Agenda 3:30 3:33 Dr. Antonis Malagardis , Moderator Speaker 1: - - PowerPoint PPT Presentation

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Agenda 3:30 3:33 Dr. Antonis Malagardis , Moderator Speaker 1: - - PowerPoint PPT Presentation

Dec 01, 2023 323 likes •696 views

Opening message and house rules Agenda 3:30 3:33 Dr. Antonis Malagardis , Moderator Speaker 1: 3:33 4:10 Mr. Arup Chatterjee Principal Financial Sector Specialist, Asian Development Bank Speaker 2: Ms. Emily Coleman Financial

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3:30 – 3:33

Opening message and house rules

  • Dr. Antonis Malagardis, Moderator

3:33 – 4:10

Speaker 1:

  • Mr. Arup Chatterjee

Principal Financial Sector Specialist, Asian Development Bank

Speaker 2:

  • Ms. Emily Coleman

Financial Inclusion and Insurance Expert, INSURED, International Fund for Agricultural Development, (IFAD)

Speaker 3:

  • Dr. Jaime Aristotle Alip

Founder and Chairman, Center for Agriculture and Rural Development, Mutually Reinforcing Institutions (CARD MRI)

4:10 – 4:40

Panel Discussion & Q&A Moderator, resource speakers & participants

4:40 – 4:45

Wrapping up, Key takeaways, Experience Survey & Closing of session Moderator

Agenda

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House Rules

1. Please turn off your microphone and webcam to conserve internet bandwidth and allow for an uninterrupted webinar. 2. If you have questions, please post them in the chat. The moderator will pick them up during the Q&A session. 3. You can access the slides and the recording of the webinar on the MEFIN homepage in a few days after the event.

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The he di diverse f fac aces o

  • f the

he i informal s sector: t tak akeaways f for i ins nsurance

Arup Chatterjee

Principal Financial Sector Specialist

Source: shorturl.at/dKTY2 Source: shorturl.at/corRW Source: shorturl.at/btxOR Source: shorturl.at/gpMS2 Source: shorturl.at/oy456 Source: shorturl.at/twKRY Source: shorturl.at/nAB12 Source: shorturl.at/einJT Source: shorturl.at/uzHK9 Source: shorturl.at/kpDI3 Source: shorturl.at/hkuwC Source: shorturl.at/abczJ Source: shorturl.at/cdAGL Source: shorturl.at/nHQZ1 Source: shorturl.at/bgqRT Source: shorturl.at/kpFQS Source: shorturl.at/lFVZ1 Source: shorturl.at/qT029

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Outline

  • Understanding the informal sector
  • Risks and vulnerabilities
  • Risk sharing and transfer options
  • What could the new normal look like?

Source: https://devpolicy.org/microfinance-and-the-informal-economy-under-covid-19-20200624-2/

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Understanding the informal sector

Source: https://www.stitcher.com/podcast/informal-economy-podcast-social-protection Source: Dasgupta, Nandini and Tony Lloyd Jones, Heterogeneity and vulnerability in the urban informal economy: Reworking the problem in the current context. The case of Uganda, World Development Perspectives, Volumes 10–12, June–December 2018 Source: Godfrey Paul C, Toward a Theory of the Informal Economy, Academy of Management AnnalsVol. 5, No. 1

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Risks and vulnerabilities

Souce: https://www.csis.org/analysis/case-disaster-smart-agriculture-2017-reflections Source: https://www.preventionweb.net/disaster-risk/risk/vulnerability/ Source: https://www.bbc.com/news/world-asia-india-52106565 Source: https://www.eastasiaforum.org/2020/06/20/indias-lockdown-locks-out-the-poor/

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Source: shorturl.at/uTZ56 Source: shorturl.at/crCEN Source: shorturl.at/etI35 Source shorturl.at/kKMRS Source: shorturl.at/bwPRX

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What could the new normal look like?

Source: https://thediplomat.com/2020/06/the-pandemic-revealed-indias-invisible-workforce

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Thank you

Source: https://www.nytimes.com/2019/07/06/opinion/sunday/public-option.html

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The diverse faces of the informal sector: smallholders MEFIN PPD9

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Funded by Sida, implemented by IFAD through PARM Goal to: build the resilience of poor rural households, increase their capacity to manage risk, and strengthen their livelihoods Provides technical assistance to IFAD’s portfolio:  Policy and strategy for governments  Feasibility assessment and implementation with market-actors; and  Capacity building and knowledge management at all levels Global programme with 9 core countries in Asia-Pacific and Africa: Bangladesh, Burkina Faso, Cambodia, Ethiopia, Indonesia, the Philippines, Uganda, Viet Nam and Zambia.

INSURED programme

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The rural poor: Diverse target groups & approaches

Cross-cutting target group inclusion, i.e. gender and youth Vulnerable groups (poor and non-poor) in disaster-prone areas Government-backed macro level disaster insurance Government-backed macro level contingency fund

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Why a gender-inclusive approach?

  • Strengthening women’s contribution to the rural economy, protect their specific

vulnerabilities, and entire households

  • Rural women: 50% + of the agricultural labour force in developing countries
  • Women and men respond to risks differently, women are harder hit by shocks
  • COVID-19: reported women are likely to be hit harder by value chain disruptions
  • Women traditionally in charge of risk management in the family and often also of

household financial planning

  • More active in social networks, and have access to groups or associations that

can be used to scale up the delivery of insurance products

  • Some contexts, women farmers have been shown to be more open to

purchasing insurance than male farmers

  • Insurers can scale up their markets and make offerings sustainable
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Challenges to women’s access to agricultural and CRI

  • Women often unable to access insurance solutions and are

excluded from their benefits

  • Agricultural and CRI products and schemes often designed and

delivered without considering the different needs and constraints of women farmers

  • Challenges to women’s inclusion include:
  • Restricted access to resources
  • Lower levels of land and livestock ownership
  • Lower levels of education and literacy
  • Exclusion from formal financial systems
  • Time restrictions and heavy burden of other household work
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What to do - Solutions along the insurance value chain

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How to do it Including women from the beginning

Checklist to guide designers and implementers:

  • 1. Gender-sensitive demand assessments for insurance
  • 2. Develop insurance literacy materials understood by women

and men, and information dissemination approaches for both groups

  • 3. Sensitize and build capacity of the private sector and

ministries

  • 4. Support development of distribution models that work for the

female farming community

  • 5. Capture and monitor sex-disaggregated data
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Thank you! e.coleman@ifad.org

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Insurance for the Informal Sector: The CARD MRI Approach

  • Dr. Jaime Aristotle B. Alip

Founder and Chairman Emeritus 9th MEFIN Public Private Dialogue: De-Risking Climate and Pandemic Disasters September 29, 2020

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CARD MRI At-A-Glance

As of July 2020

24M insured individuals 10 Billion claims paid

from 1999-present

95.39% claims settlement

in 8-24 hours PhP26.46 Billion Loan Outstanding

6.8M clients outreach

informal sector, agricultural sector microentrepreneurs, small businesses

18,564 Fulltime Staff

deployed in all 85 provinces including NCR, 96% (1,580) of cities/ municipalities and 96% (40,450)

  • f barangays

CARD, Inc.- CARD Bank- CARD SME- CARD MBA- CARD RBI -

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CARD MRI Microinsurance Group

Covers the life insurance, retirement, and loans of members Delivers affordable life & non-life insurance products and services to help members get back on their feet after any calamity

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  • CARD Microinsurance Group continues paying claims amidst Covid-

19 with 232,488 settled cases with P933.80 million total amount of claims payment from March 17 to August 2020 (P549.8 million claims

payment for deaths with 216 cases/day; 56 members/ dependents are confirmed Covid- 19 cases with P1,695,904.10 claims paid). Below is the breakdown of claims

per our insurance products:

Reaching the Low Income Sector amidst the Pandemic

Amount (in million) Basic Life Insurance 115,640 672.10 Retirement Fund 86,821 76.50 Credit Life 7,145 81.90 Golden Life Insurance 542 16.70 Family Security Plan 20 1.10 Other Optional Life Products 2,532 11.00 SAGIP Plan 9,975 43.90 KABUKLOD Plan 1,316 13.90 DAKILA Plan 137 5.30 BINHI 20 0.10 CARD Care 8,115 9.10 Medicash 225 2.20 TOTAL BENEFITS 232,488 933.80 Insurance Benefits Count

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  • Ensure fast claims settlement through the

use

  • f

alternative delivery channels to address mobility restrictions

  • Allowed insurance renewal online during

this time of pandemic

  • Provides member virtual/online education

and training to keep them aware of their protection and insurance coverage

  • Continues relief good efforts to disaster

affected members (recent typhoon and earthquake) with total 128,615 number of members affected

Reaching the Low Income Sector amidst the Pandemic

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Provision of different insurance products depending on member/clients need

Reaching the Sub-Segments of the Informal Sector

Product Name Basic Life Insurance Golden Life Insurance Plan SAGIP Plan CARD Care insurance (Health) Kabuklo d Plan SAGIP Negosyo BINHI Crop Insurance Target Segment

Clients/ Members Clients/ Members above 70yrs old Clients/ Members General Public Clients/ Members For

  • rganized

groups Sari-sari store owners Farmers

Benefits

Death Benefit, Accidental Death Benefit, Total and Permanent Disability Benefit, Motor Vehicular Accident Hospitalization Benefits Death Benefit Personal Accident, Funeral Benefit, Calamity Aid Daily Hospital Benefit, Personal Accident Benefit Personal Accident, Funeral Benefit, Fire Cash Assistance Accidental Death and Dismemberm ent Benefit, Calamity Aid for Fire/ Lightning, Typhoon/ Flood Crop insurance due Flood and typhoon

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Policies Sold Per Product

2018 2019 August 2020 2018 2019 August 2020

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Distribution Channels

Distribution Channels Count

CARD MRI Branches/Unit Offices 3,412 MBA Coordinators 1,985 Microinsurance Supervisors 72 Microinsurance Coordinators 2,022 TOTAL 7,491

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CARD MRI Strategy to Effectively Offer Insurance Product to Informal Sector

  • Ensure affordability and that frequency of premium

payment is acceptable to their cash flow.

  • Provides

bundled insurance products (i.e. life insurance with personal accident and disaster insurance coverage), daily hospitalization income benefit, credit life insurance, among others.

  • Value-addition are the non-financial services such

as FinLit training, medical missions, partnership with local doctors/dentists/etc., mass wedding, etc.

  • Provides easy access on product distribution thru

Microinsurance Coordinators who are clients of CARD MRI.

  • Ensure fast settlement of claims despite of the

pandemic thru the implementation of digital tools such as chatbot, mobile app, Konek2CARD, CARD Sulit Padala).

  • Dr. Alip climbs up a locked CARD MRI Branch in Ormoc City as

he joins the search team to personally visit branches, members and staff in the affected areas of CARD MRI a day after Typhoon Yolanda subsided.

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Thank you

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Panel Discussion & Q&A

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Key takeaways

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Experience survey

https://forms.gle/K2hUfm8xQNsnaqR89

Please take 1 minute to provide your valuable feedback to this session. Your input helps us to ensure high-quality events also in the future.

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Closing of session