INTERNATIONAL MICROINSURANCE CONFERENCE – BIMA AND THE “PACIFIC WAY” NOVEMBER 2016 The information contained in this document belongs to Milvik AB and to the recipient of the document. The information is strictly linked to the oral comments which were made at its presentation, and may only be used by attendees of that presentation. Unauthorised copying, disclosure or distribution of the material in this document is strictly forbidden and may be unlawful.
ASSESSING PAPUA NEW GUINEA AS A MARKET FOR MICRO-INSURANCE Informal insurance: “Wantok” system Infrastructure 1 2 - Shortage of physical - Strong sense of network of communication community - No large city - “Wantok System” - Distrust in external help Literacy level and insurance awareness Traditional sales methods 3 4 - Illiteracy - Expensive real estate - Low bank penetration - Exposure to crime - Extremely low insurance - No tele-marketing awareness - Hardly any street sale 2
THE BIMA APPROACH APPLIED TO PNG LEAN MANAGEMENT STRATEGY 1 • Fast launch with a simple product and a small team • Introduction of new feature through a reiterative approach & customer feedback loop LEVERAGING THE BENEFITS OF MOBILE TECHNOLOGIES 2 • ‘Paper-less’ enrolment • Airtime as a payment channel • Device-blind channels for customer communication & claims FOCUS ON REACH, DOWN TO INDIVIDUAL LEVEL 3 • Education: call centre & mobile agents; field trips to remote areas • Localisation: Sales script in Tok Pisin; local training • Reach: Regional offices and Digicel branches 4 PARTNERSHIP WITH RELEVANT ORGANISATIONS: • PFIP funding to enable expansion to difficult areas like the Highlands
OUTCOMES ACTIVE CUSTOMERS PER HAVE OR WILL 32% PRODUCT 69% RECOMMEND BIMA 157.158 50,000 new active RURAL CUSTOMERS customers each month 229.636 84% 29% 71% ACCESS INSURANCE Y2 FOR THE 1ST TIME Y1 Life Hospitalisation 4
LOOKING FORWARD EXPANSION TO OTHER PACIFIC COUNTRIES Supported by On the back of our successful collaboration in PNG, we have • been helped by PFIP to experiment in the Pacific a new model that would allow us to reach smaller markets. This “hub model” allows us to approach even more under- • served populations, but involves also a lot of challenges Fiji hub opened in August 2016. More countries to be • covered soon MICRO-BANK PARTNERSHIP Addressing clients of micro-bank institutions in the • pacific to reach new groups of customers Product in design phase • In partnership with 5
THANK YOU 6 The information contained in this document belongs to Milvik AB and to the recipient of the document. The information is strictly linked to the oral comments which were made at its presentation, and may only be used by attendees of that presentation. Unauthorised copying, disclosure or distribution of the material in this document is strictly forbidden and may be unlawful.
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