A re Low income Households ready for a Financial Planning Culture - - PowerPoint PPT Presentation

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a re low income households ready for a financial planning
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A re Low income Households ready for a Financial Planning Culture - - PowerPoint PPT Presentation

Jun 18, 2023 11 likes •187 views

A re Low income Households ready for a Financial Planning Culture MIC 2016, Colombo Sri Lanka 1 The Haitian Financial Sector (Bank, MFI..) 2 The AIC Experience 3 The Learning Journey 4 Lessons Learned 5 Next Steps The Haitian

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SLIDE 1

Are Low income Households ready for a Financial

Planning Culture

  • MIC 2016, Colombo Sri Lanka
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The Haitian Financial Sector (Bank, MFI..)

1

The AIC Experience

2

The Learning Journey

3

Next Steps

5

Lessons Learned

4

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The Haitian financial Sector

  • Population 10,000,000
  • 6 Commercial banks
  • Over 1.8 millions savings

accounts

  • Avg savings Yearly balance =

+(-) 600 USD

  • 10 Micro Finance Institutions
  • Over 300,000 borrowers
  • 70,000 depositors
  • Credit rate non competitive
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22/10/2016

ACCESS TO CREDIT ACCESS TO CREDIT AND BUILDING WEALTH WEALTH BUILDNG AND NEED FOR OTHER FINANCIAL TOOLS

MEASURING GROWTH

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SLIDE 5

THE AIC EXPERIENCE

571 688 713 777 800 500 1000 1500 2000 2500 3000 3500 4000 4500 2009 2012 2013 2014 2015

Premium Growth

Avg Premium Avg Trans

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22/10/2016 the financial culture in the lower segment

  • f the pyramid in our country has always

been resumed to savings checking accounts and credit.

THE AIC EXPERIENCE

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Experience >Assumptions

Strong Insurance purchasing behavior. Limited insurance exposure and access to financial tools

THE AIC EXPERIENCE

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PRODUCT CONCEPT

Financial planning culture Haitian Culture Access to financial tools

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BEYOND THE TRADITIONAL

ASSURANCE

CAISSE ROUGE CAISSE VERTE Crédit

Coverage for as low as 615$ Contribution + interest+ duration X WHY GO TO THE BANK? No decapitalization

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OUR APPROACH

  • Company strong

branding

  • Personal financial
  • bjectives
  • Possibilities with

the right Universal life Product.

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LESSONS LEARNED

Financial Education Insurance vs Bank Mark. Comm Hurdle

  • Ins. Prod

short term selling structure

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Trust issue Selling Approach Strategy Low product acceptance

ADJUSTABILITY

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SLIDE 14
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22/10/2016 the financial culture in the lower segment

  • f the pyramid in our country has always

been resumed to savings checking accounts and credit.

  • Continue with design of innovative tools
  • Invest in long term education for better financial literacy
  • Financial behavioral changes leading to financial planning and discipline

NEXT STEPS

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22/10/2016 the financial culture in the lower segment

  • f the pyramid in our country has always

been resumed to savings checking accounts and credit.

POTENTIAL OUTREACH

  • Access to better financial tools
  • Design educational initiatives for better

financial literacy

  • Touch/ Educate over 25,000 low income

household bank clients in the next three (3) years

  • Growth of over 5,000 insured in the next 4

years.

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Thank You

Isabelle Delpeche Alternative Insurance Company idelpeche@aic.ht