Creating Client Value: Ten Blueprints for Microinsurance Providers

This brief provides recommendations for insurance companies, other risk carriers, and distributors on how to improve the value that their microinsurance offerings provide to clients. The insights provided in the brief are based on evidence and close collaboration with a diverse set of more than 60 providers over the last six years. It explains four key lessons in detail: providing client value is good business, value is multidimensional, timing and sequence matter, and all categories of insurance matter. Based on these key lessons, the brief provides recommendations that can be implemented by all insurance and microinsurance providers, irrespective of the market environment in which they operate. The recommendations provided and discussed in the brief are:

• Start simple with partial, single, and mandatory cover;
• Boost access and understanding;
• Ensure great client experience through claims and servicing;
• Offer complementary solutions;
• Bundle insurance with other financial services;
• Include value-added services;
• Use technology without losing client touch;
• Expand benefits;
• Provide choice through voluntary options;
• Offer multi-risk products.