2:30 – 2:36 Welcome Message Agenda Syed Nayyar Hussain , Director, Securities and Exchange Commission of Pakistan, MEFIN Regional Steering Committee Chairman Opening message & House rules Dr. Antonis Malagardis , RFPI Asia III Program Director and Session Moderator 2:36 – 3:10 Speaker 1: Mr. Deepak Dhoj Khadka Country Director for Bangladesh International Development Enterprises (iDE) Speaker 2: Mr. Jun Jay Perez Executive Director RIMANSI Organization for Asia and the Pacific, Inc Speaker 3: Mr. Mohammed Ali Ahmed Executive Director and Chief Strategy Officer, EFU Life Insurance, Pakistan 3:10 – 3:40 Panel Discussion & Q&A Moderator, resource speakers & participants Wrapping up, Key takeaways & Experience Survey 3:40 – 3:45 Moderator
1. Please turn off your microphone and House Rules 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.
Entrepreneurs A manifesto for are everywhere solving poverty.
Designing impactful programs It starts with the It involves working It results in systemic customers. changes. through complex markets. We seek to understand their Our goal is to create resilient We acknowledge the needs and develop solutions systems that respond to the interrelationship and that meets their aspirations. needs of an evolving market. interactions amongst actors. It is more than just “selling” - Outcomes should last and We develop strategies to it is solving the customer’s accelerate well beyond the incentivize actions that problems and improving their initial investments. produce positive social and lives. commercial outputs.
Designing for humans Goal: To ensure that the product or service meets the needs and aspirations of your customers. Process: HCD is a systematic method for acquiring a deep understanding of customers, their environments, and their routines in order to create innovative solutions to the problems that they face. Tools: iDE HCD Tools https://www.ideglobal.org/story/human- centered-design IDEO Tools https://www.designkit.org/human-centered- design Outcomes: A solution that is desirable for your customers , works as intended, and can be The Human Centered Design Model produced, distributed and utilized in the market context that you work in.
Understanding Market Systems Supporting Functions Re-insurers Advertisers Infrastructure Goal: To design interventions acknowledging that market systems include various actors, factors and Fintech Data functions that need to come together to serve the Information Solutions Registry end customer. Process: Analytical process to create a holistic understanding of the links on the value chain and SUPPLY DEMAND the roles of each market player. Tools: DRF Solution provider Beneficiaries (Bank, MFI, NGO) (Single, households, MSD Tools www.beamexchange.org communities) System Analysis www.springfieldcenter.com Standards Local customs Outcomes: A business solutions that make new Climate connections and strengthen existing connections to Consumer trends Rules & trends achieve a more robust market ecosystem. Regulations Rules and norms (formal & informal) Adapted from Springfieldcenter.com
Creating Systemic Change Goal: To ensure that the system is (re) designed in Phase 3: such a manner that the benefits of the development Respond interventions are as wide and long lasting as possible. Level of market transformation Process: An iterative process of gathering data (assessment), evaluating it against predetermined milestones and adjusting interventions where Phase 2: needed. Adaptation Tools: Phase 2: AAER Model www.springfieldcenter.com Phase 1: Expand Market systems resilience Index, iDE: Early https://s3.amazonaws.com/www.ideglobal.org/files/public/RMEL_Confer Adoption ence-R_MSRI_FINAL.pdf?mtime=20190610215110 Outcomes: A market system that can self-develop appropriate business solutions adapting to the changing context and environment. Adapted from Springfieldcenter.com
NUTRITION TO THRIVE GENDER EQUALITY Vitamin-rich crops provide families and Men and women participate as customers communities with the energy and mental ability and entrepreneurs, strengthening their they need to be successful . families and livelihoods. Beyond Impact RESILIENCE TO CLIMATE CHANGE FOOD SECURITY Farmers have access to practical strategies to deal with unpredictable Sustainable farming practices ensure the availability weather and its effects. of food while protecting the environment and health of communities.
Successful Farm Business Advisers What do FBAs provide? Inputs Services FBAs sell agri-inputs FBAs provide advice on (seed, fertilizers, pest financing, insurance, land control) that reduce preparation, planting & agricultural risk, improve harvesting, soil nutrients, productivity and increase and pest & disease farm profits control. Output Market Linkage FBAs provide access to FBAs link farmers to market price information. other market actors and Some FBAs help their public extension agents clients aggregate crops for input and output and facilitate produce products and services transport to the market
We believe that market facilitation is more effective and more sustainable when we involve non-business iDE was chosen as the winner of the 2017 P3 Impact Award for our cross-sectoral stakeholders in the approach to market development. Created by Concordia, the University of Virginia, and the U.S. Department of State, the P3 Impact Award recognizes outstanding process. public-private partnerships (P3s) that improve the world in the most impactful ways. iDE’s Sanitation market development project works closely with Government of Bangladesh, Unicef and RFL (private sector) to market low cost hygienic latrines.
Entrepreneurs A manifesto for are everywhere solving poverty.
Key Indicators 2019 No. of Mi-MBA members, 18 partners No. of members 6.86 mn No. of insured lives 24.93 mn Contributions, premiums $ 96 mn • Association of mutual Claims benefits paid $ 29 mn microinsurers Equity value reserves $ 39 mn (year) • Family life insurance Equity value (cum) $ 205 mn • Insuring the poor and low-income Equity value refund (year) $ 9 mn households • 1-3-5-day claims Number of claims 65,053 settlement Ave. amount of death $ 78,000 • Delivers 62% of the claims paid/day microinsurance Ave. number of death 178 market claims per day Mi-MBA Association of the Philippines 12*24*48 ‘mutuality among mutuals’
KRAs in the Development of the Microinsurance Sector Meeting market demand Professional Leadership capacity Policy and regulation Balanced sector development Casals, C. 2010
Determining Clients Effective Demand for Microinsurance • Insurance experience and understanding • Risks they are most concerned • Coping mechanisms • Household information • Test microinsurance product features • Test effective demand: highest premium & lowest benefit acceptable, frequency of payment • Test of trust to provider
Product Development Strategy Financial managers (distribution channels) Product and Regulators Actuary Pricing Product and pricing has been determined iteratively using feedback from members, Members/ actuary, financial managers policyholders and regulators.
Sustaining the Gains • Increase good word of mouth for microinsurance • Develop data capture systems • Exempt mutuals from IFRS 17 implementation • Reduce non-life insurance tax • Express lane for microinsurance product approval
Customer-centric Product Development in Informal Sector of Pakistan 9 th MEFIN Public-Private Dialogue (PPD9) Mohammed Ali Ahmed, Chief Strategy Officer EFU Life Assurance Limited EFU Life reserves the right to change, improve or correct the information, materials and descriptions in this presentation. Any dated information is published as of its date only.
Financial Landscape of Pakistan TOTAL BANK FORMALLY INFORMALLY FINANCIALLY INSURANCE CURRENT DEPOSIT SERVED SERVED EXCLUDED PENETRATION POPULATION 1 ACCOUNTS 2 POPULATION 2 POPULATION 2 POPULATION 2 (% of GDP) 3 220.6 57.6 23% 24% 53% 0.93% MILLION MILLION (>100 MN) (EMERGING MARKET AVERAGE: 3.3% ) (5th most populous) 2 Source: 1 World Population Prospects: The 2019 Revision - United Nations Population Division 2 Financial Inclusion, State Bank of Pakistan. (Available online at: http://www.sbp.org.pk/Finc/finc.asp) Last accessed: 21/09/2020 3 World insurance: the great pivot east continues, sigma No 4/2020
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