Expert Forum (EF)
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Know your customer (KYC) requirements are often seen by insurance practitioners as a cumbersome regulatory burden, particularly in developing countries where proof of identity and even of age can be hard to come by. But there’s another aspect to KYC. Consumer market research is a given in the consumer goods sector, but financial services firms – including insurers and their intermediaries – seem to be late adopters. All too often “customer needs” are based on assumptions made with little testing of the underlying hypotheses. The result? Products that add little perceived value and fail to reach scale. Since scale is absolutely crucial for microinsurance – insurance intended to meet the needs of low-income consumers and MSMEs – skipping the consumer market research step could prove to be a false economy.
Join us for a discussion to learn how consumer research has turned conventional “wisdom” and preconceived assumptions upside down in Ethiopia and elsewhere.
*Simultaneous interpretation into Spanish will be available for this event.
- Craig Thorburn, Lead Financial Sector Specialist, World Bank, United States
- Michael J. McCord, Managing Director, MicroInsurance Centre at Milliman, United States
- Moderator: Andrea Keenan, Senior Managing Director - Strategy & Communications, A.M. Best, United States