|
Grantee
The Centre for Insurance and Risk Management (CIRM) is a non-profit organization engaged in a variety of action research initiatives with insurers, NGOs and regulators to design and promote innovative insurance products and to improve knowledge on risk-mitigating mechanisms. CIRM is one of 6 specialized centres associated with the Institute of Financial Management and Research (IFMR), which is a Social Science Research Organization organized under the Government of India, and which was started with an endowment from the Indian national banking sector.
Project Summary
- Project name: Spatial Mapping of Best Practices and Scale of Microinsurance Products in India
- Project start date: August 2008
- Duration: 2 years
- Country: India
Beneficiaries
The target groups are all stakeholders with an interest in microinsurance in India. The results of the research activities will benefit a variety of stakeholders - insurers, regulators, social aggregators, academicians, new entrants and the international microinsurance community.
Project Description
The grant provides funding to conduct amongst a variety of stakeholders an online microinsurance inventory and a mapping system, to document the ongoing innovations that are emerging in India and learn more about the implementing actors.
The online survey seeks to address the dual challenges of:
- Absence of a large comparative database on Indian microinsurance environment
- Lack of accessible information on various innovations (product benefits and delivery models)
Its main objective is to provide a clear picture of the microinsurance sector realities to a variety of stakeholders. The maps will be available when a range of new insurance companies are expected to be entering India. They will signal to the insurers the potential market and facilitate projection and planning of market entry strategies for low income markets. The maps will also help other service providers (IT service providers, brokers, health providers) develop their service plan.
Key Challenges
Gaining participation of more than 100 active organizations as well as the insurers: since the insurance markets are opening up in India, risk carriers are very protective about their innovations and there are very few players who see the long term value of information sharing and sector engagement.
Learning Agenda
What is the added value of a mapping system analyzing types of microinsurance products on variables such as innovation, growth potential and delivery channels in order to identify best practices, challenges and potential solutions associated with the provision of insurance to the poor?
Quote
|
“CIRM believes Microinsurance will graduate from being a development intervention to a mainstream market based service, with insurers competing to offer products that are diverse, actuarially priced and offered through varied, accessible and permanent delivery channels, providing comprehensive safety nets for the poor.’
Rupalee Ruchismita, Executive Director, CIRM
|
More information on the project
Website of the grantee:
Presentations:
- Expert Group Meeting: Innovative Finance for Sustainable Development,
United Nations, New York, October 19,2007 - (pdf 1,83 MB)
- Workshop on Expanding Access to Insurance for the Poor, Beijing, China, Jan 16-17, World Bank - (pdf 1,29 MB)
- Eighth National Bureau Economic Research (NBER)-National Council for Applied Economic Research (NCAER), Annual Neemrana Conference, Neemrana - (pdf 1,74 MB)
- Insurance Summit 2007: "Insurance Industry – Looking into the Kaleidoscope, Mumbai India - (pdf 96 KB)
- Micro Health Insurance: Organised by Microinsurance Academy, New Delhi - (pdf 91 KB)
- Weather Risk Management Association Conference 2007, Weather Risk Management Authority, Mumbai India
Reports:
|
 |
|
|
|
