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DevelopingandManagingMicroinsuranceProductsandPartners
DinahVerallo
FAIRBank
2010RBAP‐MABSNa.onalRoundtableConferenceHya=HotelandCasino,ManilaJune3,2010
Developing and Managing Microinsurance Products
and Partners RBAPMABS
RoundtableDiscussion03June2010
BriefBackground
Startofbankingoperations1999 MicroMarket 2002 InformalMI 2002 MIRegulation 2009 TransitionPlanning 2010JanFeb Implementation 2010MarJun
MICROINSURANCE MARKET
Regulatory Framework for Microinsurance
GOVERNMENT
BSP SEC FIN IC CDA Others
INFORMAL INSURANCE
National Strategy to Microfinance
RURAL BANKS
MICROINSURANCE MARKET
Regulatory Framework for Microinsurance
GOVERNMENT
BSP SEC FIN IC CDA Others
FORMAL INSURANCE
INSURANCE COMPANIES
• Clients’ Benefits
RURAL BANKS
• Shared responsibility
• Minimization of Risk
Why Opt for Formal Microinsurance?
CLIENT’S BENEFITS • RB and IC
relationship fosters improved services and insurance product
• Lower premiums • Faster claim
procedure
SHARED RESPONSIBILITY • Rural Bank and
the Insurance Company
• RB as the institutional microinsurance client
RISK MINIMIZATION • Compliance • Reputation
(assurance of systematic procedures on claims)
• Financial
Keys to Successful Transitioning
Fearoftheunknownmakesusresistforchange
KnowingWheretoGo,WhattoExpectinthe
Journey,andHowtoEnjoytheRide
Research Phase
Keys to Successful Transitioning
External Environment MI Regulatory
Framework
BSP Circular No. 683
Series of 2010
Market Information
Parameters in
Choosing MI Partner
Research Phase
Keys to Successful Transitioning
External Environment MI Regulatory
Framework
BSP Circular No. 683
Series of 2010
Market Information
Parameters in
Choosing MI Partner
Research Phase
Technical Support
Keys to Successful Transitioning
External Environment
Market Needs/Preference
Research Phase Market Information
Technical Support
Keys to Successful Transitioning
External Environment
Focus Group Discussion
Research Phase Market Information
Technical Support
Keys to Successful Transitioning
External Environment
Pioneer Life Inc.
Research Phase Choosing MI Partner
Technical Support
Keys to Successful Transitioning
External Environment Strengths vs.
Weaknesses
Gap Analysis
Need vs. Existing
Capability
Research Phase
Internal Environment
Keys to Successful Transitioning
Capability-Building Infrastructure Lay-out
Product Development
Team
Product Features
Procedures
MI Partnership
Negotiation
Implementation Phase
Technical Support
Keys to Successful Transitioning
Product Development Plan
Infrastructure Lay-Out/ Transition Plan
Eligibility
Features
Processes
Guidelines
Promotions
Choosing
the right MI
Partner
Keys to Successful Transitioning
Product Development Plan
Communication Plan
Share- holders
Clients
Personnel
Infrastructure Lay-Out/ Transition Plan
Keys to Successful Transitioning
Product Development Plan
Communication Plan
Training Plan
Rationale
Product
Procedures
Infrastructure Lay-Out/ Transition Plan
Keys to Successful Transitioning
Product Development Plan
Communication Plan
Training Plan
MIS Plan
Reconciliation of
Balances
Cut-Off of Informal
Insurance Database
Baseline Data
Infrastructure Lay-Out/ Transition Plan
Keys to Successful Transitioning
Training (Internal) Preparing the
Employees for the
Change
Understanding the
Regulatory
Framework
Implementation Phase
Technical Support
Keys to Successful Transitioning
Training(Internal)
Understanding the
Basic Procedures on
Availment and Claims
Implementation Phase
Technical Support
Keys to Successful Transitioning
The MI Partner must support
Fast Processing of
claims
Simplified Claims
Procedures
Alternative/
Substitute
Documents
Finding the Right MI Partner
Keys to Successful Transitioning
Negotiation with the MI Choose a MI Partner
that supports your
value proposition
Duly authorized by
law and has complied
all requirements
Willing to support all
the promotions
campaign of the bank
Finding the Right MI Partner
ThankYou.
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