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Nov 12, 2014 - Market-led solutions for financial services. MicroSave ... Why is there a noise about insurance through mobile/agent banking channel?
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Premasis Mukherjee Practice Group Leader, Insurance MicroSave

12th November, 2014 10th International Microinsurance Conference CONFIDENTIAL AND PROPRIETARY Any use of this material without specific permission of MicroSave is strictly prohibited

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The Flow of Presentation Why is there a noise about insurance through mobile/agent banking channel? The broad value chain Emerging models in mInsurance and their value levers The need to understand value chain stakeholders

MicroSave Market-led solutions for financial services

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The Flow of Presentation Why is there a noise about insurance through mobile/agent banking channel? The broad value chain Emerging models in mInsurance and their value levers The need to understand value chain stakeholders

MicroSave Market-led solutions for financial services

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mInsurance Deployments are Taking Place Across the Globe

No. of Implementations

Insurance Companies

MNOs

Support Organisations

Other Players

MicroSave Market-led solutions for financial services

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Insurance and Agent Banking/mInsurance are Apparent Value Enhancers Insurance/Pension Industry



Insurer are used to deliver product through agency relationship



Need of alternative channel for microinsurance



Collect premium at high frequency,



Would like to leverage existing client base of channel partners

Digital Finance Industry



Income from Account opening ceases to be the revenue driver after 1-2 year



Low transaction volume for agents in newer geographies



Agent attrition, a majority of which is due to low income



Viability issues in agent banking in single or limited product suite.

But •

Insurance requires acquisition skills, not transaction skills



Exclusive agents of insurance operate in a high incentive environment



Insurance and agent banking activities have different incentive structures



Insurance is not high transaction business, so volume might not increase in mInsurance

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The Flow of Presentation Why is there a noise about insurance through mobile/agent banking channel? The broad value chain Emerging models in mInsurance and their value levers The need to understand value chain stakeholders

MicroSave Market-led solutions for financial services

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Basic Value Chain of mInsurance Telecom Regulator Insurance Regulator

Insurer owned channel

Insurance Agents

Insurance company

Customer Technology Provider

Third party channels

Third party Agent Manager

Customer Service Provider

MicroSave Market-led solutions for financial services

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The Flow of Presentation Why is there a noise about insurance through mobile/agent banking channel? The broad value chain Emerging models in mInsurance and their value levers The need to understand value chain stakeholders

MicroSave Market-led solutions for financial services

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Multiple Business Models are Emerging in mInsurance Telecom Regulator Insurance Regulator Insurance Agents

Insurer owned channel

Insurance company

Technology Provider

Customer

Third party channels Customer Service Provider

Third party Agent Manager

Possible Options (Regulations Dependent) Insur