Thursday, November 30, 2017
The 13th International Microinsurance Conference, which took place on 7-9 November 2017 in Lima, Peru, brought together over 450 participants from all corners of the world to discuss how to accelerate the growth and improve the economic viability of microinsurance. With the overarching theme “Inclusive Insurance for the Mass Market”, topics covered the contribution of microinsurance to development; the role of regulators, actuaries and insurance associations in market development; the current landscape of microinsurance in Latin America; how technology, data and analytics can shape the future of microinsurance; the integration of microinsurance within broader agricultural risk management strategies; how private companies can complement universal health cover; how governments can and are enabling sector development; and insights into new win-win partnerships along the microinsurance value chain.
Conference participants also had the opportunity to participate in a number of pre and post-conference sessions and events. These included the 11th Consultative Forum, the CEAR Academic Pre-Conference in Microinsurance, the ILO’s Impact Insurance Forum, the APFF Microinsurance Roadmap for APEC Roundtable, the IPA and J-PAL Matchmaking event, as well as two field trips.
In this article, we share some of our key takeaways from the conference, which are summarised below:
- Definitions matter
- Politics take precedence over people
- Disruption through technology is a great asset for microinsurance
- Technology is not the silver bullet: people are
- The study of the landscape of microinsurance in LAC shows positive trends, with the region ready to catch up on the adoption of technological advances, but lack of timely data remains an issue
- Responsive legal and regulatory frameworks and proportionate supervisory approaches are needed to bring index-based agricultural insurance to scale. Education and awareness raising are fundamental to make it work
- Efficient Universal Access to Healthcare requires good management, governance and monitoring
- Supervisory and regulatory bodies have a role to play in guiding market development: as new digital opportunities and innovative partnership models emerge, it is important that policymakers and regulators keep up-to-date with market developments
- Diverse and innovative partnerships are a central feature of the inclusive insurance landscape
- A multi-stakeholder approach is key to innovation
- Governments need to be involved
Read the full post-conference article here.