Protecting the Poor: A Microinsurance Compendium, Volume 1

Front Cover
International Labour Organization, 2006 - Business & Economics - 654 pages

This authoritative compendium brings together the latest thinking of leading academics, actuaries, and insurance and development professionals in the microinsurance field. The result is a practical, wideranging resource that provides the most thorough overview of the subject to date. The book covers the many aspects of microinsurance in detail including product design, marketing, premium collection, and governance. It also discusses various institutional arrangements available for delivery including the community-based approach, insurance companies owned by networks of savings and credit cooperatives, and microfinance institutions. The roles of key stakeholders are also explored and the book offers insightful strategies for achieving the right balance between coverage, costs, and price. Protecting the Poor is essential reading for insurance professionals, practitioners, and anyone involved with offering insurance to low-income persons.

 

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Contents

Introduction
1
27a The partneragent model 405
4
Applying Prahalads Twelve Principles of Innovation for BOP Markets
17
Risks and risk management in Malawi
31
The extension of social protection through microinsurance in Colombia
56
BRACs threetier approach to providing health services
76
Stuart Rutherford
94
CARDs foray into annuities
98
VimoSEWA
314
The Japanese experience
316
Using insecticidetreated bed nets to reduce malariarelated claims
317
Great value placed on insurance
324
Improved service enhances retention at VimoSEWA India
326
Selected examples of net income
328
What doomed Confederation Life of Canada?
329
Expense and claims rations for selected schemes
331

Gloria Almeyda
111
Life insurance as an alternative to loan protection?
115
CARD MBAs loan protection plus family funeral insurance
117
Different benefit classes for minimummaximum premiums at Yasiru
121
Market coverage of selected voluntary life insurance products
122
Meeting the special needs of women and children Mosleh Ahmed
130
Shepherds Sugam Fund
136
VimoSEWAs coverage and price in rupees
138
Policy tasks to improve the strategic situation of women and children
142
Eligibility
150
Lapses at Delta Life
156
Benefits
159
Benefits of LICs Janashree Bima Yojana
160
Benefits from UIICs UniMicro insurance scheme
162
Mass weddings
163
UHC definition of family in Uganda
164
Benefits of La Equidads Amparar microinsurance product
166
Risk management and claims controls
168
Coinsurance and payment ceiling of health microinsurers
170
Benefit amounts at CARD MBA
172
Marketing microinsurance Craig Churchill and Monique Cohen
174
Marketing techniques
181
The experience of the South African Insurance Association
182
UMSGFs threetiered marketing strategy
184
Regional differences in Zambia
186
Rolling admission versus annua campaign
189
Aftersales service
192
Marketing checklist for microinsurance managers
195
Linking insurance premiums to loans
198
Comparison of premium collection modes
204
Collection frequency and timing
205
Flexible premium payments for funeral insurance in South Africa
206
Paying premiums in milk at Yeshasvini
208
Delta Life combining microcredit and microinsurance
211
Premium collection controls
213
Claims notification
220
A case of insufficient documentation in Zambia
222
Beneficiary frustration
223
Settlement
226
The many stops in claims settlement at Delta Life
229
A sample of claims durations
230
Efficiencies of informal insurance
231
Claims adjustment and HIVAIDS
232
Claims considerations in product design
235
Pricing problems
239
Database design problems
240
Experience of AssEF
242
VimoSEWAs renewal rates
243
VimoSEWAs claims processing
244
Pricing components key factors and methodology
245
Evolution of life mortality rate at VimoSEWA
247
Modelling techniques
252
Actuarial reserves and capital defined
255
Management risk illustrations
260
Potential effect of investment mismatch on CARDs Provident Fund An illustration
267
Richard Leftley
270
How not to do it
274
Criteria in the selection of microagents at TataAIG
275
Frontline staff at CARD MBA
276
TUW SKOKs outsourcing model
277
Average monthly earnings for frontline staff US
281
Commissions on longterm policies at ALMAO and TataAIG
282
What is corporate governance?
289
The four pillars of governance
290
Responsibilities of the board of directors
292
Trust is good but control is better
297
Read the writing on the wall
300
Taking the societal perspective
309
Nonlife and life insurance loss prevention
311
Promoting wellbeing
312
Rating of microinsurance schemes An illustration
334
and Zahid Qureshi
336
Case studies that correspond to the cooperative network model
337
Why cooperative insurance suits lowincome markets
338
Insurance products offered by SACCO networks
347
The mutual difference
353
Selling an insurance concept in Ghana
360
Partneragent premium collection checklist
363
ASAs cost per policy
367
ASAs profitloss per policy
368
ASAs onagain offagain relationship with the partneragent model
370
Advantages and disadvantages to the agent compared to selfinsuring
373
Advantages and disadvantages for an insurer
374
Advantages and disadvantages for lowincome policyholders
375
Benedicte Fonteneau and Bruno Galland
378
Profiles of initiating organizations of MHOs
381
A variety of membership profiles
384
The target population of the rural MHOs
385
A comparison of premiums and benefits for selected MHOs
388
Union Technique de la Mutualite Malienne
389
Coordination Regionale des Mutuelles de Sante de Thies
390
Some trends
392
J9 The power of collective action
399
Nkoranza Community Health Insurance Plan
412
Basic motivations and primary interest through the business process
420
Institutional alternatives
424
Zambuko Trust Zimbabwe
427
VimoSEWAs claims committee
429
Doubell Chamberlain
439
HTG funeral insurance product
446
Retailers and rural areas
447
AFLCIOs Union Privilege Scheme
448
Does selfinsurance provide greater client value?
459
The case of Shepherd India
461
Unleashing the catalytic role of the private sector with public subsidy
476
Providing support through donor guarantees
477
Getting to know the market
481
Illustrations from India
484
Informal insurance in South Africa
490
Formalization of ALMAO
492
Insurance cooperatives in Malawi
493
Capital requirements in Peru
495
Requirements for agents and brokers
497
AIG Uganda
498
Definition of microinsurance in India
501
Roland Lindenthal and Rudiger Krech
508
The Insurance Ombudsman Sri Lanka
512
Health service providers and mutual health organizations MHOs in Mali
514
Stewardship in GuineaBissau
516
Facilitating links to UNDP in India
517
Subsidizing Yeshasvini Trust
520
Africa Re
522
What do microinsurers get out of reinsurance?
526
A short summary of the social reinsurance model
538
Partnership factors for an insurance or reinsurance company
541
Actuarial reviews of microinsurance schemes
549
Advantages and disadvantages of longterm onsite TA support
550
The 7 Cs of technical assistance
557
DID and CIF
560
Michael McCord and Zahid Qureshi
583
Continuing challenges that limit the expansion of microinsurance
584
Management tools for microinsurance
589
Process automation transforms insurance operations
592
Technological advances in banking services for the poor
593
Description of microinsurance providers
604
About the authors
620
Bibliography
626
Index
635
Copyright

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About the author (2006)

Craig Churchill is a senior technical officer in the ILO's Social Finance Program.

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