Institutional Options for Achieving Scale and Sustainability: Lessons from the Philippines (Microinsurance MBA Model)
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1 Institutional Options for Achieving Scale and Sustainability: Lessons from the Philippines (Microinsurance MBA Model) By: Jaime Aristotle B. Alip, Ph D. RIMANSI Organization for Asia and the Pacific, Inc. November 9, 2010
2 Poverty and Vulnerability 4.7 M families live under poverty threshold and 1 out of 3 Filipinos is considered poor (NSCB, 2006) 44% of the population live on less than US$2 a day and 14% on US$1 a day or less (WB, 2007) The poor is vulnerable to risks, i.e, life cycle needs and unpredictable risks such as illness, death, theft, natural & man-made disasters (Llanto et al., Microinsurance in the Phils: Policy and Regulatory Issues and Challenges, 2007)
3 The Poor has Limited Access to Insurance Insurance Density (Per capita expenditure): PhP or US$ 18.8 Life - PhP or US$ 13.8 Non-Life - PhP or US$ 5.0 Insurance Penetration (Premiums as % of GDP): 1.02% Estimated Life Insurance Coverage: 13.90% (Insurance Commission, 2009)
4 Traditional Means of Risk Protection do not Adequately Protect the Poor Prevention & Avoidance Careful sanitation Identifying business opportunities Preparation Saving Accumulating assets (i.e., livestock) Buying insurance Educating children Coping Taking emergency loans Depleting savings Selling productive assets Defaulting on loans Reducing spending
5 Microinsurance: A Pro-Poor Development Initiative RIMANSI and microinsurance mutual benefit associations (MI MBAs)
6 What is Microinsurance? An activity providing specific insurance, insurancelike and other similar products and services that meet the needs of the low-income sector for risk protection and relief against distress, misfortune and other contingent events. (Regulatory Framework for Microinsurance, IMC No ) Basic Features: Simple product design Low amount of premiums/contributions Policy contract easily understood by clients Straightforward and uncomplicated documentation Frequent collection of premium/contribution that coincides w/ the cash-flow of the insured Fast and timely payment of insurance claims
7 RIMANSI: Advocating Microinsurance thru MBAs RIMANSI is a regional resource center that aims to help poor households improve their access to affordable yet adequate microinsurance, through microinsurance business support services
8 What is RIMANSI? We are a network of professionally managed Mutual Benefit Associations owned by the members that provide affordable, comprehensive, quality microinsurance products and services to poor people in Asia and the Pacific. RIMANSI Founding Members
9 Business Objectives Assist the partner-mfis establish their own MBAs Design appropriate micro insurance products for the poor. Formulate and promote Performance Standards(SEGURADO) aligned with international best practices. Promote mutual assistance and sharing of resources among stakeholders. Build the financial infrastructure for micro-insurance through research, education and policy advocacy. Become sustainable service provider
10 What are Microinsurance MBAs? Primary providers of microinsurance products to low-income households Non-stock, non-profit organizations registered w/ SEC and the Insurance Commission Owned, operated and managed by its members (Insurance Code of the Phils.)
11 What are Microinsurance MBAs? No min. capital requirement Must have Guarantee Fund of PhP 5M or US$111,111 (PhP 12.5M or US$277,778 for regular MBAs) Yearly 5% increase in gross premium collections until GF reaches required capital for life insurance companies Subject to regulatory requirements for product approval, solvency, networth, investments, reserves and reporting (Insurance Code of the Phils., IMC , IMC )
12 MI MBA Membership Profile Generally clients of MFIs Aged 18 up to 65 years old Mostly women micro-entrepreneurs Involved in trading, services, agriculture and employed labor
13 MI MBA vs. Commercial Insurance PARTICULARS MUTUAL BENEFIT ASSOCIATION (MBA) COMMERCIAL INSURANCE COMPANY Policy Making Body Board of Trustees composed of members of the MBA who know the needs of their co-members Board of Directors composed of private individuals who have invested in the company Orientation Service to the members For profit, stock company Contributions/ Premiums Paid contributions stay with the association Higher premiums generate more benefits Level contributions, level benefits Catastrophic Claim Payment of Claims Has to shell out a lot of funds but bankruptcy can be avoided through reinsurance facilities Can be done as early as 2 to 3 days from the time of notification but no longer than 1 week if claim documents are complete Claims settlement process and requirements vary from one insurance company to another Simplified documentation Coverage All legal dependents of the members are covered Only the policy holder with option to cover family members but with additional premium *MBAs can work well with the commercial insurance companies through reinsurance treaties.
14 Why support microinsurance MBAs? Legitimacy: Licensed and regulated by Government Purpose: Anchored on social objectives (non-stock, non-profit) Structure: Member-owned, member-governed Operations: Community-based recruitment and financial distribution network
15 The RIMANSI Model Reinsurers TPA authorization, accreditation Service Providers Regulators premium, commission, claims insurance package design and negotiation enrolment info, claims data service fees franchise & service fees rates and services negotiation Microinsurance Resource Center (RIMANSI) data information, technology, & services advocacy reporting, MI services: monitoring documenting and promoting best practices negotiation with service providers, TPAs, insurers specialized actuarial services and tools product development microinsurance operations admin software and tools demand research operations and risk management training auditing networking services such as a credit bureau Sector development: data warehousing industry studies using consolidated experience Develop Standards & Indicators, MI rating advocacy MFI 1 MFI 2 MFI n MBA 1 MBA 2 MBA n... MFI MFI... MFI MBA i Microinsurers offering MIRC branded products and services customized to local needs, adhering to prudential standards and to regulatory requirements. Social franchising
16 The RIMANSI Network of MI MBAs 12 licensed MBAs Partners in the Phils.: CARD RBT ASKI Kasagana-Ka Ad Jesum FICCO SRCDC CARE SEDP KCCDFI PBC Quidan
17 The RIMANSI Network of MI MBAs in Asia Cambodia - MEADA Insurance - Vision Insurance - SEILANITHIH, Ltd/ Indonesia - KBPR Arta Kencana - BMT Inti Vietnam - TYM Women s Union - M7
18 Philippine Outreach Number of MI-MBAs Members 1. Ad Jesum MBA 9, ASKI MBA 33, CARD MBA 1,054, CARE MBA 8, FICCO MBA 81, KCCDFI MBA KSK MBA 16, PBC MBA QPI MBA 17, RBT MBA 23, SEDP MBA SRCDC MBA 6,235 Total 1,250,667 *At least 4 per family is covered +New MI MBAs with potential combined membership of at least 60,000
19 RIMANSI Partners in Other South East Asian Countries Cambodia Pilot MI Programs Cambodia Health Committee, Ltd. (MEADA Insurance) Vision Fund Cambodia (Vision Insurance) No. of members 2,276 98,766 SEILANITHIH, Ltd. --- Indonesia KBPR Arta Kencana --- BMT Inti --- Vietnam TYM Women s Union Fund 36,213 M7 (Coalition of 7 MFIs) 12,000 TOTAL 149,255
20 Product, Price, Benefit MBA Product Rider 1. Ad Jesum MBA LIFE HOSP 2. ASKI MBA LIFE CARD MBA LIFE, CLIP RSF, MVAH 4. CARE MBA LIFE, CLIP FICCO MBA LIFE KCCDFI MBA LIFE RSF, MVAH 7. KSK MBA LIFE RSF, MVAH 8. PBC MBA LIFE BUR, MEDRE 9. QPI MBA LIFE RSF, MVAH 10. RBT MBA LIFE, CLIP MEDRE 11. SEDP MBA LIFE SRCDC MBA LIFE --- Contribution/week* PHP (USD ) Maximum Benefit* PHP 45, ,000 (USD 1,000 2,667) *for basic life insurance plan; 1USD = PHP 45 Note: All have living benefit (equity value) equivalent to 50% of total paid contributions LIFE basic life insurance plan CLIP credit life insurance plan HOSP hospitalization RSF retirement savings fund MVAH motor vehicle accident hospitalization BUR burial MEDRE medical reimbursement
21 Contributions & Claims Basic Life Insurance Plan 17% claims ratio 50% Equity Value PHP 1.77 billion PHP 304 million USD M USD 6.08 M Total Contributions 2007 to June 2010 Total Claims Paid
22 Key Performance Indicators* December 2009 Indicator Standard Range Average Solvency Ratio > 120% % 160% Return on Equity > % 28% Return on Net Premium > % 30% Retention Rate > 70% 80-95% 88% Participation Rate > 90% % 75% Payout Ratio < 25% 2-22% 15% Actual Growth Rate increasing Steadily increasing *Based on RIMANSI SEGURADO MI-MBA Performance Standards
23 What have we done so far? Made insurance accessible to the poor (>1M members & >4M individuals collectively insured) Capacitated community-based organizations to provide insurance services to their clients (12 MI MBAs licensed) Empowered poor MFI client to manage their own microinsurance MBAs Establishment of performance standards for microinsurance Development of MIS appropriate to microinsurance
24 Key Lessons Importance of regular policy dialogue w/ all stakeholders, esp. regulators Evidence-based advocacy (conduct policy studies, market researches, case studies) Discuss issues of governance and performance openly and regularly Support avenues to document best practices and share experiences Maintain performance standards (for current practitioners) and selection criteria (for potential partners)
25 Advantages of MBA Approach to Microinsurance Efficiency less money spent on administration, marketing & distribution (bec. of synergy w/ microfinance operations, other programs of affiliate MFI/coop) Relevance products customized accdg to members needs Empowerment members own & manage the MBA Better service quality claims paid in 1 or 2 days time Lower claims reduced adverse selection &moral hazard bec. the poor own the MBA, they know their members & participate in the process Profits remain w/ members
26 Requirements for MBA Success Simple product design easy to understand, easy to market High participation rate compulsory works best Low administration cost harnessing communitybased channels (MFI, coop, NGO) Sound technical/actuarial basis Ready access to technical services (actuarial expertise, investment management, MIS, etc) Member ownership and governance Professional management accdg to standards Adequate reinsurance depends on size of MBA, products Enabling policy environment
27 Thank You!
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