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Building the Insurance Market

Senior managing director Andrea Keenan's presentation from the ICMIF Biennial Conference. Andrea discussed the basics of microinsurance, take a look!

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Building the Insurance Market

  1. 1. Andrea Keenan Senior Managing Director Building the Insurance Market 2015 ICMIF Biennial Conference 8 October 2015 Minneapolis, Minnesota
  2. 2. 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 Traditional Insurance Microinsurance Government (or other) Assistance GDPPerCapita
  3. 3. Targeted Groups in Micro 3 Income Quintiles (Avg GDP per capita) Microinsurance target range
  4. 4. Targets in India & Philippines 4 Income Quintiles (Avg GDP per capita)
  5. 5. Today’s Landscape 5
  6. 6. Micro Programs: What works? 6 • Profitability ≈ 𝒄𝒐𝒗𝒆𝒓𝒆𝒅 𝒍𝒊𝒗𝒆𝒔) 𝒙 (𝒖𝒏𝒊𝒕 𝒑𝒓𝒆𝒎𝒊𝒖𝒎 𝒄𝒍𝒂𝒊𝒎𝒔 + 𝒇𝒊𝒙𝒆𝒅 𝒄𝒐𝒔𝒕𝒔 + (𝒗𝒂𝒓𝒊𝒂𝒃𝒍𝒆 𝒅𝒊𝒔𝒕𝒓𝒊𝒃𝒖𝒕𝒊𝒐𝒏 & 𝒂𝒅𝒎𝒊𝒏 𝒄𝒐𝒔𝒕) • A successful, sustainable program relies on a formula of large scale and low cost. Formula derived from MILK / MicroInsurance Centre Maximize High! Minimize Minimize
  7. 7. Cost Reduction Techniques 7
  8. 8. Financial Inclusion Wave 8 • Microinsurance is no longer a novel phenomenon • Active in micro:

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