The high rates of non-insurance is a major contributor to financial exclusion & financial hardship

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1 Roslyn Russell

2 The high rates of non-insurance is a major contributor to financial exclusion & financial hardship Financial exclusion exists when individuals lack access to appropriate and affordable financial services and products. The primary services and products are a transaction account, general insurance and a moderate amount of credit (CSI 2014). Just over 3 million adult Australians are financially excluded (approx. 17%) 15% of the population have no insurance and no access to credit To be financially excluded means living precariously with a reduced capacity to participate in the economy and in society. RMIT University 2014 School of Economics, Finance and Marketing 2

3 To explore in depth the asset protection needs of individuals and households living on low-incomes Questions What do Australians living on low-incomes value most and want to protect? What insurance product(s), designs would best suit their needs? How does asset protection (insurance) intersect with financial resilience and wellbeing? RMIT University 2014 School of Economics, Finance and Marketing 3

4 A Living Lab methodology was piloted with Good Shepherd Microfinance Living Labs are increasingly used to facilitate innovation Public-private-people partnerships of companies, public agencies, universities, users to collaborate for creation, prototyping, validating and testing of new technologies, services, products and systems in real life contexts (Westerland & Leminen, 2012) The focus is on the USERS, in real-world contexts, and involves iterations of opportunity gathering, design and evaluation. RMIT University 2014 School of Economics, Finance and Marketing 4

5 Living Lab Model Our Focus Tech Infrastructure Real World Context Community Strategic Focus Strategic Focus Management Projects Service Eco-system RMIT University 2014 School of Economics, Finance and Marketing 5

6 Stage 1: Community Briefing at Dandenong Approximately 40 participants attended to hear about the project Stage 2: Staff Workshop Good Money Store, Dandenong Tested the techniques and validated background information Stage 3: End Users Workshops (3) o1. Explored what Users valued (Life catchers; cultural probes) o2. Identified possible design elements / intervention points o3. Evaluated / validated data Stage 4: Business Workshop Suncorp Tested the stories / identified possible design elements / intervention points RMIT University 2014 School of Economics, Finance and Marketing 6

7 Most needed products; 1. Car insurance 2. Contents insurance 3. Pet insurance RMIT University 2014 School of Economics, Finance and Marketing 7

8 Many low-income earners were not able to replace important items if they were robbed. I got most of my stuff for free, you know, here and there. They weren t expensive things but they were really valuable to me because they re the necessities that I had managed to collect over the years. I would like to insure what s left in my place now, but I m not sure if I can get the cash together. Plus I didn t have receipts for the old things because they were given to me. I don t have any security except my locks how do you insure that stuff? Photo used on a creative commons license by My Name s Axel on Flickr RMIT University 2014 School of Economics, Finance and Marketing 8

9 Vet bills are not affordable for low income earners, so if their pet gets sick they often get payday loans with high interest. The vet found three cancers in my dog, Bella. I got quoted $2,000 to get it fixed up. There s no way I had that kind of money so I had to get a loan. They cut out the whole mammary gland, they found another one in there too. It was pretty bad. She s alright now, yeah. But my payments are $130 a fortnight. It s pretty high interest. Things are getting pretty tough. I can t afford to pay more than the minimum. Photo used on Creative Commons license Photo by Donald McTimm on Flickr Thing is you love your pets. I really love Bella, I couldn t let her die, but I can barely afford rent and bills you know RMIT University 2014 School of Economics, Finance and Marketing 9

10 Often low-income earners can only afford their car payments, so a crash can seriously impact their lives and ability to work. I have a new car. Not new new for me. Well, yesterday I'm pulling into my driveway and somebody just decides to run into the driver's side of my car. They don t have insurance and I couldn t afford to get it when I got the car. I can't pay for repairs. I need $500 for a deposit for a hire car as well as the daily cost and I don t have it. What if I get offered work? I work intermittently and I ll have to say no if I can t get a car. I start too early to get public transport there sometimes I start at 6:15am. So I need my car. I ve only paid like $800, $900 off my loan so far. Photo used on Creative Commons license Photo by Foto Sleuth on Flickr What am I going to do? RMIT University 2014 School of Economics, Finance and Marketing 10

11 1. Make insurance decisions hidden 2. Protecting income generating assets is most important 3. Need for knowledge from trusted sources 4. Critical intervention points before the event and post event. 5. Not all solutions were finance /insurance products RMIT University 2014 School of Economics, Finance and Marketing 11

12 The inability to protect assets especially income generating items is a critical tipping point for lowincome Australians. The one-off event is more than just a blip in their lives, it commonly becomes a spiral into irrecoverable hardship. There is a strong correlation between lack of insurance and the demand for high cost, short-term cash loans (payday lenders). What can the insurance industry do to service the market and dampen the need for dangerous credit? RMIT University 2014 School of Economics, Finance and Marketing 12

13 RMIT University 2014 School of Economics, Finance and Marketing 13

14 RMIT University 2014 School of Economics, Finance and Marketing 14

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