Page 69 - The Insurance Times December 2024

Ali Tareque Parvez, Inclusive Insurance Collaborator - was particularly beneficial for those new to inclusive in-
Asia, ILO, Cambodia surance, helping build a supportive community.
Purvi Bhavsar, CEO, Pahal Finance, India
The workshop set a strong foundation for the rest of the
conference by familiarizing participants with the fundamen-
The opening workshop aimed to provide a comprehensive
tal issues in inclusive insurance and encouraging a collabo-
introduction to inclusive insurance for new entrants to the
field and those attending ICII for the first time. Led by ex- rative approach to overcoming these challenges.
perts from the ILO, the session highlighted the central chal-
lenges and opportunities within inclusive insurance, particu- Workshop 2: Pricing Health and Life Insur-
larly in reaching underserved communities with affordable ance Products - A Practical Tool
insurance solutions.
Hosted by: Milliman and United Nations Develop-
Excerpts: There are three key factors in developing inclu- ment Programme (UNDP)
sive insurance products: creating valuable offerings, build-
Speakers:
ing partnerships, and designing customer journeys tailored Josh Collins, Consulting Actuary, Milliman, USA
to different market segments. Products should aim to serve
underserved groups such as women, small holder farmers, Brian Merkey, Manager, Data Science, Milliman, USA
and MSMEs, each with their own specific needs and prefer- Romain de Harlez, Consulting Actuary, Milliman, Bel-
ences. gium
Amir Hassan, Actuarial Associate, Milliman, Malaysia
Effective distribution channels are crucial for ensuring that
inclusive insurance products reach end users. These chan- Facilitator: Enock Sing'oei, Agricultural Insurance Special-
nels should be accessible, particularly in remote areas, and ist, UNDP - Insurance & Risk Finance Facility (IRFF), Kenya.
must focus on the entire customer journey, from initial con-
tact to claims settlement. This workshop focused on practical tools for pricing life and
health insurance products targeted at low-income popula-
Additionally, adopting a customer-centric approach to cre- tions. The session introduced the Global Actuarial Initiative
ate a seamless customer journey is vital in micro insurance. (GAIN) toolkit, a collaborative project between Milliman and
This requires clear communication, education, and an effi- the UNDP designed to develop actuarial expertise in emerg-
cient claims process to build trust and loyalty among cus- ing markets.
tomers.
Excerpts: The crucial role of actuaries was highlighted, as
Key Points Covered: their expertise ensures that products remain accessible to low-
Defining Inclusive Insurance: Craig Churchill empha- income populations while managing the insurer's risk. How-
sized the importance of inclusive insurance in providing ever, they face several challenges, including limited or unre-
financial security to low-income populations vulnerable liable data, volatile economic conditions, an unsuitable regu-
to financial shocks. latory environment, educational and cultural barriers, and the
difficulty of balancing affordability with sustainability.
Opportunities for Growth: Lisa Morgan presented re-
cent trends showing increased demand and potential During the session, the SUAVE model (Simple, Understood,
growth in the inclusive insurance sector, with a focus
Accessible, Valuable, Efficient) was introduced as a guiding
on markets in Asia and Africa.
framework for developing microinsurance pricing models.
Challenges in Implementation: The speakers outlined Finally, we explored the steps involved in pricing life insur-
operational challenges, including low awareness, regu- ance and hospital cash health insurance products.
latory limitations, and infrastructure issues that restrict
insurance reach. Highlights of the Workshop:
Interactive Networking Session: An interactive seg- Introduction to the Pricing Toolkit: Josh Collins and
ment allowed participants to engage with the speak- Brian Merkey demonstrated the functionalities of the
ers and peers, fostering connections and promoting col- GAIN pricing toolkit, which includes models for hospi-
laboration among attendees. This networking session tal-cash health products and life insurance.

62 December 2024 The Insurance Times