Indonesia: SiPINTAR, an Asuransiku (microinsurance) and Emasku (microinvestment) Hybrid Product

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Indonesia has a low index of financial services literacy, mostly in insurance sectors, leasing, pension fund and stock markets. The national survey on financial literacy of 2013 suggested that those who were insurance literate and bought insurance products were only 17.84% while 39.8% were not literate at all. This condition is persistent due to various reasons, such as lack of education, lack of awareness on insurance, high distribution cost to the remote islands, inaccessibility to financial institutions, among others.

Indonesia: Allianz’s SEKOCI, responding to the ‘client value’ challenge

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Microfinance institutions (MFIs) remain to be the easiest entry point of microinsurance providers. Its captive market enabled insurance providers to immediately reach business scale. Asuransi Allianz Life Indonesia has mastered the MFI channel business model and its microinsurance product Payung Keluarga credit-life has a strong 5.4 million customer base which generated USD 2.9 million in gross written premium (2016).
 

 

Indonesia: Synergy in Public-Private Partnership in Implementing the National Strategy for Financial Inclusion

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National Strategy for Financial Inclusion (Strategi Nasional Keuangan Inklusif – SNKI) focuses on six pillars: financial education, public financing facilities, financial information mapping, supportive regulations, distribution networks and intermediation facilities, and consumer protection. Their main target is to increase the proportion of citizens who have access to product and services of financial service from 36% in 2013 to 75% by 2019. In some less develop provinces, the index is still below 67.82%.

Microinsurance in Aceh

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In reaction to the dramatic loss the Acehnese population suffered due to the Tsunami disaster, Allianz AG and GTZ decided to explore the opportunities to extend the current public-private partnership (PPP) microinsurance project operated in Java to Aceh province. The study team identified the demand for microinsurance in Aceh province (NAD), analysed potential partner institutions and formulated recommendations regarding suitable products, delivery channels, capacity development needs and the cooperation with other organisations.

Market insurance demand and market- Indonesia

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The purpose of the research was to estimate the demand for microinsurance in Indonesia, as well as its potential supply in terms of risk takers (e.g., regulated insurers and government) and various delivery channels. The information gained should lead to an understanding of the options available for undertaking pilot initiatives. In the long term, the research and implementation of the findings should support the development of sustainable livelihoods by making microinsurance available to the poor and the disadvantaged people as well as workers in the informal sector.

Needs assessment and feasability study on disaster microinsurance: Empirical findings from four provinces in Indonesia

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Microinsurance is assuming an increasingly important role within Munich Re, particularly in the light of recent natural catastrophes, many of which have hit sections of the world’s population which have neither insurance cover nor the possibility of access to other suitable hedging instruments. In close liaison with key market players such as microfinance institutions, non-governmental organisations and local insurance companies, Munich Re plays an active part in market developments.

Micro-impact: Deconstructing the complex impact process of a simple microinsurance product in Indonesia

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This thesis analyses the social impact of Payung Keluarga, an obligatory enhanced credit life microinsurance product launched by Allianz in Indonesia in 2006. Payung Keluarga automatically insures micro-borrowers who take out microcredits from microfinance institutions. In case of death, the outstanding credit balance is canceled and the appointed beneficiary receives twice the original loan as an additional payout. The study found that norms of a moral economy are still exerting significant clout on the insured.

Understanding the context is understanding the impact: Evidence from a qualitative microinsurance impact survey in Indonesia, in Microinsurance: An innovative tool for risk and disaster management

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This paper presents the findings from a qualitative-explorative longitudinal impact assessment of an enhanced credit life microinsurance pilot in Indonesia. Different from the practical or econometric-quantitative approaches of the few microinsurance impact assessments available today, the approach applied here is sociological. Emphasis is put on contextualization. A variety of research components were executed: a baseline/endline survey of customers, interviews with 24 Muslim beneficiaries and additional research with loan officers, credit group leaders, experts, and MFI managers.

Resilience against disasters and microinsurance: Managing urban risks in Jakarta, in Microinsurance: An innovative tool for risks and disaster management

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The scope the book is both to investigate the linkage between disaster risk reduction and microinsurance and to address possible combinations of loans, savings and insurance schemes for low-income people to provide them with appropriate solutions for at least a partial risk reduction. The book provides an overview on the status and strategies of implementation in various risk sectors (life, health and natural disaster risks), highlighting existing methods, best practices and specific case studies of microinsurance programmes and initiatives.

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