“ANIDASO” Insurance Policy for Low-income Market Segment in Ghana

Publication Date: Feb 2004
Published by: Care International
Document Type: Case Study (Microsoft Word)

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This paper includes information on prototype design and development of MIS software for partner-agent projects in microinsurance.

This product guide aims to facilitate the step-by-step implementation of a microinsurance product by interested practitioners in Ghana and other countries. The paper elaborates on the different stages and process of implementation of microinsurance product, which was partner-agent model.

The following are the tasks, processes and activities:

• Setting-up of Advisory Committee – as the project was designed roles and duties of the Advisory Committee were laid down for better project management and monitoring.
• Invitation to expression of interest – expression of interest was circulated for potential project partners, mainly the rural banks and insurance companies.
• Study of personal insurance sector – the project studies the personal insurance sector of Ghana with special focus on insurance sector and MFI sector.
• Stakeholders’ workshop – this drew representation from all potential study partners to discuss various parameters and issues pertaining to the study and facilitated in outlining the processes.
• Market research – both qualitative and quantitative market studies were conducted to better understand the new rural areas of Ghana.
• Design of product prototype – the product prototype was designed to cover as many components as possible within the chosen plan.
• Selection of MFIs – selection of MFIs was based on client base, number and location of branch, financial performance, infrastructure and participation in other microfinance programs.
• Selection of insurance company – project team floated a tender to select insurance companies.
• Addressing regulatory issues and contractual arrangements – regulatory authorities were required to set-up partner-agent model and agreement among the Life Insurance Company, CARE, and MFIs.
• Development of MIS software and training of participants – selection of regular MIS system by the Life Insurance Company and training to program participants were conducted.
• Development of marketing materials – brochures, posters, advertising text for product promotion was developed.
• Pilot test – pilot testing was conducted to ensure that the product was designed to its maximum efficiency.