The IMARC report expected that the micro -insurance market will reach 92.1 billion US dollars by 2024, with an annual CAGR growth rate of 6.1 % during the expectation period (2019-2024), and this reflects the micro-insurance capabilities and its ability to spread and reach low income categories or groups that do not reach insurance services and assuming the expectation of the Insurance growth of the west of this size, so how can the tremendous challenges that impede growthMicro -insurance and how can it be prepared and confronted?
The weekly bulletin of the Egyptian Insurance Union revealed future strategies to overcome the challenges that impede the growth of micro -insurance, and in a simple strategic analysis by carrying out a visualization to address the obstacles facing micro -insurance growth, and that will be on the short and long term, which is the way that enables us to develop short plansThe middle and long -term, the design of appropriate implementation programs, the responsible authorities, and the responsibilities of each.
The short and medium -term analysis is: When conducting the analysis in the short and medium term, it is possible to focus on a group of elements, but before explaining these elements, we must think about answering these questions. Creating products and what products that are a market appear in the areas of affiliation and agricultural insurance and what can be providedFor the owners of the letter?
There is a question about distribution channels: Who are the partners - NGOs, community organizations, international reinsurance companies, donors, governments, telecommunications companies, information technology, post offices or electronic collection authorities - whom we need to cooperate with?As for technological development: What are the advanced technology solutions that will succeed in low income markets?What are the most trading tools between these targeted groups?
As for the culture of insurance in the low income markets: How can we help potential customers to identify insurance and understand the behaviors of these low -income markets and take the measures that lead to raising the culture and awareness of its members?
On climate change: What are the preparations to counter climate change and the effect of this on addressing the high rates of disasters?And contributing to the stability of the conditions of the macroeconomic economy: What are the factors that will be characterized by the market in the future (population growth, economic development, urbanization and climate change)?
And now we review the following elements that can answer the previous questions and provide an analysis on the short and medium term and to achieve micro insurance growth so the products must be innovated as micro -insurance, such as traditional insurance, can provide its services in many areas such as the field of health insurance and the field of property insurance, And there is a wide variety of products such as crop insurance, livestock, livestock, insurance against theft, fire, health insurance, life insurance against the risk of death, disability, natural disasters insurance, and others.
The micro -insurance growth plan also includes the development of the micro -insurance distribution method, as the method of distributing simple insurance products is usually represented in low income categories in the partnership between the insurance company that bears dangers, and the distribution company that has strong relations with a large number of customers, and the effectiveness of the effectiveness stopsAnd the success of this method over the extent of coordination between governments and control bodies and donors.
اقرأ أيضا«أليانز للتأمين» و«اليونيسيف» تجددان شراكتهما ثلاث سنواتIn this case, insurance can be sold in the same way or methods in which goods and services are sold through these bodies, taking into account the simplicity of micro -insurance products, and the lack of need for complex subscription operations for each customer, and therefore the procedures can be simplified to the extent that insurance becomes a commodityCan a person sell it?An example of this is the personal accident document that one of the distribution agencies in India distributes in the form of a document printed on fertilizer mobile phones.
As for the informal and unconventional distribution clicks, any institution can access customers with low incomes can sell micro insurance products, and the burial service centers in South Africa and other countries sell the funeral insurance documents. Life insurance documents are sold through Internet stalls.In India, merchants sell indicators insurance products on the livestock in Venegolia.A company in eastern Europe plans to distribute property insurance products through tax resolution.
It is expected that the future will witness a tremendous expansion in the micro -insurance sector through a large group of informal distribution channels, and micro -insurance growth needs to be reinsured for local cooperative programs, as the dangers of a catastrophic nature such as floods or epidemics usually lead to fatigue financial capabilities.For local cooperative programs with which the necessity of reinsurance among specialized companies is as usual (if those companies accept it), or to create a kind of re -insurance specialized in such operations of a special nature and special mechanisms so that the industry continues and flourishes.
Linking the small, local and cooperative insurance systems that work in insurance will be a micro insurance to the main insurance companies operating in the traditional sector as an opportunity, especially if there is a trend with supervision and oversight bodies towards converting these systems to be within the total insurance system as these systems are under pressure from the authoritiesInsurance control in order to switch to the official sector.
Traditional reinsurance companies are an important role that helps the micro insurance systems to expand the acceptance of the risks that are covered and also in the diversity of its products, and for example, Volombia, the Munich Ren has developed effectively reinsurance products by cooperating with the Suramericana Corporation partner to invent micro products withHigh flexibility that makes customers accept it compared to cooperative insurance companies.The role of the reinsurance company will become more important for micro insurance, with the increasing complexity and development of products.
And the sixth item in the strategy of the micro -insurance growth is the expansion of insurance for groups with less income, and groups with less income can be covered through the social insurance provided by governments and their affiliated organizations, such as health insurance, which falls within the goal and content of social security in its broader sense, however There is an agreement on opinion about the failure of commercial insurance to the categories with less income (who represent the lower segment within the economy and their percentage of 10% -15% of the group of individuals may change this percentage in the future, as governments in the future direct their interest in these groups and work to change Its economic and social conditions with many programs, including insurance in general, and micro -insurance in particular).This may change in the future, where governments focus more clearly on this audience.
اقرأ أيضا«قطاع التأمين» في 7 منظمات دولية عبر عضوية الرقابة الماليةTechnology plays an important role in micro -insurance growth, where communications and information technology have positive impacts unexpected on the development of insurance in developing countries, for example, phone calls can solve expensive transfers and can provide text messages with climate expectations, and private information is exchanged.The markets easily and easily, and subscriptions in mobile services in developing countries increased from a few hundred millions at the beginning of the twenty -first century to billions at the present time.Although the spread of the Internet services came late about the spread of mobile phone services, it indicates similar growth trends.
This is an important indication of the direction of micro -insurance growth in the future.There are many examples of this, and one of the insurance companies in eastern Europe develops the procedures for processing fast data based on short text messages in the field of health insurance, where the doctor who verifies a claim to send a text message to the server, and this message carries the patient's codes and the necessary treatment.The mechanical response to the doctor includes an authorization to withdraw insurance compensation from any automatic ATM machine.The system is designed to provide criticism in the event of an emergency later.
Similar solutions can depend on the internet, where money is sent to the mobile phone, or directly to the healthcare service provider, and the Internet, mobile phones and smart cards can be able to reduce costs expanding the scope of the spread of micro insurance in various parts of the supply chain, and it will be providedAgents and customers applications electronically and documents are issued automatically and distributed via the Internet, and the processes of installments increase electronically increase the effectiveness of the process.
One of the major advantages of switching from the paper style to electronic processing is the speed of providing detailed data, which allows better studies on death rates and the spread of diseases and providing better prices and also a comprehensive understanding of the dangers within any market and in the case of using the electronic method effectively this will lead to the possibility of creating products that are compatibleBetter with the market, and the truth is that it was not expected to issue insurance documents in the size of credit cards or the spread of mobile phones in payment and banking activities ten years ago..
It is clear that if it is estimated that micro -insurance will reach enormous numbers of people, then the technological development will help to achieve this, and the culture of insurance plays a pivotal role in achieving micro -insurance growth where the micro -insurance requires a cultural revolution, I have.All parties, whether from companies, clients, or intermediaries, are as much as insurance companies need to understand their low -income customers as much, potential customers need to understand insurance and non -commercial distribution channels should become familiar with their commercial partners, and vice versa..
In most developing countries, low -income customers believe that they do not need insurance and these agents do not trust insurance companies and do not fully realize the concept of covering dangers and they strongly believe that insurance for the wealthy only and that they do not have sufficient resources to pay its installments, and there is no doubt that it will take a long time before That these individuals trust in any product of their microbiography and to take root in their faith and their awareness of the importance of that activity and grandparents when they find before them a reality that benefited from individuals, groups and families who were subjected to injuries that have been compensated and injuries that have been cured and orphans whose family died and found someone standing beside them, and as soon as it is embodied and we get a successful and worthy product With confidence, the marketing process facilitated an effective realistic guide.
اقرأ أيضا«المهندس» لتأمينات الحياة تحقق 29% نموا في أقساطها المباشرة نهاية النصف الأولThe process of developing a culture of insurance is based on two important factors, namely, increasing understanding and creating confidence, and until this is achieved, it is required that those who provide this insurance provide full understanding of the importance of its mechanisms and that it is convinced of its role in serving the community in general and its components of individuals and groups in particular, as the culture of insurance needsTo an integrated combination that combines the marketing and awareness style of the market and allowing customers to sense the positive effects of insurance, and that this be continuous and renewed until the positive impact of it occurs from the short and long term.
There is a factor of change in dangers and climate and its role in the micro -insurance growth, as economic growth, urbanization and climate change lead to the transformation of the global scene of dangers, and thus this leads to the change and transfer of insurance markets.These changes will increase the volume of demand for insurance in general and micro insurance specifically, while others may lead to a decrease in the volume of demand for it..
Growth and progress leads to the expansion of the micro -insurance markets, as the rate of residence of small projects increases through small and micro financing, which leads to the expansion of this insurance market and a greater number of people get financial services, and on the other hand it can lead the intensity of people concentrating in major cities toIncreased population density, as happened in Lagos and Mexico City, to changing the patterns of damage caused by disasters..
One of the studies conducted by the Louivz Authority has found that China may become a "concentration zone" for disaster insurance companies, as the density of values exposed to the dangers caused by disasters and the possibility that the insurance is affected by the microscope negatively by economic growth, and global climate change will lead to an increase in the severity of conditionsClimate and the resulting natural disasters.One of the proposed ways to alleviate the consequences of floods, droughts and storms in developing countries is the creation of smaller collapsing insurance systems, as climate indicators insurance at the present time attract most of the attention due to the risk of increasing desertification, code and widespread resettlement..
Some suggested that such as the Munich Rapheer initiative against climate risks, that the micro -insurance is part of the proposed solution and this will lead to technical assistance and other support patterns become more effective as Richard Ward, Executive Director of the Loulations Authority, said: “The micro -insurance should be provided.We are associated with the United Nations Convention on the Climate Climate in order to support sustainable development in areas that are exposed to this type of dangers..
