Low income households often struggle to understand how microinsurance products work and how they can benefit from it. In some cases, this is compounded by mis-selling. To serve the market well, microinsurance providers need to develop a more responsible approach to microinsurance provision. This training will explore standards, guidelines and strategies for providing microinsurance responsibly so that clients derive optimum value while providers enhance the long-term viability of their operations.
- Distill seven core principles of responsible microinsurance provision
- Articulate the business case for providing microinsurance responsibly
- Discuss standards and guidelines for building a value chain that can deliver microinsurance responsibly
- Analyse examples of responsible microinsurance design and delivery
- Apply industry standards and guidelines to make an microinsurance offering more responsible
This training is designed for insurers, distribution channels and aggregators that provide microinsurance to (or are thinking about entering) the low-income market and want to make sure they offer their products in a responsible manner to mitigate reputational risk and other adverse effects while creating better value for customers.
The training consists of ten sessions, each of which covers a different topic. The focus and timing of the sessions are summarized in the table below. Sessions 1, 2 and 3 provide a definition and rationale for responsible insurance provision. They also provide the context and an overall framework for thinking about how to provide insurance responsibly. Sessions 4 through 8 provide standards and guidelines for implementing key processes in the insurance value chain in a responsible manner. Session 9 gives participants an opportunity to put into practice the guidelines and standards they collect in previous sessions, while Session 10 addresses the structural changes that may be required to implement a more responsible approach to insurance provision
Schedule of Activities
The training is designed to be delivered over a period of two days, with approximately seven hours of content being covered each day. The planned timetable below is shown:
9:00 – 10:40 First morning segment (100 minutes)
10:40 – 11:00 Morning break
11:00 – 13:00 Second morning segment (120 minutes)
13:00 – 14:00 Lunch
14:00 – 15:40 First afternoon segment (100 minutes)
15:40 – 16:00 Afternoon break
16:00 – 17:30 Second afternoon segment (90 minutes)
A Course Certificate jointly issued by the ILO and IIAP will be distributed to all participants who successfully complete the course.
Trainers for this course come from the ILO’s Impact Insurance Facility and the IIAP as part of the capacity building partnership agreement between the two organizations.