Microinsurance: A case study of the Indian rainfall index insurance market

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Rainfall index insurance provides a payout based on measured local rainfall during key phases of the agricultural season, and in principle can help rural households diversify a key source of idiosyncratic risk. This paper describes basic features of rainfall insurance contracts offered in India since 2003, and documents stylised facts about market demand and the distribution of payouts. The authors summarise the results of previous research on this market, which provides evidence that price, liquidity constraints, and trust all present significant barriers to increased take-up.

Innovative microinsurance distribution: Pionner Seeds

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This case study on innovative microinsurance distribution analyses the case of an agriculture input supplier who purchased a blanket insurance product that insured an agreed value of seeds against low rainfall in the sowing season. The company, leveraging its robust marketing channels, passed on the benefits of this cover to farmers who purchased the seeds in small pre-packed quantities. The insurance cover was bundled with the seed packets, covering the extent of its cost. Thus, a mainstream insurance product, without much hassle, was translated into a microinsurance cover.

Can insurers improve healthcare quality? Evidence from a Community Microinsurance Scheme in India

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This study investigates whether microinsurers can help improve the quality of healthcare, and not just its price. Indian patients who had a caesarean section, appendectomy, hysterectomy, or abdominal hernia surgery were studied. The authors compare indicators of facility’s infrastructure, doctor’s qualification and knowledge, process of care, and patient satisfaction. Two thirds of insured patients contacted the insurer about their choice of provider.

Report of Insurance Awareness Campaign

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The report, based on a survey of 30,200 respondents over India, explores underlying trends in customer awareness levels and their implications on insurers. The study generates as well a socio-economic profile of insured and uninsured population and compares how they perceive insurance differently. This investigation intents to inform insurers about the range and complexity of insurance awareness issues, and also aims to reach those with limited knowledge of insurance and to provide a comprehensive picture of the awareness scenario across the country.

Microinsurance to the Last, the Least, and the Lost: A case study in rural India

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Until about 2007, microinsurance in India was a state-run initiative with limited scope and coverage. However, as an initiative developed by Financial Inclusion Network and Operations Ltd. (FINO) and ICICI Lombard General Insurance Company, biometric-based smart card insurance was offered to the target group in rural India.

Microinsurance to the last, the least and the lost

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The report sheds light on technology that has enabled the vast scope and coverage of microinsurance in India. “The technology included in Rashtriya Swasthya Bima Yojna to the rural population has made cashless and paperless transactions possible with easy evaluation and monitoring, in addition to ensuring secure processing,” says Prathima Rajan, Celent Analyst and author of the report. The report will help inform insurers that are intending to offer microinsurance or health insurance in emerging markets.

Life Microinsurance in India: Potential and Pitfalls

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Financial inclusion has become a buzzword in India. Insurance firms have woken up to the possibility of profitably addressing the needs of the lower income segment of the market. As a result, after the interest in microfinance, we are now seeing a microinsurance wave. In this report, the author analyses the progress of the life microinsurance sector in India. In the last two to three years, the industry has made rapid strides, and both public and private sector firms are catering to it.

General Microinsurance in India: Serving a Complex Market

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This report analyses the progress of the general microinsurance sector in India. The general microinsurance market is more complex than its life counterpart. There are a number of reasons for this phenomenon. One is the wider reach of the life insurance segment in terms of insurance agents and channels. Another is the slower transition of the general insurance segment towards microinsurance. The difficulty of product pricing and claim processing are also barriers that need to be overcome.

Community-based microinsurance: Innovations on the education of the poor to manage their risks

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In the context of preparing the “Heath Promotion and System Strengthening” (HPSS) project funded by the Swiss Government, the Swiss Tropical and Public Health Institute (Swiss TPH) carried out an analysis of the CHF structures in Dodoma Region. This analysis revealed a number of limitations and structural problems for the CHFs, specifically with respect to design, enrolment, servicing, and sustainability of the schemes.

Can we assume that people understand insurance principles? : The case of India and Nepal, in Bulletin 120: Improving Access through effective health financing

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When approaching people at the “base of the pyramid” (BOP) in Low-Income Countries (LIC) with the idea of insurance, the first challenge is to establish a basis for communication. The question that arises is whether they understand insurance principles. This issue was examined by analysing replies to a series of questions in household surveys that were conducted in several locations in India and in Nepal.

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