Emerging Practices in Consumer Education on Risk Management and Insurance
Microinsurance Innovation Facility's Briefing Note 3 presents preliminary lessons in consumer education on risk management and insurance, drawn from practitioners that can be replicated and tested in new contexts. It highlights key design features for content and delivery of education, and provides examples of organizations that have successfully implemented them. The note also reviews the challenges of sustainability as well as monitoring and evaluation that are especially relevant for practitioners who want to integrate education into their business models.
Practitioners' experiences demonstrate that a long-term, integrated approach is needed to improve risk management capacities and increase the use of relevant financial tools. A program that delivers ad-hoc, standalone education, which is not linked to accessing the appropriate microinsurance products, is often insufficient in realizing these objectives. Key lessons include:
- Focus on risk management and insurance, layer other financial concepts where possible;
- Base education on what people know and relate to their previous risk exposure;
- Use mix of channels and tools;
- Deliver ongoing education;
- Link education and products;
- Leverage existing institutions and pool resources where possible;
- Incorporate monitoring and evaluation activities from the start.