Microinsurance
MFC connects microfinance providers with regulated insurance companies to improve and expand clients’ access to quality microinsurance products
The three-year “Faci
litating Widespread Access to Microinsurance Services” collaboration between MFC, the MicroInsurance Centre and Microfinance Opportunities worked in Armenia and Vietnam to combine microinsurance product development with client education. The goal of the project was ensure that microinsurance worked both for clients (especially in rural areas) and providers alike. The project included three key aspects, including:
Tool development
This project developed technical tools to facilitate partnership arrangements, manuals for microinsurance product development, marketing, and costing and data collection tools to evaluate and manage insurance risk were developed during the project.
Download the tools and reports here:
- Microinsurance Product Development for Microfinance Providers
- Process Mapping for Microinsurance Operations: A toolkit for understand and improving business processes and client value
- Microinsurance ABC: Activity Based costing for microinsurance
- Microinsurance Product Costing
Action research
This project brought together local insurance companies, MFIs and other service providers to create appropriate microinsurance products. In Armenia, we linked an insurer with an MFI to create a personal accident and surgery products, and supported another insurer to develop personal accident, basic health, and natural gas explosion products. In Vietnam, we innovated with insurers to create a rainfall-based index product.
Client education
Through this project, we designed information campaigns (including printed materials, media spots, and public events), delivered client training, and equipped local organizations to conduct client education on their own.In Armenia, the MFC Risk Management financial education module was delivered to over 400 clients, while in Vietnam, individualized coaching sessions were delivered in 2 companies to help integrate financial education into their marketing activities.