Develop your MI Sales Team

A Brief Guide on How to Organize the Microinsurance Team at a Rural Bank 

Rural banks offering microinsurance in the Philippines will use the partner-agent model of delivery. In this model the insurer takes on the insurance risk and the rural bank is the agent, managing all client interaction. These interactions include:

– Product development
– Client education
– Marketing
– Sales (the application process)
– Premium collection
– Premium and client information aggregation and transfer to the insurer
– Addressing client questions and issues
– Assisting clients / beneficiaries with claims requests
– Review claims requests and transferring them to the insurer
– Receiving and processing claims settlements
– Conveying the settlement to the client / beneficiary
– Analysing microinsurance experience

Depending on the products offered (type, number, and complexity), the voluntary or mandatory nature of the products, level of technology, size of the rural bank client base, and the motivation of the rural bank to properly service their clients, the level of effort of each of these areas in the rural bank will vary. It is thus important to develop a structure to manage the microinsurance activities so that they are implemented in an efficient and effective manner.

Balancing efficiency and effectiveness in microinsurance is a critical objective. On one side you want the client to be served well so that microinsurance is seen as a benefit by them. On the other side, you need to keep costs as low as possible; otherwise there will need to be a premium increase and unsatisfied clients. Effectiveness at a low cost must be the objective of any serious rural bank offering microinsurance.

Module Content:
Adobe Reader 7 or higher version  Organizing the MI Management & Sales team
Adobe Reader 7 or higher version  Training The Bank’s Frontline Staff – An Outline
Adobe Reader 7 or higher version  Consumer Protection and Sales Ethics
Microsoft Office PowerPoint 2003 or higher version  Structure of the Rural Bank Microinsurance Team
Adobe Reader 7 or higher version  IC Guidelines on MI Agent Trng & Licensing

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