1 June 2011

1-sentence product description Covers outstanding loans of smallholder farmers; claims are triggered automatically if the rainfall is insufficient for proper growth of the farmers’ crops (corn or cotton)



Compulsory


If evapotranspiration index1 below 54 – 58% (depending on crop and region), i.e. total crop failure: Full coverage of outstanding loan amount

If evapotranspiration index* between approx 65% and 54 – 58%, i.e. partial crop failure: Partial coverage of outstanding loan amount


10 – 12% of loan amount, depending on crop and region


USD 27 per loan; avg. loan size is USD 235 (avg. loan duration: 3.5 months)

Annualization not applicable because planting season only lasts 3.5 months

Other comments Only sold in a 4 - 6 weeks sales window before planting season Expansion to more markets and crops types is planned 100% of the risk is reinsured by international reinsurance partners Developed and distributed in cooperation with

Planet Guarantee

Additional resources MILK Doing the Math – Brief no 35 (Microinsurance Centre 2015)


>> back to Overview 1) Evapotranspiration is the sum of evaporation of water from plants and soil.

This index is independently measured by third parties using satellite data.

http://www.planetguarantee.org/�

http://www.microinsurancecentre.org/resources/documents/milk-brief-35-doing-the-math-loan-protection-for-maize-farmers-in-burkina-faso.html�

http://www.planetguarantee.org/�

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Product: Assurance Récolte Sahel Ranking2 Rationale / Comments

A Commercial offer provided by Allianz

Applied. The risk of insufficient rainfall in the insured areas is high. This is why the premium rate is also relatively high at around 10-12%

B Offered in developing countries Burkina Faso and Mali are low income countries according to World Bank and hence grouped under developing countries


The vast majority of insured are low income farmers. This can be seen from their small farm sizes (avg. 1.3 ha) and their low avg. loan size of USD 235


++ Low rainfall is a great risk for farmers. Outstanding loans are hard to repay when harvests fail. The product addresses this and eases access to credit


- None


Extensive market and demand study before product development. Product and education materials were pilot tested with a small number of farmers.


- Although the product can be offered on a voluntary basis, virtually all current distribution partners have made coverage mandatory for their agro-loans


Intensive training of distribution channels and their field representatives. Raising of awareness through posters, radio, film. However, no access to a hotline or systematic feedback mechanism


+ No underwriting and no exclusions. Conceptually, the index is straightforward. But the exact technical definition and measurement method is complex. The product therefore requires in-depth explanation


The (mandatory) group insurance approach lowers transaction costs. The claims process is simplified by the index as it allows automatic triggering of claims. Reinsurance coverage is essential and needs to be administered


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C. Product Brochure

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Inside Personal Accident only. No brochure for Motorcycle component.

Product brochure from Mali

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21. Burkina Faso: Savings-linked Life


Assurance Super Compte Epargne (Super Savings Account Insurance)


Term Life (attached to savings accounts)

Company name Allianz Burkina Faso

Country Burkina Faso


Post Office


2002 (also see “Other comments” below)

1-sentence product description Voluntary annual term life insurance attached to postal savings accourts, with premiums deducted from annual interest earned



Voluntary opt-in


Death of Savings Account holder: lump sum of XOF 50,000 (~ USD 85)


XOF 1,000 per year (~ USD 1.70) Premium is deducted from annual interest payment on the postal

savings account


XOF 1,000 (~ USD 1.70)

Other comments Product automatically renews for another year if it is not cancelled by the insured


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21. Burkina Faso: Savings-linked Life

Product: Assurance Super Compte Epargne Ranking2 Rationale / Comments


B Offered in developing countries Burkina Faso is a low income country according to World Bank and hence grouped under developing countries

C Min. 80% of people reached are from low-income segment Customer base of postal service is generally

low-income, especially for insurance sales


+

Funerals are a significant expense in Burkina Faso, and the product contributes to covering these. However, the premium-to-benefit ratio of 1:50 is relatively low and the benefit of XOF 50,000 (~ USD 85) may just cover a fraction of the actual post-mortem expenses of the family.


- No tangible other benefits.

3 End-customers involved in product development - No.


+ 100% voluntary, but automatic renewal process may lead to customers forgetting about their coverage.


Product is just verbally explained by bank staff and the enrollment form contains the coverage conditions. No brochure, service hotline and systematic collection of customer feedback given.


++ Extremely simple product with just one benefit and premium option; no medical selection


Very convenient premium payment through automatic deduction from interest earned on the savings account. This minimizes collection costs.


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22. India: Cattle & Livestock


Cattle & Livestock Insurance Policy


Livestock insurance

Company name BajajAllianz General Insurance

Country India


Banks, MFI, Co-ops Dairies, Credit Co-operative Societies, Business Correspondents


April 2005


Coverage for cattle and other livestock (e.g. sheep and goats) against the risk of death due to multiple causes

Group or individual product Mostly group (85%) individual purchase also possible (15%)


Mostly compulsory, but voluntary purchase is also possible


Death: Agreed Sum Assured, i.e. generally market value of cow, on average INR 30,000 - 40,000 (~ USD 450 - 600)


n.a


INR 800 - 1,200 (~ USD 10 - 20)

Other comments The product is often tied to bank loans for cattle for low-income farmers where the loans themselves carry low interest rates due to government subsidies


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22. India: Cattle & Livestock

Product: Cattle/Livestock insurance Ranking2 Rationale / Comments



C Min. 80% of people reached are from low-income segment The great majority of coverage is tied to government-

subsidized loans for low-income farmers


++ Cows are a crucial income source for millions of low-income Indian farmers. Death of an animal can cause severe financial stress


- None



+ The product can be purchased individually. However, when tied to bank loans, the product is compulsory

5 Customer education and feedback mechanisms in place ++ Limited customer information provided,

but still awareness is very high


- The policy wording is quite long and technical. No product difference is made for low-income customers vis-à-vis large scale farmers (although most claims get paid as benefit to low-income people)


Ear tags are used to reduce fraud and associated costs. Distribution mainly through banks also reduces distribution and operational costs


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23. India: Personal Accident Plus

Product name “Micro Care”

Product type (e.g. term life) Enhanced Personal Accident

Company name BajajAllianz General Insurance Company Limited

Country India

Distribution partner type Banks, MFIs


1 April 2008


Yearly renewable voluntary personal accident insurance that – next to coverage for accidental death and disability – offers a range of additional benefits, incl. hospitalization benefits and even a hospital cash component for sickness



Voluntary opt-in


Death or severe dismemberment/total permanent disability due to accident: sum insured min INR 25,000 – 50,000 (~ USD 370 – 740)

Partial dismemberment (loss of 1 eye or 1 hand or foot): 50% of sum insured

Lump sum funeral expenses after accidental death: INR 5,000 (~ USD 75)

Lump sum education grant after accidental death: INR 10,000 (~ USD 150)

Hospitalization due to accident: max INR 5,000 (~ USD 75) per year Wage loss: INR 150 (~ USD 2.20)/hospital day due to

accident; max 5 days/year Hospital cash: INR 300 (~ USD 4.50)/hospital day due to

accident OR illness; max 5 days/year


INR 150 - 300 (~ USD 2.20 – 4.50) per year

Avg. premium / year INR 190 (~ USD 2.80)

Other comments

Cancellation with a partial premium refund is possible within the first 6 months of the yearly policy term

Micro Care is based on Janata Personal Accident but gives additional benefits

The product is being reintroduced into this product pool because since January 2016 there have been significant new sales . The last previous coverage had expired in September 2013 after which the product was dropped from this product pool.


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23. India: Personal Accident Plus

Product: Micro Care Ranking2 Rationale / Comments




Distribution partners focus on low-income households. This can also be seen from the low average premiums of INR 190 (~ USD 2.80) per year


+ Risk cover for accidental death and disability is comprehensive. Additional hospitalization coverage helps to manage this key risk, even including hospital cash for sickness. However, related benefits are low


- None


Yes, an extensive customer demand study was undertaken in cooperation with an international NGO prior to product development


++ Voluntary opt-in


Currently all information to customers is oral. No brochures etc. Policy documents are in English which most customers do not understand.


- The product is pre-underwritten. However, the comprehensive risk cover causes complexity. Multiple exclusions, especially due to hospital cash cover. Policy wording not simplified


Collection is handled by the distribution partner. New enrollments and collection data are processed every 15 days as a simple batch processes


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24. Colombia: Credit Life


Credit Life


Credit Life


Country Colombia


Microfinance Institutions (MFI)


1 November 2015

1-sentence product description Compulsory group credit life scheme that pays the initial credit amount in case the borrower dies or becomes permanently disabled during the term of the credit; from the claim payment the outstanding credit amount at death is paid to the bank to pay off the credit, the remainder is paid out to the family



Mandatory


Covered Risk: Death and permanent disability of the borrower Sum insured: Initial credit amount up to COP 500,000,000 (~ USD

164,000)


Depends on the initial amount of credit and loan tenor


n/a

Other comments Due to the way the product is being processed and reported from the microfinance institutions to Allianz, the number of inforce insured cannot be calculated by Allianz


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24. Colombia: Credit Life

Product: Credit Life Ranking2 Rationale / Comments




The target market of the MFI distribution partners are low-income people, despite the high maximum sum insured. Therefore, this criteria is assumed to be fulfilled


+ Death is a significant risk and there is a direct payout to the family (after deduction of the loan balance). Permanent disability risk is less significant


- None



- Compulsory


The MFIs inform the borrower during the loan application process about their insurance coverage. A separate insurance certificate is given that features the name, address and contact number of Allianz


+ The product is very simple and straight forward. Most credits are accepted without underwriting. Only larger credits need to undergo some underwriting. Standard exclusions for the Colombian market apply


Premiums are conveniently paid by customers along with their monthly loan installment. Minimal administrative and reporting process from the Microfinance Institutions to Allianz


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25. India: Personal Accident


“Janata” Personal Accident


Personal Accident

Company name BajajAllianz General Insurance Company Limited

Country India


Banks, MFIs, Business Correspondents


1 April 2006

1-sentence product description Yearly renewable voluntary personal accident insurance that covers accidental death and disability



Voluntary opt-in


Death or severe dismemberment/total permanent disability due to accident: sum insured min INR 25,000 – 50,000 (~ USD 370 – 740)

Disability is defined as a) severe dismemberment or b) total and permanent inability to pursue any kind of work c) loss of hearing (this cover only available in Business Correspondent channel)

Partial dismemberment (loss of 1 eye or 1 hand or foot): 50% of sum insured


INR 15 - 100 (~ USD 0.20 – 1.50) per year


INR 40 (~ USD 0.60)

Other comments The product is often voted for by annual general assemblies of cooperatives. On positive vote, the policy gets extended for another year and cover is then mandatory for all members.


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25. India: Personal Accident

Product: Janata Personal Accident Ranking2 Rationale / Comments




Distribution partners focus on low-income households. This can also be seen from the low average premiums of INR 40 (~ USD 0.6) per year


+

Death or disability due to accident is rare among the general population. However, especially the distribution through Business Correspondents now carries the product to rural areas, where accident risk among agricultural population is higher than usual (e.g. snake bites)


- None



++ Voluntary opt-in


Currently all information to customers is oral. No brochures etc. Policy documents are in English which most customers do not understand


- The product is pre-underwritten. However, multiple exclusions exist. Policy wording is not simplified


Collection is handled by the distribution partner. New enrollments and collection data are processed every 15 days as a simple batch processes


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Exchange Rates

This product pool uses the below exchange rates to convert local currency values to approximate and rounded US Dollar values. These rates are updated on yearly basis represent the average mid-price exchange rate over the course of the last calendar year.

Rounding rules

Currency Currency Code 1 USD =

Central African Franc BCEAO XOF 595.171

Colombian Peso COP 3,053.578

Egyptian Pound EGP 10.026

Indian Rupee INR 67.175

Indonesian Rupiah IDR 13,308.012

Malagasy Ariary MGA 3179.087

Malaysian Ringgit MYR 4.144

Up to USD ... ... round to closest USD

1 0.05

5 0.10

10 0.5

100 5

1,000 10

5,000 100

10,000 500

Above 1,000

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Disclaimer

These assessments are subject to the disclaimer provided below.

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein may include statements of future expectations and other forward-looking

statements that are based on management’s current views and assumptions and involve known and unknown

risks and uncertainties that could cause actual results, performance or events to differ materially from those

expressed or implied in such statements. In addition to statements which are forward-looking by reason of context,

the words “may”, “will”, “should”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”,

“potential”, or “continue” and similar expressions identify forward-looking statements. Actual results, performance

or events may differ materially from those in such statements due to, without limitation, (i) general economic

conditions, including in particular economic conditions in the Allianz Group’s core business and core markets, (ii)

performance of financial markets, including emerging markets, and including market volatility, liquidity and credit

events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the

development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent

of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange

rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and

the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the

impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general

competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be

more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

No duty to update.

The company assumes no obligation to update any information contained herein.

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Allianz Emerging Consumers Product Pool · PDF fileBajaj Allianz Life ; Group Term Life

Documents

Transcript of Allianz Emerging Consumers Product Pool · PDF fileBajaj Allianz Life ; Group Term Life