The session will present the findings from the 2020 Landscape of Microinsurance study. The research focuses on 30 countries in Africa, Emerging Asia and Latin America. Combining extensive in-country primary research with analysis of the context for market development, the landscape study provides a unique benchmark for all stakeholders working in the field of inclusive insurance. The research is fundamental to improving the supply of insurance products and services designed to meet the needs of vulnerable, low-income households and MSMEs, and to increasing uptake. The results of the study not only enable cross-country comparison to identify factors critical to creating a fertile environment for inclusive insurance, but also provide insurers and distribution partners with much-needed insight into potential market size

 

 

Welcome

Dirk Reinhard
Vice Chairman, Munich Re Foundation, Germany

Keynote

Achim Steiner
Administrator of the United Nations Development Programme, UNDP, United States
> watch the video recording

Panelists

Alice Merry
Financial Inclusion Consultant, Peru
> download presentation

Garance Wattez-Richard
Head of AXA Emerging Customers, GIE AXA, France

Craig Churchill
Chief, ILO’s Social Finance Programme & Team Leader, Impact Insurance Facility, Switzerland

Facilitator

Katharine Pulvermacher
Executive Director, Microinsurance Network, Luxembourg
> download presentation

 

> watch the video recording of Session 1

The Covid-19 crisis is creating unprecedented economic challenges, including within the insurance industry. In the absence of appropriate risk management solutions, people in the low income segment are particularly affected by collapsing health care systems, loss of income, and an increasingly unstable economic environment. The impact on developing economies is substantial, and this poses particular challenges for the nascent inclusive insurance industry. In this session, experts will provide their views on key challenges for insurance providers in emerging markets and the response of insurance supervisors and regulators. The input from experts will be complemented by a Q&A round, as we believe this session is an excellent opportunity for the inclusive insurance industry to have a meaningful discussion on the implications of the Covid-19 crisis.

Speakers

Gilles Renouil
Global Head of Insurance products, Womens World Banking, Switzerland

Shilpi Shastri
Strategic Advisory - Insurance, Women's World Banking
> download presentation

Jordon Tait
Assistant General Manager – Commercial Lines, GK General Insurance, Jamaica

Rehan Butt
Chief Commercial Officer, MicroEnsure, Pakistan

Syed Nayyar Hussain 
Director - Head of Department, Securities and Exchange Commission, Pakistan
> download presentation

Facilitator

Craig Thorburn
Lead Financial Sector Specialist, The World Bank, United States

 

 

> watch the video recording of Session 2

Hosted by IAA’s Microinsurance Working Group

Pricing Microinsurance products can be a challenge. Often, there is limited data to work with. Then the actuaries arrive and complicate matters further. This session will consist of two parts. Firstly, it will explain the pricing of MI products using a simple health product as an example. The talk will be interactive, gathering pricing data from the audience to demonstrate a method to obtain relevant pricing data where none is available – the typical scenario. The second part considers the impact of major risk events such as natural disasters or pandemics on claims and pricing. Most people consider only the immediate impact, such as deaths during a hurricane. But there are long-term and permanent consequences that must be considered, such as increased poverty, health risks and mortality. Speakers will draw on their experiences from events such as hurricanes and the Covid-19 pandemic. The objective is to help practitioners improve pricing and risk mitigation, especially following a major event.

 

 

Speakers

Denis Garand
Denis Garand and Associates, Canada
> download presentation

Jeff Blacker
Independent Consulting Actuary, USA
> download presentation

Facilitator

Nigel Bowman
Co-founder, Inclusivity Solutions, South Africa

 

> watch the video recording of Session 3

Hosted by the ILO´s Impact Insurance Facility

PPPs are often promoted as an effective mechanism for developing insurance programmes. Nevertheless, outcomes in efficiency and sustainability of operations continue to offer mixed results. Building on the lessons learned thus far, the session will dive deeper into the different aspects in which governments can support efforts to scale up agriculture, climate and disaster risk insurance to make the products more accessible and responsible: “do no harm”. The various ways in which the private sector can engage with the government, not only to leverage, but also to create a platform for scalable and efficient insurance programmes, will be examined. Along with government and insurers, the session also probes perspectives of intermediaries for product development, awareness creation and distribution, and loss assessment and verification, to unveil the success factors, improvement opportunities, and to evaluate the positioning of insurance for risk reduction and building resilience. 

 

 

Speakers

Srinivasan Iyer
Programme Manager, Ford Foundation, India

Mario Wilhelm
Head Middle East & Africa, Swiss Re, Switzerland
> download presentation

Munyaradzi Daka
Consultant, Agro Consortium, Uganda
> download presentation

Emily Coleman
Agricultural Insurance Lead, INSURED, PARM, IFAD, Italy
> download presentation

Facilitator

Pranav Prashad
Senior Technical Officer, ILO, Switzerland
 

> watch the video recording of Session 4

Hosted by GSMA - Mobile for development

Over the last 10 years, insurance services have been using mobile and satellite technology to digitalise service creation and delivery, enhancing their scalability. However, service providers face a variety of challenges, such as poor availability of historical and current weather data, distributing their services efficiently, and cost-effective ways to collect premiums and pay out claims. Mobile technology adds value to the insurance value chain by enabling, contextualising and delivering services. Alongside the well-understood benefits of using mobile channels for service delivery, data from mobile networks can complement satellite data to overcome the challenge of data scarcity. This session looks at how mobile network operators can use their assets to drive the adoption of index insurance services in developing countries. 

 

Speakers

Simon Schwall
CEO, OKO, Israel

Pranav Prashad
Senior Technical Officer, ILO, Switzerland

Facilitator

Rishi Raithatha
Senior Advocacy Manager, GSMA Mobile Money Programme, UK
> download presentation

 

> watch the video recording of Session 5

Hosted by the Microinsurance Centre at Milliman

Parametric insurance and modelling are used by national governments and organisations in Latin America and the Caribbean (LAC) to help micro entrepreneurs and other low-income populations manage the climate and catastrophe risks they face. This session explores the nuances and lessons of parametric insurance and modelling, including partnerships and model applications, and provides examples of how these solutions provide fast and reliable responses to catastrophic events, the potential for scaling, and increased protection for low-income populations. The panel will also look at the role of parametric insurance in the face of climate change. 

 

Speakers

Matt Chamberlain
Principal and Consulting Actuary, Milliman, United States
> download presentation

Iker Llabres
Business Manager for El Salvador and Actuarial Officer, MiCRO, United States
> download presentation

Isaac Anthony
CEO, CCRIF SPC, Cayman Islands
> download presentation

Facilitator

Indira Gopalakrishna
Microinsurance Specialist, MicroInsurance Centre at Milliman, Singapore

 

> watch the video recording of Session 6

Hosted by CEAR

Poor farmers in emerging economies often face a high risk of losing crops to drought or other weather-related catastrophes. Agricultural index insurance is a promising risk-transfer tool for smallholder farmers, allowing them to invest more in productive inputs and recover better in the event of shocks. However, households currently have no way to tell whether and when a contract will fail them in a time of need just by looking at its terms and cost. UC Davis is partnering with the Nairobi-based Regional Center for Mapping of Resources for Development (RCMRD) to establish a technical lab to refine and measure index insurance quality. RCMRD will apply the QUIIC objective quality standards to determine whether a product merits certification for meeting a minimum level of quality. For individual farmers, QUIIC certification ensures a basic level of transparency for complicated insurance products made available to rural households. This certification would allow farmers to tell the difference between an index insurance contract that offers real value from one that doesn’t. It also allows donors and governments to invest in products certified to have the potential to accelerate and protect economic growth.

 

Speakers

Michael Carter
Professor, University of California, MRR Innovation Lab, USA
> download presentation

Lilian Ndungu
Thematic Lead - Agriculture and Food Security, Regional Centre for Mapping of Respurces for Development (RCMRD), Kenya
> download presentation

Munyaradzi Daka
Uganda Agro Insurance Consortium (AIC)
> download presentation

Facilitator

Glenn Harrison 
C.V. Starr Chair of Risk Management & Insurance, Robinson College of Business, Georgia State University, USA
> download presentation

 

> watch the video recording of Session 7

Hosted by ILO's Impact Insurance Facility

By reducing the financial burden of shocks, insurance can enable low-income people to get out and stay out of poverty. But there are limitations to insurance as a solution. To be more effective, insurance should be part of a broader menu of financial services that includes savings, credit, and money transfers, and which can collectively enable the working poor to manage a diverse range of risks. But instead of a product menu, is it possible to create an integrated risk management solution? The panel will explore the following questions. If risk management is so important, then why are integrated solutions not widely available? Does access to insurance improve saving behaviour? How can organisations overcome operational challenges related to bundling solutions? What digital tools can be leveraged to improve access to and understanding of clients and outreach?

 

Speakers

Floriano Hilot
CEO, Oro Integrated Cooperative, The Philippines
> download presentation

Nikhil AC
Head - Liability Products, Dvara KGFS, India
> download presentation

Sicco van Gelder
Director Demandside Financing, PharmAccess Foundation, Netherlands
> download presentation

Facilitator

Aparna Dalal
Senior Technical Officer, ILO's Impact Insurance Facility, Switzerland
 

 

> watch the video recording of Session 8

Hosted by GIZ

Digitalisation in the insurance industry that has been spurred by the Covid-19 crisis has raised the need for regulators to adopt proportionate approaches that enable innovation. The session will present the journeys of three regulatory authorities at different stages of m-insurance market development.

 

Speakers

Andrea Camargo
Risk Financing Consultant, Inspowering, UK
> download presentation

Mohamed Feriss
Head of Department, ACAPS, Morocco

Mathilda Ström
Deputy CEO, BIMA, UK

Kofi Andoh 
Deputy Commissioner of Insurance, National Insurance Commission, Ghana

Wolfgang Buecker
Head of Sector Programmes/Cluster Financial Systems Development and
Global Initiative for Access to Insurance, GIZ, Germany

Facilitator

Hui Lin Chiew
Advisor, Access to Insurance Initiative , Germany

 

> watch the video recording of Session 9

The development of inclusive insurance markets requires the support and involvement of all stakeholder groups, including governments and supervisors, the insurance industry, microfinance organisations and distribution channels as well as donor organisations. A number of countries have developed national financial inclusion strategies that include access to insurance. This session will explore how national financial inclusion strategies can support the development of inclusive insurance, what the success factors are, and what has been learnt from the experience in several countries.

 

Speakers

Dante Portula
Senior Advisor, GIZ, Philippines

Kemibaro Omuteku
Head of Insurance, Financial Sector Deepening Trust (FSDT), Tanzania

Eduardo Morón
President, APESEG, Peru
 

Facilitator

Lemmy Manje
Founder and CEO, FinProbity Solutions, Zambia

> download joint presentation of Session 10
> watch the video recording of Session 10

Hosted by MCII

Participants of this session will be provided with tips and the tools needed to achieve success in scaling up microinsurance products. The session will discuss the role of sovereign-level facilities, how projects focusing on microinsurance can leverage the knowledge and experience of other climate risk insurance schemes, the importance of engaging multiple stakeholders and sectors, and how differentiated products allow individuals to buy the product that most meets their needs.

 

Speakers

Isaac Anthony
CEO, CCRIF SPC, Cayman Islands

Matthew Branford
Acting Accountant General, Department of Finance, Government of Saint Lucia, Saint Lucia

Dean Romany
President, Guardian General Insurance Limited, Trinidad and Tobago

Dirk Kohler
Insurance Advisor, MCII, Germany

 

Facilitator

Elizabeth Emanuel
Corporate Communications Manager/Technical Assistance Manager, CCRIF SPC, Cayman Islands

Jennifer Phillips
Associate Project Manager, Munich Climate Insurance Initiative, Germany
> download presentation

> watch the video recording of Session 11

Remittances are a key source of capital for developing countries and act as a lifeline to households. In 2019, the total value of remittances to low- and middle-income countries exceeded US$ 500 million. There is a need for financial products that enable remittance senders and receivers to be more resilient to financial shocks. Senders face risks (health shocks; loss of income), which impact their ability to remit money home and, subsequently, ensure the wellbeing of their families. Receivers also face risks which affect their financial security. Distributing insurance through remittance service providers (remittance-linked insurance products, RLIP) has the potential to build resilience by unlocking greater formal remittance flows and increasing insurance uptake to help close the risk-protection gap. The session aims at understanding the specific target population, how to find the right partners, challenges related to the cross-border nature of the solution, and how to develop an innovative way to provide access to the insurance.

 

Speakers

Michele Grosso
Founder and CEO, Democrance, UAE
> download presentation

Kate Rinehart-Smit
Senior Associate, Cenfri, South Africa
> download presentation

Michal Matul
Head of VAS, consumer insights and training, AXA Emerging Consumers, France
> download presentation

Facilitator

Craig Churchill
Chief, Social Finance Programme, ILO, Switzerland

 

> watch the video recording of Session 12

Hosted by the Microinsurance Network and GIZ

SMEs are a significantly underserved target market by insurers. At the same time, the risks faced by this economically vital group are barely understood. This becomes even more apparent during the current worldwide Covid-19 crisis that puts the economic viability of many SMEs at unprecedented risk. Formal insurance products are a promising tool to increase the resilience of SMEs, spur business investments and, thereby, contribute to enterprise growth. However, uptake of insurance remains low among SMEs and SMEs generally remain a peripheral target market for insurers. Consequently, the guiding questions of this will be: How can insurers, InsurTechs, distributors, governments, donors, etc. act to better understand and serve SMEs with insurance that effectively meets their needs? How could insurance help SMEs to cope with the immediate and long-term effects of the Covid-19 crisis and better prepare them for similar crises in the future? How could non-insurance products be part of a comprehensive risk management solution that an insurer presents to an SME? Moreover, the main findings of a learning note prepared by the Microinsurance Network’s Best Practice Group on Insurance for MSMEs will be presented to underpin the panel discussion.
 

 

Speakers

Jeremy Gray
Resilience Team Lead, The Centre for Financial Regulation and Inclusion (Cenfri), South Africa

Monirul Hoque 
Planning Manager, Microinsurance, BRAC, Bangladesh

Siani Malama
Head of Business Development & Inclusive Insurance, Hollard, Zambia

Facilitator

Gregor Sahler
Advisor, GIZ, Germany 
> download the presentation

 

 

> watch the video recording of Session 13

Hosted by EA Consultants

One of the continued challenges of offering inclusive insurance is the cost of distributing small policies to low income populations en masse. Microfinance has been one important channel where mobile money has been slow to take off. However, even microfinance with its high-touch distribution model can prove expensive. The session will discuss experience from existing programmes and research. It will discuss how to reduce the “touch” of the loan officer visit, testing various methods including sales and pre-sales through a call centre, SMS and voice promotions, as well as loan officer sales. These methods and innovative approaches were accelerated in their implementation as a result of Covid-19 and social distancing. The session will also discuss some of the consumer protection challenges faced when selling a new and unfamiliar product without face-to-face contact, and make recommendations for tools to mitigate those challenges while maintaining a lower-touch approach to distribution based on the pilot findings.

 

Speakers

Ashokh Shah
Group CEO, Apollo Group / APA Insurance, Kenya
> download presentation

Francisco Reyes
Co-founder & CEO, Mango Life, Mexico
> download presentation

Mauricio Osorio Sanchez
President, Crezcamos, Colombia
> download presentation

 

Facilitator

Barbara Magnoni
President, EA Consultants, United States
> download presentation

 

> watch the video recording of Session 14

Hosted by the Microinsurance Network and ILO's Impact Insurance Facility

Hospital cash, in its various forms, has proven to be one of the more viable inclusive insurance products on the spectrum of health insurance for the emerging consumer. The Microinsurance Network’s Best Practice Group (BPG) on Health and Financial Inclusion conducted a study to analyse the client value of such hospital cash products from Latin America, Africa and Asia. This session will present the results, as well as an explanation of the methodology used, namely the PACE tool developed by the ILO’s Impact Insurance Facility. Aside from sharing insights from the research, the session will also provide opportunity for discussion about hospital cash insurance and how to develop the global market so that this product line can reach its full potential in contributing to social and economic development, as well as business sustainability. In addition, and given the Covid-19 pandemic, special attention will also be given to the role of telemedicine, and how this has been utilised and valued by the end client. 

 

Speakers

Neto Ikpeme
Founder and CEO, Wellahealth, Nigeria

Erik Jarrin Peters
Head Latin America - Life Division, Barents Re, United States

Anne-Sophie Triboulet
Microinsurance Project Manager, Women’s World Banking, Uganda

 

Facilitator

Lisa Morgan
Technical Officer, ILO's Impact Insurance Facility, Switzerland

> download joint presentation of Session 15 
> watch the video recording of Session 15

New technologies are rapidly changing the landscape for insurance around the world. The use of technology is particularly important to increase insurance outreach in the low-income segment. The availability of new technologies can help to reduce costs by improving the efficiency of claims verification, payment and back-office functions, and can generate better and more reliable data. This session presents a variety of examples how technology-driven approaches can drive inclusive insurance.

 

Speakers

Brandon Mathews
CEO, Stonestep, Switzerland

Rohan Kumar
CEO and Co-founder, Toffee Insurance, India

Jeremy Leach
Founder & CEO, Inclusivity Solutions, South Africa

Facilitator

Richard Leftley
Executive Vice President International, Micro Insurance Company, United Kingdom
 

 

> watch the video recording of Session 16

Inclusive insurance has seen persistent growth over the past ten years. This session will discuss two areas of inclusive insurance which have undergone a number of cycles of rapid growth and declining figures. The first presentation of the session will take a self-critical and clear-eyed approach to reviewing where mobile insurance providers went wrong, missed key assumptions, and failed to capitalise on the promise of mobile opportunity as originally conceived. It will also discuss suggesting where the industry may be able to grow in the years to come by capitalising on what mobile insurance got right: risk really matters to low-income people, SUAVE insurance is the only kind that can scale, and a product roadmap is key to creating the market. The second presentation will draw on about ten key successes and an equal number of failures in agriculture insurance schemes in Africa and Asia. The presentation will explain lessons from successes and failures using examples and will also propose some potential solutions to leverage on the successes and to deal with the failures. The aim of the second part of the session is to have a fairly critical view of agriculture insurance while also acknowledging some of the innovations and successes of the last decade.

 

Speakers

Peter Gross
Senior Advisor, AXA Emerging Consumers, United States
> download presentation

Agrotosh Mookerjee
Managing Director and Chief Actuary, Risk Shield, Zambia
> download presentation

Lorenzo Chan
CEO, Pioneer Life, Philippines
> download presentation

Facilitator

Michael McCord
Managing Director, Microinsurance Centre at Milliman, United States

 

> watch the video recording of Session 17

Crystal ball time: What are the key challenges that insurers will face over the next year? How can they show that insurance still works? How can they change the perception of insurance? What are the key issues, and how can issues like climate change, pandemic, inequality or the role of insurance for economic development be addressed? 

 

Speakers

Denis Duverne
Chairman, Axa, France / Chair of the Insurance Development Forum, UK

Vijaya B. Shah
CEO, Nepal Insurance Company, Nepal / President of the Association of Insurers and Reinsurers of Developing Countries (AIRDC)
> download presentation

Doubell Chamberlain
Managing Director, Cenfri & Chairman of the Microinsurance Network

Jan Kellett
Special Advisor: Finance Sector Hub, UNDP, Switzerland

 

Facilitator

Katharine Pulvermacher
Executive Director, Microinsurance Network, Luxembourg

Dirk Reinhard
Vice Chairman, Munich Re Foundation
> download presentation

 

> watch the video recording of Session 18