UNEP-PSI webinar series "Making inclusive insurance work" - session 2: Distribution and technology
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Transcript of UNEP-PSI webinar series "Making inclusive insurance work" - session 2: Distribution and technology
Making inclusive insurance work: Distribution and technology
The UNEP FI-PSI and ILO webinar series
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Making inclusive insurance work - A webinar series by the International Labour Organization’s Impact Insurance Facility and UN Environment’s
Principles for Sustainable Insurance (PSI) Initiative
As part of the global agenda of insuring for sustainable development, the Impact Insurance Facility (www.impactinsurance.org) and the PSI Initiative
(www.unepfi.org/psi) are organizing a six-part webinar series with the theme, “Making inclusive insurance work”.
Today’s session will focus on “Distribution and technology”
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Interfacing with the webinar system
Tell us what you think. Type your questions/ comments here even while the presentation is going on. These will only be visible to the staff.
Polls will also be opened during the webinar – participate by clicking on your answers
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Making inclusive insurance work: Distribution and technology
Presenter:Munir Duri
Kifiya Financial Technology
Ethiopia
Presenter:MK Balachandran
HDFC Ergo General InsuranceIndia
Facilitator:Pranav Prashad
Impact Insurance Facility
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Presenter:Susan Walls
South African Insurance Association
What is the usual role that a distribution channel plays• Sales / enrolments• Payment collections• Consumer education• Assisting in claims
Audience poll 1
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• Distribution team is the first and in some cases, the only contact with the customer
• It is not merely selling but an entire customer experience
Distribution in inclusive insurance
contactingeducating
promoting
counsellingenrolment
premium collection
assisting in claims settlement
renewals
How are insurers evolving
Monitoring and evaluation
Working with distributors to do more than enrol clients
Forming strong partnerships by delivering value
Working with an ever wider range of distribution channels
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Possible
channels
Financial institutio
nsCommunity based
Retailers
Agent network
sMNOs
Post Offices
Employers
Direct sales
Distribution and technology
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Susan WallsSouth African Insurance Association
About SAIAThe South African Insurance Association (SAIA) is the representative body of the short-term insurance industry. It represents the industry to all relevant stakeholders to ensure a sustainable and dynamic industry. SAIA has 59 members, comprising all categories of short-term insurers, including reinsurers. Its members abide by the SAIA Code of Conduct, which ensures adherence to best-practice industry standards and self-regulation
Vision
To promote and represent the interests of the short-term insurance industry, while leading and enhancing the efforts of the industry to become recognised and trusted as an important contributor to the South African economy and society.
Improving value through technologyR115.2 billion opportunity
• South Africa has been slow to go digital. An Accenture survey shows that the local market prefers, and is ready for, digital engagement. If local players can meet this need, they can increase their gross written premiums (GWP) by USD 10 billion by 2020
• To achieve this, they need to re-imagine their business services and solutions around the customer, embed digital into their systems and processes, and meet five digital imperatives that will help them address key customer challenges
5 Imperatives for success• Be accessible: Customers want to interact via multiple channels; insurers
should build the capability to meet evolving preferences
• Be trusted: Data management and ethics are core to building trust, which is essential to encourage digital engagement.
• Be responsive: Insurers should address key areas in which they are failing to meet customer expectations, such as efficiency of claims services.
• Be relevant: Insurers should aim for a 360-degree view of the customer to understanding their needs and personalise interactions.
• Be smart: Smart solutions such as telematics present significant advantages but will require building strong partnerships
Both a challenge and opportunity for distribution and use of technology• Aid in building trust
Distribution and technology
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Munir DuriKifiya Financial Technology
Ethiopia
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Who we are
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Our micro insurance digital service infrastructure
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Our services: providing access to distribution set up and aggregator for agents
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Our services: creating markets for inclusive insurance
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NDVI based crop insurance pilot
2 insurance companies 4500 policies issued
Sum assured USD 208,000
Claims paid USD 43700
What role can a distribution channel play in the claims process• Reporting and recording claims • Connecting beneficiaries with appropriate service
providers and informing them about relevant claims procedures
• Controlling fraud and keeping claims in check • Claims payments• All of the above
Audience poll 2
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Inclusive Insurance through Technology led Distribution
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MK BalachandranHDFC Ergo General Insurance
India
Technology for Rural outreachTechnology solutions for delivery of products and services :
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Tablet based Point of Sale solution for field force in remote villages
Features
A wing to wing point of sale system which works in online and offline mode
Integrated platform that encompasses proposal and policy underwriting, policy issuance and printing
Capturing land records and customer photo Support laptops and tablet devices with Microsoft
windows as a platform
Instant policy issuance and guaranteed policy delivery to the customer
Achieved better control on risk exposure Point of sale booking giving more visibility and
transparency. Faster clearance of Government Audits as the reports
are available on real time basis. Efficient Quality Check at operations level and storage &
maintenance of essential documents
Key Benefits
Office in a Bag
Distribution through Business Correspondent Model
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Working on FI for Banks providing mobile banking solutions, through Smart card Technology at customer door step using POT machines
Partnering to launch technology ( Combination of POT & Mobile ) enabled model to sell a new product in micro space in India - Hospital Cash with Telemedicine
BC model offers mobile banking solutions at customer’s doorstep
Facilitates standardization of delivery platform, back-end database
management system and data maintenance format
Card acts as the Identity card as well as ATM Card
Enrollment through battery operated POT machines
Data captured on the card is sent to the insurer’s database
Premium amount is credited to insurer’s bank account
Enables on the spot policy issuance and inception of Insurance Cover
Premium payment is made through the card
Common Service Centers
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CSC is a strategic cornerstone of the National e-Governance Plan (NeGP) approved by Government of India in May 2006Objective
Delivering Public, Social and Private Services Making socially backward people a part of
inclusive growth Promoting Rural Entrepreneurship Providing access to quality education/skill up
gradation Enabling community participation and effecting
collective action for social change
CSCs offer web-enabled e-governance services in Rural areas on:G2C Services Online Bill payment - Electricity, Water etc PAN card, Passport Services ,Aadhaar etc Issuing certificates , land records etc.
B2C Services Financial Inclusion - BC Pension, Insurance Mobile / DTH Bill Payments / Recharges e-Learning and e-Commerce
About CSC One Stop Solution for all rural needs
VLELogin
Policy Issuance
e-KYC Auth
Cust Info and Paymen
t
CSC Paymen
t Gatewa
y
ProductSelect + Premiu
m
CSC – An Overview of our Presence
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Completed Integration with CSC Portal for Motor Third Party Liability, Personal Accident, Farmers Package Policy and Standard Fire and Special Perils.
82% of the Portfolio Consists of Two Wheelers Liability Only Policies, basis count.
Over 11000 Licensed Individuals, Pan India, called Rural Authorized Persons, have been authorized to write Insurance, on our behalf, at our Rural Areas, vide a seamless flow of information for Policy Issuance and Servicing System.
Over 100000 Policies stands issued on this platform by HDFC ERGO, a share of 68%.
IRIS and Biometric Instruments catered for e-KYC enabled Modules towards roll out under CSC Platform, again the 1st GI Company to do so.
0% 6%
68%
12%
4%
0%
0%
5%0%1%0%
ABHDFC ERGO General Insur-anceCDEFGHIJ
Mobile App for Crop Insurance Claims
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Real time data capture
• GPS coordinates, farmer details, plot details, crop details
• Video and Photo of harvesting
Yield capture
• Capturing yield on the spot• Farmer signature , Govt official’s consent
Data integration with server
• Yield data and other details send via GPS real time• Real time data monitoring and eliminates fraud
completely
Mobile Technology - Live stock Insurance
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Details captured – Photograph, Health status & other details of the cattle, customer information
Real time data transfer to insurance company’s server via GPRS
Policy issued - Facility for policy download in app
Same app to be used during claims - surveyor/vet to access the policy details and photograph via mobile for verification
Claims details to be uploaded back via app
Health Insurance - Mobile enrolment
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• While the drive for inclusive insurance has shown promise, the question is can scale be achieved and viable market created in the absence of the use of digital technology
• Estimates are that by embracing digital technology the growth potential of the insurance sector can be more than doubled. Hence, insurers must re-imagine services and solutions around the customer and seize the digital opportunity
• Technology aids distribution efforts attain scale, transparency and customer satisfaction
Concluding thoughts
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Making inclusive insurance work: Distribution and technology
Presenter:Munir Duri
Kifiya Financial Technology
Ethiopia
Presenter:MK Balachandran
HDFC Ergo General InsuranceIndia
Facilitator:Pranav Prashad
Impact Insurance Facility
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Presenter:Susan Walls
South African Insurance Association
Q&A
Technology assisted distribution can help with “Responsible insurance”…
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FairTr
ansp
aren
t
Used effectively by consumers to protect themselves from risk
Our next webinars
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Making inclusive insurance work - A webinar series by the International Labour Organization’s Impact Insurance Facility and UN Environment’s
Principles for Sustainable Insurance (PSI) Initiative
The topics and schedule of the next webinars are as follows:
3. Health – 28 February 20174. SMEs and value chains - March 2017
5. Agriculture and climate risks - April 20176. Insurance regulation – May 2017