Improving Client Value from Microinsurance: Insights from India, Kenya and the Philippines (Briefing Note)
This briefing note presents results from an analysis of 15 microinsurance schemes in India, Kenya and the Philippines using the ILO Microinsurance Innovation Facility's client value assessment tool called PACE (Product, Access, Cost and Experience). PACE looks at the added value for clients of insurance products by comparing the products to each other and to alternative means of protection from similar risks.
PACE helps practitioners develop a better value proposition for clients. It provides an initial assessment of the product and processes and aims to provide actionable insights for practitioners. It can help instil a client-centred approach to microinsurance and can inform the design of more rigorous studies or policy debates. This briefing note highlights the following three uses of PACE:
- Identifying opportunities to increase client value;
- Conducting competitor analysis at the country level;
- Balancing client value and strategic business choices.
The paper concludes that a competitive environment and market orientation can lead to improvements in the ongoing value creation process. Enhancements are small adjustments that make a significant difference for low-income consumers. It recommends that client value should drive business viability.
Full paper can be accessed here.
