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Microinsurance Conference

Microinsurance Conference

November 30, 2009    

Cenfri participated in the Munich Re Foundation and Microinsurance Network 5th International Microinsurance Conference held in Dakar, Senegal, in November 2009.

In the final plenary, Doubell Chamberlain presented on microinsurance distribution innovation internationally and the implications for policymakers and regulators.

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Based on the current experience Doubell’s presentation highlighted the following themes:

  • Limited success: Increasing number of experiments but few successes yet
  • Passive sales strategies can work BUT active sales works better
  • Technology is important efficiency factor but not the driver of take-up (and not cheap – call centres, mobile payments, etc)
  • Payment networks: Emergence of non-bank cash friendly payment system networks is likely to be major driver of MI development
  • Products limited mostly to life and PA (with some experiments on housing insurance)

Some of the implications for regulators included:

  • Regulation vs reality: Regulation does not comfortably facilitate partnerships with alternative distribution channels
  • Avoidance: Models designed to avoid regulatory obstacles and costs (e.g. SA and Brazil)
  • Insurer-centric: Regulation risks being insurer-centric at the cost of these partnerships
  • Brand risk for channel: Strong incentive to deliver good value product
  • Awareness: Active selling of good value products may be best awareness campaign. Regulation should encourage this.
Dakar, Senegal