Page 74 - The Insurance Times December 2024

Regulatory Support and Market Development: Dip Summary:
Prakash Panday discussed how regulatory frameworks This session focused on how senior executives in inclusive
are essential for expanding inclusive insurance and at- insurance navigate both the top-line (revenue growth) and
tracting private investment. bottom-line (profitability) aspects of inclusive insurance.
Innovative Products for Low-Income Populations: Executives shared strategies for market penetration, prod-
Poshak Raj Paudel emphasized Citizen Life Insurance's uct design, and operational efficiency that balance profit-
efforts to create accessible products tailored to Nepal's ability with customer value. Mohammed Ali Ahmed empha-
low-income demographics. sized customer-centric approaches in EFU Life Assurance's
product line, while Gideon Ataraire discussed scaling
Reinsurance and Risk Sharing: Damodar Bhandari ex-
plained how Nepal Reinsurance Limited supports the microinsurance products across African markets by address-
country's insurers, enhancing their capacity to offer in- ing common barriers such as affordability and accessibility.
Laura Rosado highlighted AXA's tailored performance man-
clusive insurance.
agement framework that aligns financial metrics with so-
Microinsurance Initiatives: Chirayu Bhandari shared cial impact goals.
insights on the growth of microinsurance and the role
of Guardian Micro Life Insurance in reaching Parallel Session 2: Dealing with Basis Risk
underserved areas.
- Minimizing the Pitfalls of Parametric In-
The session concluded with a discussion on the barriers to surance
growth, including limited awareness, infrastructure chal-
lenges, and the need for financial literacy initiatives to Time: 9:00 - 10:30
empower potential clients. Venue: Regal (Main Hall Outbreak 2)

Welcome Reception Hosted by: MicroInsurance Centre at Milliman
Venue: Madhuban Garden, Yak and Yeti Hotel Speakers:
Andrea Camargo, Lead Inclusive Climate Risk Financ-
The day concluded with a welcome reception, where at- ing, World Food Programme, UK
tendees networked and shared insights, setting the stage
for collaborative efforts in inclusive insurance. Bethwel Murkomen, Microinsurance and Climate Re-
silience Senior Associate, One Acre Fund, Kenya
Report - Day 3 (October 23, 2024) - ICII Alastair Norris, Independent Climate and Disaster Risk
2024 Consultant, UK

Parallel Session 1: Top Line and Bottom Line Strat- Facilitator: Michael J. McCord, Managing Director,
egies for Inclusive Insurance MicroInsurance Centre at Milliman, USA
Hosted by: FinProbity Solutions
Excerpts: Michael J. McCord focused on dealing with basis
Speakers: risk - a key issue that can undermine the trust and growth
Ovia K. Tuhairwe, CEO, Radiant Yacu, Rwanda of climate insurance schemes.
Gideon Ataraire, Africa Lead, Microinsurance Master,
Ghana Andrea Camargo highlighted key lessons learned from test-
ing index insurance across 16 countries since its introduc-
S. M. Ziaul Hoque, CEO, Chartered Life Insurance,
tion in 2011. She pointed out the sometimes disproportion-
Bangladesh ate costs of distribution compared to payouts and stressed
Mohammed Ali Ahmed, CEO, EFU Life Assurance, Pa- the importance of risk reduction and anticipatory action
kistan programmes.
Laura Elena Rosado, Head of Strategy and Perfor-
Alastair Norris gave some interesting examples on spatial
mance Management, AXA EssentiALL, France
risk, as distant weather stations failed to capture farmers'
Facilitator: Lemmy Manje, CEO & Founder, FinProbity Solu- real conditions. Insufficient monitoring in flood-prone areas
tions, Zambia was also a challenge.

The Insurance Times December 2024 67