Page 73 - The Insurance Times December 2024

Speakers: The CPMI story served as a model for other countries, illus-
Jaime Aristotle Alip, Founder & Chairman Emeritus, trating how microinsurance can drive both financial inclu-
CARD MRI, The Philippines sion and social empowerment.
Lorenzo Chan, CEO, Pioneer, The Philippines
Plenary 4: What Does it Take to Develop

Facilitator: Antonique Koning, Senior Financial Sector Spe- Inclusive Insurance Markets in Nepal?
cialist, CGAP, Belgium
Hosted by: Nepal Insurance Association, Life In-

Excerpts: Trust and co-ownership are key to sustainable surance Association Nepal, Nepal Insurance Au-
microinsurance partnerships. The success of CARD Pioneer thority
Microinsurance (CPMI) comes from a strong partnership Speakers:
built on trust and shared goals, combining CARD MRI's com- Dip Prakash Panday, CEO, Shikhar Insurance, Nepal
munity network with Pioneer's insurance expertise. Chan
emphasised, "If you want to build something sustainable in Poshak Raj Paudel, CEO, Citizen Life Insurance / Presi-
microinsurance, trust between partners is key." Alip added, dent, Life Insurance Association, Nepal
"Involving partners in ownership and decision-making, like Damodar Bhandari, ACEO, Nepal Reinsurance Limited,
giving them shares and a seat on the board, is crucial." Nepal
Sushil Dev Subedi, Director, Nepal Insurance Author-
Listening to customers, especially vulnerable groups like
women, is essential. CPMI's model supports "Nanay" (moth- ity, Nepal
ers) in Filipino families, empowering them as agents and Chirayu Bhandari, CEO, Guardian Micro Life Insurance
clients, which significantly boosts engagement and trust. / President, Nepal Microinsurance Organisation, Nepal

Innovative solutions and digital technology are critical for Facilitator: Diana Almoro, Regional Lead Asia Pacific, UNDP-
efficiency. CPMI's "1-3-5" claims process ensures payouts IRFF, Thailand
within 1-5 days, with 96% of claims processed within 8-24
hours through mobile phones. Excerpts: Nepal faces challenges in expanding inclusive in-
surance due to low awareness and trust in insurance, geo-
Given the Philippines' vulnerability to natural disasters, di- graphical barriers and the lack of effective distribution chan-
saster-specific insurance has been vital for resilience. CPMI nels. Natural disasters also complicate risk management.
offers products to help small businesses and farmers recover
quickly after disasters, highlighting microinsurance's role in Digitalisation is key in overcoming geographic barriers, while
managing climate risks. collaboration between the government and microinsurers
can create a supportive regulatory environment. Capacity
This session delved into the inspiring journey of CARD Pio- development through education will boost local expertise,
neer Microinsurance Inc. (CPMI) in the Philippines, a and simplifying products will improve accessibility and up-
groundbreaking venture between CARD (Mutual) and Pio- take. International support is crucial for sharing resources
neer (Commercial). Key highlights included: and best practices.
Scalability and Outreach: With over 23 million enroll-
ments, CPMI demonstrated the potential of Nepal's journey towards inclusive insurance is marked by
microinsurance to reach vast populations through a success stories, thanks to the coordinated efforts of stake-
network of 2,200 agents and 80 partnerships. holders. The Nepal Insurance Authority has played a key role
in promoting market development and inclusivity. Local and
Gender-Sensitive and Climate Resilient Models: central government initiatives as well as international
Lorenzo Chan spoke on CPMI's gender-sensitive insur-
organisations and tailored insurance products from local
ance offerings and climate risk solutions that cater to insurers have also been critical in advancing inclusive insur-
local needs.
ance.
Digital Innovation and Consumer Education: Jaime
Aristotle Alip emphasized CPMI's efforts in consumer This final plenary session explored the potential and chal-
education, ensuring that clients understand their poli- lenges in developing Nepal's inclusive insurance market. Key
cies and claims processes. points discussed included:

66 December 2024 The Insurance Times