Social Performance Indicators for Microinsurance: Workshop Report
This workshop report presents a set of social performance principles and indicators for microinsurance. It is the outcome of a workshop organized by ADA, BRS and the Microinsurance Network in Luxembourg from 5-7 October 2010 and attended by 15 microinsurance practitioners.
The report observes that participants underlined the importance of the indicators applicability and relevance to management reporting. Therefore, the principles and indicators mentioned in the report are concrete; practical, focused and closely linked to financial performance indicators for microinsurance. The report outlines the set of 8 principles and 11 draft indicators that were agreed upon by the participants. These principles are:
- Client focus;
- Conduct assessment of client risks in product development stage;
- Conduct regular client satisfaction assessments;
- Protect client data;
- Audited standards and policies aligned to the mission and vision of the organization;
- Organization should have an environmental policy.
The report also defines and explains the significance of each of the 11 indicators, some of which include: incurred claims ratio, claims rejection ratio, renewal ratio and poverty outreach. The principles and indicators presented in this report are a first draft and will evolve through further field-testing and feedback.