Page 72 - The Insurance Times December 2024

This opening session set a collaborative tone for ICII 2024, Myth 1: Limited Business Opportunities and
aligning stakeholders on the conference's mission to bridge Scalability
the protection gap through inclusive insurance solutions. Matthew Genazzini highlighted the industry's expansion in
Asia, Africa, and LATAM, with more product lines and part-
Mr Arup Chatterjee in his keynote address re- nerships showcasing microinsurance's scalability. The Land-
marked scape study showed that microinsurance products often take
"Insurance has the power to transform. Use it well, and we 3-4 years to gain traction, dispelling the notion that oppor-
can indeed create insurance for all". Insurance and innova- tunities are limited.
tion can protect livelihoods and foster resilience against
natural catastrophes and climate change. Insurance also Myth 2: Lack of Information for Growth
eases fiscal burdens as counter cyclical mechanism, better Solène Podevin Favre emphasised the growing availability
preparing governments for shocks. Governments can bet- of data, especially gender-specific metrics, which are en-
ter prepare for economic fluctuations by implementing hancing product targeting. Although many products lack
countercyclical mechanisms including insurance. Insurance gender-disaggregated data, the study found that female
can ease the financial burden of governments in crisis. Asia policyholders can make up to 70% of customers in some
suffers from a wide insurance and pensions protection gap NGO-led channels. This proves that sufficient information
which is also a pressing global issue." exists to drive growth, particularly for underserved popula-
tions like women.
Plenary 2: The Landscape of Microinsurance
Myth 3: Microinsurance Can't Drive Financial In-
- Bridging Gaps, Building Futures
clusion
Hosted by: Microinsurance Network Rachel Levenson explained how microinsurance is driving
inclusion by leveraging diverse payment methods. The 2024
Speakers:
study found that while traditional channels like financial in-
Nicolas Morales, Regional Manager for Latin America stitutions still dominate, emerging digital platforms-like
and the Caribbean, Microinsurance Network, Colombia
mobile wallets and insurtechs-are making significant strides.
Laura Rosado, Head of Strategy and Performance This evolution is advancing financial inclusion, particularly in
Management, AXA EssentiALL, France Africa, via mobile money and digital payment systems.

Solene Favre, Global Insurance Director, VisionFund Myth 4: Regulatory Constraints
International, France
Laura Elena Rosado discussed how the regulatory landscape
Rachel Levenson, Chief Commercial Officer, Turaco, is evolving, with more countries adopting supportive frame-
Kenya works for microinsurance. The study underscored the criti-
Erik Jarrin, Latin America and Reinsurance Lead, cal role of regulation, with public-private partnerships fos-
Microinsurance Master, USA tering growth. Laura noted that regulators are becoming
strategic allies, enabling innovation through regulatory sand-
Diana Almoro, Regional Lead Asia Pacific, UNDP-IRFF,
Thailand boxes and open insurance frameworks.

This session presented the initial findings from the Landscape
Facilitator: Matthew Genazzini, Executive Director, of Microinsurance 2024 report, offering a global benchmark
Microinsurance Network, Luxembourg
on microinsurance products and services.
Excerpts: Nicolas Morales engaged the audience by gath-
This session provided valuable perspectives on the evolving
ering their perspectives on microinsurance myths. He also landscape of microinsurance and underscored the need for
showcased the impressive growth of the Landscape study, tailored solutions that close the protection gap for low-in-
which now includes 294 insurance providers, 985 products, come populations globally.
and covers 37 countries in the latest 2023 report.
Plenary 3: Covering Nanay - The Micro-in-
The panel, moderated by Matthew Genazzini, featured insights
from Erik Jarrin Peters Rachel, Levenson, Solène Podevin Favre, surance Journey of CARD Pioneer Micro-in-
and Laura Elena Rosado who tackled key myths: surance Inc. (CPMI) in the Philippines

The Insurance Times
Hosted by: Microinsurance Network December 2024 65