International Conference on Inclusive Insurance
2 - 6 November 2020
Time below refers to CET / UTC+1.
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Day 1 - 2 November 2020
Inclusive insurance amidst a pandemic
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
Vice Chairman, Munich Re Foundation, Germany
Financial Inclusion Consultant, Peru
Head of AXA Emerging Customers, GIE AXA, France
Chief, ILO’s Social Finance Programme & Team Leader, Impact Insurance Facility, Switzerland
Executive Director, Microinsurance Network, Luxembourg
Assistant General Manager – Commercial Lines, GK General Insurance, Jamaica
Chief Commercial Officer, MicroEnsure, Pakistan
Lead Financial Sector Specialist, The World Bank, United States
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.
Day 2 - 3 November 2020
Inclusive insurance against climate risks
9:00 - 10:30 - Session 4 / Public private partnerships for inclusive insurance against climate risks: What works and what does not?
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.
Programme Manager, Ford Foundation, India
Head Middle East & Africa, Swiss Re, Switzerland
Consultantr, Agro Consortium, Uganda
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.
14:00 - 15:30 - Session 6 / Macro, meso, micro: Practical experiences at all levels of parametric insurance
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 microentrepreneurs 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.
Principal and Consulting Actuary, Milliman, USA
CEO, Micro insurance Catastrophe Risk Organisation (MiCRO), Barbados / USA
CEO, Caribbean Catastrophe Risk Insurance Facility (CCRIF), Saint Lucia / Grand Cayman (to be confirmed)
Microinsurance Specialist, MicroInsurance Centre at Milliman, Singapore
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.
Professor, University of California, MRR Innovation Lab, USA
Executive Director, Agent for Inclusive Insurance Development (AIID), Nairobi, Kenya
Thematic Lead - Agriculture and Food Security, Regional Centre for Mapping of Respurces for Development (RCMRD), Nairobi, Kenya
Uganda Agro Insurance Consortium (AIC)
C.V. Starr Chair of Risk Management & Insurance, Robinson College of Business, Georgia State University, USA
Day 3 - 4 November 2020
How to reach scale and develop inclusive insurance markets
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?
11:00 - 12:30 - Session 9 / How digitalization can spur market growth: Insights from Egypt, Ghana, and Morocco
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.
Lawyer, Inspowering, UK
Head of Departement, ACAPS, Morocco
Deputy CEO, BIMA, UK
Deputy Comissioner of Insurance, National Insurance Commission, Ghana
Hui Lin Chiew
Technical Adivisor, Access to Insurance Initiative , Germany
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.
President, Guardian General Insurance Limited, Trinidad and Tobago
Insurance Advisor, MCII, Germany
Day 4 - 5 November 2020
New products and solutions to increase insurance outreach
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.
Resilience Team Lead, The Centre for Financial Regulation and Inclusion (Cenfri), South Africa
Planning Manager, Microinsurance, BRAC, Bangladesh
Head of Business Development & Inclusive Insurance, Hollard, Zambia
Advisor Global Initiative for Access to Insurance, GIZ, Germany
14:00 - 15:30 - Session 14 / Innovative distribution models - High touch vs. low touch: Is face to face really necessary?
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.
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.
Day 5- 6 November 2020
Lessons learnt and next steps
14:00 - 15:30 - Session 18 / Outlook: What will be the next milestones in the development of Inclusive Insurance / Closing the insurance gap?
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)
Managing Director, Cenfri & Chairman of the Microinsurance Network
Special Advisor: External Engagement (Finance Sector Hub), UNDP, Switzerland
Executive Director, Microinsurance Network, Luxembourg
Vice Chairman, Munich Re Foundation