6-7 July 2015, Lima, Peru
Microinsurance Learning Sessions – One step back, two steps forward
Over 100 representatives from the insurance industry, distribution channels, governments and sponsors met in Lima to share their experiences and discuss innovations with the potential for advancing inclusive insurance in Peru. The event provided participants with an opportunity to share knowledge and learn from other parts of the world. It also helped understand the Peruvian market and its opportunities and challenges better.
Of the country's almost 30 million citizens, nearly one quarter live close to, on or below the national poverty line. According to recent figures published by the landscape study of the World Map of Microinsurance programme, slightly more than three million lives and properties are insured in the country, a figure representing coverage of close to 10% of the entire population. But the trend has been negative in the past. Grave problems encountered by two major insurance schemes led to the loss of almost one million clients between 2011 and 2013.
In his welcome note, Eduardo Morón, President of the Peruvian Association of Insurance Companies (APESEG), underlined the high number of event participants as a sign of the microinsurance industry's growing interest in also providing products to the low-income market. “The recent G7 decisions to increase the number of people insured against climate risks to 400 million by 2020 are an unprecedented opportunity for the industry,” commented Dirk Reinhard, Vice Chairman of Munich Re Foundation. “However, to meet these targets, strong partnerships, improved infrastructure, reliable products providing value to the customers and the increased use of technology will be necessary,” he added.
Managing successful partnerships
The ILO provided an overview of possibilities for creating successful public-private partnerships and improving the client value of insurance products. This was complemented by sessions focusing on health insurance and agricultural insurance demonstrating the different roles of the stakeholders. A wide range of speakers provided inspirational examples of agricultural and catastrophe insurance including an in-depth exploration of agricultural insurance in Mexico.
Distribution is a key factor – but not the only one
Exploring the opportunities provided by mobile technology, experts discussed the features of Peru’s new mobile banking platform. Over 90% of the Peruvians have a mobile phone,” explained Carolina Trivelli, representing Asbanc. This represents not only a huge market potential for mobile money and the use of mobile phones for insurance distribution and service provision but also demonstrates how technology can increase efficiency. However, mobile technology may not play an important role in the management of efficient payment alone. The example of TeleSalud, one of the leading telemedicine providers in Latin America, clearly showed that the technology still has unexplored potentials in many areas. In this case, it helped provide health insurance services to the clients more efficiently while at the same time increasing value for them.
The way forward
About the event
The Microinsurance Learning Sessions Peru took place in Lima from 6 to 7 July 2015. More than 100 insurance experts – mainly from Latin America – attended the conference.
The event was hosted by the ILO Impact Insurance Facility in partnership with Munich Re Foundation and supported by APESEG, FOMIN and the Microinsurance Network.
 Source: The landscape of Microinsurance in Latin America and the Caribbean. The statistics are based on data from 2013.