Building the Insurance Market
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Transcript of Building the Insurance Market
![Page 1: Building the Insurance Market](https://reader035.fdocuments.net/reader035/viewer/2022081521/58ede3401a28abed728b4645/html5/thumbnails/1.jpg)
Andrea KeenanSenior Managing Director
Building the Insurance Market
2015 ICMIF Biennial Conference
8 October 2015Minneapolis, Minnesota
![Page 2: Building the Insurance Market](https://reader035.fdocuments.net/reader035/viewer/2022081521/58ede3401a28abed728b4645/html5/thumbnails/2.jpg)
Microinsurance Basics
2
• Offers simple policies to low-income customers with small premiums and low sums assured
• Alternatives to insurance for this population:– Family/friend loans or gifts– Savings– Selling assets
• Target demographic:– Income $1.25-$4.00 / day
Traditiona
l Insurance
Microinsurance
Government (or other) Assistance
GDP
Per C
apita
![Page 3: Building the Insurance Market](https://reader035.fdocuments.net/reader035/viewer/2022081521/58ede3401a28abed728b4645/html5/thumbnails/3.jpg)
Targeted Groups in Micro
3
Income Quintiles(Avg GDP per capita)
Microinsurance target range
![Page 4: Building the Insurance Market](https://reader035.fdocuments.net/reader035/viewer/2022081521/58ede3401a28abed728b4645/html5/thumbnails/4.jpg)
Targets in India & Philippines
4
Income Quintiles(Avg GDP per capita)
![Page 5: Building the Insurance Market](https://reader035.fdocuments.net/reader035/viewer/2022081521/58ede3401a28abed728b4645/html5/thumbnails/5.jpg)
Today’s Landscape
5
![Page 6: Building the Insurance Market](https://reader035.fdocuments.net/reader035/viewer/2022081521/58ede3401a28abed728b4645/html5/thumbnails/6.jpg)
Micro Programs: What works?
6
• Profitability ≈
• A successful, sustainable program relies on a formula of large scale and low cost.
Formula derived from MILK / MicroInsurance Centre
Maximize
High!
Minimize
Minimize
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Cost Reduction Techniques
7
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Financial Inclusion Wave
8
• Microinsurance is no longer a novel phenomenon• Active in micro: