‘If you can't measure it, you can't manage it‘: microinsurance by the numbers
Véronique Faber | Michal Matul | Michael McCord | Bert Opdebeeck | Katie Biese | Manoj Pandey
Microinsurance is a rapidly growing industry that faces a variety of challenges in providing valuable products in a profitable way. Data allows stakeholders to analyse performance and make better decisions, yet data on microinsurance has been limited. Efforts to promote key performance indicators (KPIs) for individual institutions and to generate region-wide data through landscape studies have been effective but still exist on a limited scale. Expanding these efforts can professionalize the microinsurance ‘industry’ by allowing the development of useful tools to enhance products and identify opportunities. Several constraints to data collection hinder these efforts. These include definitional variability, competitive forces as a disincentive to sharing, and lack of data segregation, among others. Improving data collection will require presenting a strong value case to insurers, getting supervisors to promote KPI calculations and broader landscaping, and then using this data in a way that enhances and expands microinsurance.Allianz SE and GIZ (2013) Microinsurance Definition and Assessment Tool: Getting to Grips with the Details [pdf] Allianz SE <www.allianz.com/v_1364458619000/media/responsibility/documents/Allianz_Microinsurance_Definition_and_Assessment_Tool_April2013.pdf≯ [accessed 6 January 2014]. www.allianz.com/v_1364458619000/media/responsibility/documents/Allianz_Microinsurance_Definition_and_Assessment_Tool_April2013.pdf
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Koven, R. and McCord, M.J. (2012) MILK Discussion Note #3: Counting Lives, Getting it Right, Appleton, WI: The MicroInsurance Centre.
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McCord, M.J., Steinmann, R., Tatin-Jaleran, C., Ingram, M., and Mateo, M. (2013b) The Landscape of Microinsurance in Africa 2012, Munich/Eschborn: Munich Re Foundation and Making Finance Work for Africa.
Matul, M., McCord, M.J., Phily, C., and Harms, J. (2010) The Landscape of Microinsurance in Africa, Microinsurance Working Paper No. 4, Geneva: ILO.
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Oza, A., Mukherjee, P., and Ruchismita, R. (2013) The Landscape of Microinsurance in Asia and Oceania 2013, Briefing Note. Munich: Munich Re Foundation.
Philippine Insurance Commission (2011) Circular Letter No. 05-2011, Performance Standards for Microinsurance [pdf] Manila: Department of Finance <www.insurance.gov.ph/_@dmin/upload/reports/CL%2005%20-%202011.pdf≯ [accessed 21 January 2013]. www.insurance.gov.ph/_@dmin/upload/reports/CL%2005%20-%202011.pdf
Roth, J., McCord, M.J., and Liber, D. (2007) The Landscape of Microinsurance in the World's 100 Poorest Countries, Appleton, WI: The MicroInsurance Centre.
Wipf, J. and Garand, D. (2010) Performance Indicators for Microinsurance: A Handbook for Microinsurance Practitioners, 2nd edn, Luxembourg: ADA.
Allianz SE and GIZ (2013) Microinsurance Definition and Assessment Tool: Getting to Grips with the Details [pdf] Allianz SE <www.allianz.com/v_1364458619000/media/responsibility/documents/Allianz_Microinsurance_Definition_and_Assessment_Tool_April2013.pdf≯ [accessed 6 January 2014]. www.allianz.com/v_1364458619000/media/responsibility/documents/Allianz_Microinsurance_Definition_and_Assessment_Tool_April2013.pdf
Asia Insurance Review eDaily (2013) ‘Indonesia: regulator launches microinsurance blueprint’, 20 October 2013 [website] <www.asiainsurancereview.com/News/View-NewsLetter-Article/id/28639/Type/eDaily≯ [accessed 21 January 2014]. www.asiainsurancereview.com/News/View-NewsLetter-Article/id/28639/Type/eDaily
Koven, R. and McCord, M.J. (2012) MILK Discussion Note #3: Counting Lives, Getting it Right, Appleton, WI: The MicroInsurance Centre.
McCord, M.J., Ingram, M. and Tatin-Jaleran, C. (2013a) The Landscape of Microinsurance in Latin America and the Caribbean, Washington, DC: Multilateral Investment Fund.
McCord, M.J., Steinmann, R., Tatin-Jaleran, C., Ingram, M., and Mateo, M. (2013b) The Landscape of Microinsurance in Africa 2012, Munich/Eschborn: Munich Re Foundation and Making Finance Work for Africa.
Matul, M., McCord, M.J., Phily, C., and Harms, J. (2010) The Landscape of Microinsurance in Africa, Microinsurance Working Paper No. 4, Geneva: ILO.
MicroEnsure (2012) ‘Transforming claims turnaround time’, July 2012 [website] <www.microensure.com/news.asp?id=192≯ [accessed 22 January 2013]. www.microensure.com/news.asp?id=192
Microfact (2012) ‘New West-African insurance legislation recognizes microinsurance key performance indicators’, 19 June 2012 [website] <www.microfact.org/news/new-west-african-insurance-legislation-recognises-microinsuance-key-performance-indicators-/≯ [accessed 21 January 2013]. www.microfact.org/news/new-west-african-insurance-legislation-recognises-microinsuance-key-performance-indicators-/
Oza, A., Mukherjee, P., and Ruchismita, R. (2013) The Landscape of Microinsurance in Asia and Oceania 2013, Briefing Note. Munich: Munich Re Foundation.
Philippine Insurance Commission (2011) Circular Letter No. 05-2011, Performance Standards for Microinsurance [pdf] Manila: Department of Finance <www.insurance.gov.ph/_@dmin/upload/reports/CL%2005%20-%202011.pdf≯ [accessed 21 January 2013]. www.insurance.gov.ph/_@dmin/upload/reports/CL%2005%20-%202011.pdf
Roth, J., McCord, M.J., and Liber, D. (2007) The Landscape of Microinsurance in the World's 100 Poorest Countries, Appleton, WI: The MicroInsurance Centre.
Wipf, J. and Garand, D. (2010) Performance Indicators for Microinsurance: A Handbook for Microinsurance Practitioners, 2nd edn, Luxembourg: ADA.
Allianz SE and GIZ (2013) Microinsurance Definition and Assessment Tool: Getting to Grips with the Details [pdf] Allianz SE <www.allianz.com/v_1364458619000/media/responsibility/documents/Allianz_Microinsurance_Definition_and_Assessment_Tool_April2013.pdf≯ [accessed 6 January 2014]. www.allianz.com/v_1364458619000/media/responsibility/documents/Allianz_Microinsurance_Definition_and_Assessment_Tool_April2013.pdf
Asia Insurance Review eDaily (2013) ‘Indonesia: regulator launches microinsurance blueprint’, 20 October 2013 [website] <www.asiainsurancereview.com/News/View-NewsLetter-Article/id/28639/Type/eDaily≯ [accessed 21 January 2014]. www.asiainsurancereview.com/News/View-NewsLetter-Article/id/28639/Type/eDaily
Koven, R. and McCord, M.J. (2012) MILK Discussion Note #3: Counting Lives, Getting it Right, Appleton, WI: The MicroInsurance Centre.
McCord, M.J., Ingram, M. and Tatin-Jaleran, C. (2013a) The Landscape of Microinsurance in Latin America and the Caribbean, Washington, DC: Multilateral Investment Fund.
McCord, M.J., Steinmann, R., Tatin-Jaleran, C., Ingram, M., and Mateo, M. (2013b) The Landscape of Microinsurance in Africa 2012, Munich/Eschborn: Munich Re Foundation and Making Finance Work for Africa.
Matul, M., McCord, M.J., Phily, C., and Harms, J. (2010) The Landscape of Microinsurance in Africa, Microinsurance Working Paper No. 4, Geneva: ILO.
MicroEnsure (2012) ‘Transforming claims turnaround time’, July 2012 [website] <www.microensure.com/news.asp?id=192≯ [accessed 22 January 2013]. www.microensure.com/news.asp?id=192
Microfact (2012) ‘New West-African insurance legislation recognizes microinsurance key performance indicators’, 19 June 2012 [website] <www.microfact.org/news/new-west-african-insurance-legislation-recognises-microinsuance-key-performance-indicators-/≯ [accessed 21 January 2013]. www.microfact.org/news/new-west-african-insurance-legislation-recognises-microinsuance-key-performance-indicators-/
Oza, A., Mukherjee, P., and Ruchismita, R. (2013) The Landscape of Microinsurance in Asia and Oceania 2013, Briefing Note. Munich: Munich Re Foundation.
Philippine Insurance Commission (2011) Circular Letter No. 05-2011, Performance Standards for Microinsurance [pdf] Manila: Department of Finance <www.insurance.gov.ph/_@dmin/upload/reports/CL%2005%20-%202011.pdf≯ [accessed 21 January 2013]. www.insurance.gov.ph/_@dmin/upload/reports/CL%2005%20-%202011.pdf
Roth, J., McCord, M.J., and Liber, D. (2007) The Landscape of Microinsurance in the World's 100 Poorest Countries, Appleton, WI: The MicroInsurance Centre.
Wipf, J. and Garand, D. (2010) Performance Indicators for Microinsurance: A Handbook for Microinsurance Practitioners, 2nd edn, Luxembourg: ADA.
Allianz SE and GIZ (2013) Microinsurance Definition and Assessment Tool: Getting to Grips with the Details [pdf] Allianz SE <www.allianz.com/v_1364458619000/media/responsibility/documents/Allianz_Microinsurance_Definition_and_Assessment_Tool_April2013.pdf≯ [accessed 6 January 2014]. www.allianz.com/v_1364458619000/media/responsibility/documents/Allianz_Microinsurance_Definition_and_Assessment_Tool_April2013.pdf
Asia Insurance Review eDaily (2013) ‘Indonesia: regulator launches microinsurance blueprint’, 20 October 2013 [website] <www.asiainsurancereview.com/News/View-NewsLetter-Article/id/28639/Type/eDaily≯ [accessed 21 January 2014]. www.asiainsurancereview.com/News/View-NewsLetter-Article/id/28639/Type/eDaily
Koven, R. and McCord, M.J. (2012) MILK Discussion Note #3: Counting Lives, Getting it Right, Appleton, WI: The MicroInsurance Centre.
McCord, M.J., Ingram, M. and Tatin-Jaleran, C. (2013a) The Landscape of Microinsurance in Latin America and the Caribbean, Washington, DC: Multilateral Investment Fund.
McCord, M.J., Steinmann, R., Tatin-Jaleran, C., Ingram, M., and Mateo, M. (2013b) The Landscape of Microinsurance in Africa 2012, Munich/Eschborn: Munich Re Foundation and Making Finance Work for Africa.
Matul, M., McCord, M.J., Phily, C., and Harms, J. (2010) The Landscape of Microinsurance in Africa, Microinsurance Working Paper No. 4, Geneva: ILO.
MicroEnsure (2012) ‘Transforming claims turnaround time’, July 2012 [website] <www.microensure.com/news.asp?id=192≯ [accessed 22 January 2013]. www.microensure.com/news.asp?id=192
Microfact (2012) ‘New West-African insurance legislation recognizes microinsurance key performance indicators’, 19 June 2012 [website] <www.microfact.org/news/new-west-african-insurance-legislation-recognises-microinsuance-key-performance-indicators-/≯ [accessed 21 January 2013]. www.microfact.org/news/new-west-african-insurance-legislation-recognises-microinsuance-key-performance-indicators-/
Oza, A., Mukherjee, P., and Ruchismita, R. (2013) The Landscape of Microinsurance in Asia and Oceania 2013, Briefing Note. Munich: Munich Re Foundation.
Philippine Insurance Commission (2011) Circular Letter No. 05-2011, Performance Standards for Microinsurance [pdf] Manila: Department of Finance <www.insurance.gov.ph/_@dmin/upload/reports/CL%2005%20-%202011.pdf≯ [accessed 21 January 2013]. www.insurance.gov.ph/_@dmin/upload/reports/CL%2005%20-%202011.pdf
Roth, J., McCord, M.J., and Liber, D. (2007) The Landscape of Microinsurance in the World's 100 Poorest Countries, Appleton, WI: The MicroInsurance Centre.
Wipf, J. and Garand, D. (2010) Performance Indicators for Microinsurance: A Handbook for Microinsurance Practitioners, 2nd edn, Luxembourg: ADA.
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