Microinsurance Product Pool - public Overview and assessment of Allianz microinsurance products
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Microinsurance
Product Pool
Overview and assessment
of Allianz microinsurance products
Allianz SE
Oct 2014
public
Introduction
This microinsurance product pool lists the microinsurance products of Allianz Group that
currently provide insurance cover to low-income people in emerging markets and
developing countries. Products launched since June 2013 which still have less than 1,000
inforce (active) policies are not included.
Two non-microinsurance products are included at the end to show why some Allianz
products are not considered microinsurance although they also serve low-income people.
This initiative supports the “Transparency” value of our Allianz microinsurance values:
Allianz Microinsurance Values1
Passion Quality Fairness Transparency
e.g. product pool
Information on each product is presented in three sections:
A. Product specifications Gives a high-level explanation how the product looks like
(distribution, benefits, pricing)
2
B. Product assessment Matches the product against the Allianz
microinsurance definition and assessment tool.
This includes
1. Knock-out criteria: “Can we call this product micro?”, and
2. Qualitative criteria: “How well does the product fulfill our
microinsurance values?”2
C. Product brochures where available
We will update this product pool every April/May and October as new microinsurance
products are launched and existing products are modified or taken off market. We try to list
products from the moment that over 1,000 inforce (active) policies are first reached until the
last policy matures. However, there is no duty to update (see disclaimer).
Contact
Martin Hintz +49 89 3800-18401 Is this really the latest?
See our microinsurance website for the
© Allianz SE 2014
Microinsurance E-mail:
Allianz SE martin.hintz@allianz.com most recent reports and publications
1) To learn more about the Allianz microinsurance values please see our latest microinsurance business updates.
2) The product assessment shows how well the products is intended to serve low-income families in compliance with our
microinsurance values (“as planned”). It does not verify how products and distribution look on the ground (“as is”).
Example: Allianz may have produced product brochures although for various logistical reasons they do not reach the
insured. The assessment is also no indicator for actual business success. 2
Knock-out Qualitative criteria:
Overview1 criteria: "Can "How well aligned with our
we call it micro?" microinsurance values?"
A B C D 1 2 3 4 5 6 7
Insurance principles
Dev. Country or EM
Low-income focus
No subsidies >50%
Strong Risk Mgmt
Other benefits
Customers involved
Voluntary
Customer education
Product simplicity
Low transaction costs
Quality
rank Details
Product avg. on
# Country Company Name c1-c7 page
Allianz Family + + + +
1 Colombia
Colombia Term Life + -
+ + +
+ + 1.4 5
Allianz Home + + + +
2 Colombia
Colombia Business + -
+ + +
+ + 1.4 7
Allianz Life + + + +
3 Colombia
Colombia & Maternity + -
+ + +
+ + 1.4 9
Ivory Allianz Mobile + + + + +
4 Coast Africa Funeral + - -
+ + + +
1.4 11
Bajaj Life + + + + +
5 India
Allianz Life Savings + - -
+ + + +
1.3 15
Allianz Credit Life + + +
update 6 Indonesia
Life Plus + - + + +
+ +
1.3 17
Ivory Allianz Funeral + + + +
7 Coast Africa Insurance + - -
+
+
+ +
1.3 21
Allianz Scratch- + + +
8 Indonesia
General card PA2 - + -
+ + +
+ 1.1 25
Allianz Motorcycle + + +
9 Malaysia
General + PA2 + - -
+ +
- + 1.0 29
West + + +
10 Africa & Allianz Africa Credit Life + -
+
- -
+ +
1.0 33
Egypt
West + +
11 Africa
Allianz Africa Crop Index + -
+
- + + + 1.0 35
Savings- + +
12 Burkina Allianz Africa
Life + - - + -
+ +
0.9 39
Bajaj Allianz Cattle & + +
13 India
General Livestock + - - +
+
- + 0.9 41
Bajaj Allianz + +
14 India
General
PA Plus + -
+ +
- - + 0.9 43
© Allianz SE 2014
1) See our website for a full explanation of our assessment methodology
2) PA: Personal Accident
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success 3
Knock-out Qualitative criteria:
Overview1 criteria: "Can "How well aligned with our
we call it micro?" microinsurance values?"
A B C D 1 2 3 4 5 6 7
Insurance principles
Dev. Country or EM
Low-income focus
No subsidies >50%
Strong Risk Mgmt
Other benefits
Customers involved
Voluntary
Customer education
Product simplicity
Low transaction costs
Quality
rank Details
Product avg. on
# Country Company
Name c1-c7 page
Bajaj Group + +
15 India
Allianz Life Term Life + - - - +
+ +
0.9 45
Bajaj Allianz Personal +
16 India
General Accident + - -
+
- - + 0.6 47
Phased out products Knock-out Qualitative criteria:
Quality
since last update May 2014 criteria: "Can "How well aligned with our
rank
we call it micro?" microinsurance values?"
Product avg. Reason for
# Country Company Name A B C D 1 2 3 4 5 6 7 c1-c7 phase out
Distribution
Allianz PA2 & + + + + +
1 Colombia
Colombia Dental + +
-
+ + + +
1.6 contract
ended
Phased out
Mada- Allianz + + due to low
3 gascar Africa
Mobile PA2 - - -
+
-
+
+ 0.7 product
quality
Non-qualifying products Knock-out Qualitative criteria:
Quality
due to failing on criteria A - D criteria: "Can "How well aligned with our
rank Details
we call it micro?" microinsurance values?"
Product avg. on
# Country Company Name A B C D 1 2 3 4 5 6 7 c1-c7 page
not
1
Ivory
Coast
Allianz
Africa
Mobile
Savings micro
49
not
2 Malaysia
Allianz Life
+ General
Life & PA2 micro
53
Non-qualification means that a product has failed to meet any of the four basic criteria A – D of the Allianz
Group microinsurance definition, although they may still address needs of low-income people. Sample
© Allianz SE 2014
cases are shown here to better illustrate conditions under which this may happen.
1) See our website for a full explanation of our assessment methodology
2) PA: Personal Accident
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success 4
1. Colombia: Family Term Life
A. Product Specifications
Product name “Seguro de Vida” (Life Insurance)
(generic or marketing name)
Product type Term Life
(e.g. term life, endowment, motorcycle)
Company name Allianz Colombia
Country Colombia
Distribution partner type Microfinance Institution (MFI)
(e.g. MFIs, banks, coops, retailers)
Launch date 1 July 2012
(and stop date if any)
1-sentence product description Voluntary Group Term Life Insurance that provides life insurance cover
to the group’s members (and optional their partners) plus additional
funeral cover to the insured group members and up to 4 freely chosen
close relatives
Group or individual product Group
Voluntary opt-in, opt-out or Voluntary opt-in
compulsory
Covered risks & Death due to any cause of insured (i.e. group member and optional –
benefits / sum insured against additional premium – the partner): COP 3mn to COP 15mn
depending on chosen premium plan (~ USD 1,600 to 8,000)
Funeral benefit to member and 4 freely chosen close relatives (which
can include the partner): up to maximum COP 3mn (~ USD 1,600) for
all premium plans. Benefit expires after 2 death cases
Maximum sum assured per person: COP 30mn (~ USD 16,000), e.g. if
a client has multiple policies of this product
Premium range Minimum COP 9,960 per month (~ USD 5.50) for minimum benefits for
(min, max) single insured and 4 relatives
Maximum COP 42,068 per month (~ USD 23.00) for maximum benefits
for insured, partner and 4 relatives
Avg. premium / year COP 122,880 (USD ~ 68.00)
(annualize if necessary)
Other comments The product is only available to active clients of the MFI, i.e. those who
have an active credit and/or savings account with that MFI
90 days waiting period for minor pre-existing conditions
180 days waiting period for major pre-existing conditions (e.g. cancer)
and suicide
© Allianz SE 2014
>> back to Overview 5
1. Colombia: Family Term Life
B. Product Assessment1
Product: Seguro de Vida Ranking2 Rationale / Comments
A Insurance principles applied Fully applied
Developing country or emerging Colombia is an emerging market according to S&P
B
market
and a developing country according to World Bank
The MFI distributor targets low-income families, i.e. strata
Great majority of insured people
1 - 3 of the 6-step Colombian socioeconomic stratification.
C or assets from low-income This can also be seen by the low maximum loan amount of
segment
their micro-credit segment of COP 2.3mn (~ USD 1,300)
No government subsidies of
D
more than 50%
No government subsidies
The product protects several family members against death
Significant contribution to risk which is a significant risk. Coverage includes pre-existing
1
management of end customers
++ conditions which allows for the inclusion of more vulnerable
people (subject to waiting periods).
End-customer receives other
2 tangible benefits (e.g. discounts, - None
lottery etc.)
Workshops were done by the MFI in selected branches to
End-customers involved in garner input for the product design, especially as previous
3
product development
++ life insurance offers had not found wide acceptance among
customers
Voluntary opt-in (++),
4 voluntary opt-out (+) ++ Fully voluntary for existing customers of the MFI
or compulsory (-)
Simple brochures are provided, and – because many
customers are not fully literate - the bank’s staff also gives
Customer education and
5
feedback mechanisms in place
++ verbal explanations. Customers receive insurance
certificates, have access to a 24/7 hotline and to a special
claim help desk
Simple product without health declaration. Several plan
Simple product specifications
options exist, so the distinction of which family member has
6 (e.g. pre-underwritten, few + what level of coverage takes time to understand. Certain
exclusions)
waiting periods and exclusions exist.
Monthly batch processing from MFI to insurer, sales are
Strong measures to ensure low done complementary on top of other products (credit,
7
transaction costs
+ savings). A claim help desk and a bank agent help desk
achieve streamlining of the service processes
Overall ranking3 1.4
© Allianz SE 2014
C. Product Brochure: not available
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 6
2. Colombia: Home Business
A. Product Specifications
Product name “Seguro de Hogar” (Home insurance)
(generic or marketing name)
Product type Property
(e.g. term life, endowment, motorcycle)
Company name Allianz Colombia
Country Colombia
Distribution partner type Microfinance Institution (MFI)
(e.g. MFIs, banks, coops, retailers)
Launch date 1 July 2012
(and stop date if any)
1-sentence product description Voluntary Group Property insurance that covers private homes,
including those used for home-based business, against damage to the
building and its content arising from various risks such as fire,
lightening, flooding, windstorm, civil commotion etc.
Group or individual product Group
Voluntary opt-in, opt-out or Voluntary opt-in
compulsory
Covered risks & Costs of repair or replacement (but not improvement) of home and
benefits / sum insured home content damages due to below risks are covered as follows for
Plan 1/Plan 2 respectively
A: Fire, lightening, explosion, windstorm (incl. related rains and floods),
falling trees, falling aircraft and vehicle crashes: up to COP 20mn/15mn
(~ USD 11,000/8,000)
B: Water damage, flooding, avalanche and landslides: up to COP
5mn/3mn (~ USD 2,500/1,600)
C: Violent strikes, civil commotion and malicious acts by 3rd parties: up
to COP 10mn/7.5mn (~ USD 5,000/ 4,000)
D: Actions to contain damage, actions of public authorities and debris
removal: up to COP 2mn/1.5mn (~ USD 1,100/800)
Max. sum insured from all risks per home over the entire life of the
policy is COP 20mn (~ USD 11,000), i.e. should the accumulated
damages exceed that amount, the excess is not covered and coverage
will end
Premium range Minimum (Plan 2): COP 4,995 (~ USD 2.75) per month
(min, max) Maximum (Plan 1): COP 6,660 (~ USD 3.60) per month
Avg. premium / year COP 67,200 (~ USD 37.00)
(annualize if necessary)
Other comments The product is only available to active clients of the MFI, i.e. those who
have an active credit and/or savings account with that MFI
© Allianz SE 2014
Earthquake risk is not covered, as this is not considered important by
customers and would significantly increase the premium
A deductible of 10% applies to risks B and C above; risks A and D do
not have a deductible
>> back to Overview 7
2. Colombia: Home Business
B. Product Assessment1
Product: Seguro de Hogar Ranking2 Rationale / Comments
A Insurance principles applied Fully applied
Developing country or emerging Colombia is an emerging market according to S&P
B
market
and a developing country according to World Bank
The MFI distributor targets low-income families, i.e. strata
Great majority of insured people
1 - 3 of the 6-step Colombian socioeconomic stratification.
C or assets from low-income This can also be seen by the low maximum loan amount of
segment
their micro-credit segment of COP 2.3mn (~ USD 1,300)
No government subsidies of
D
more than 50%
No government subsidies
Several serious risks to home property are covered. The
Significant contribution to risk sums insured are high enough to allow micro-
1
management of end customers
++ entrepreneurs to quickly get back on their feet and resume
their home-run businesses after a claim.
End-customer receives other
2 tangible benefits (e.g. discounts, - None
lottery etc.)
The product was developed based on strong customer
End-customers involved in demand to cater to the insurance needs of small
3
product development
++ entrepreneurs that borrow from the MFI and often run their
business out of their private homes
Voluntary opt-in (++),
4 voluntary opt-out (+) ++ Fully voluntary for existing customers of the MFI
or compulsory (-)
Simple brochures are provided, and – because many
customers are not fully literate - the bank’s staff also gives
Customer education and
5
feedback mechanisms in place
++ verbal explanations. Customers receive insurance
certificates, have access to a 24/7 hotline and to a special
claim help desk
For a property product, design and policy wording are kept
Simple product specifications
relatively simple, with only 2 available coverage plans. Still,
6 (e.g. pre-underwritten, few + time is needed to explain the exact covered risks, the
exclusions)
deductibles and the claim procedure.
Monthly batch processing from MFI to insurer. No on-site
Strong measures to ensure low claim inspection needed. A claim help desk and a bank
7
transaction costs
+ agent help desk achieve streamlining of the service
processes
Overall ranking3 1.4
© Allianz SE 2014
C. Product Brochure: not available
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 8
3. Colombia: Life & Maternity
A. Product Specifications
Product name “Voy Seguro” (I go safely)
(generic or marketing name)
Product type Term Life
(e.g. term life, endowment, motorcycle)
Company name Allianz Colombia
Country Colombia
Distribution partner type Microfinance Institution (MFI)
(e.g. MFIs, banks, coops, retailers)
Launch date 1 November 2012
(and stop date if any)
1-sentence product description Voluntary Group Term Life Insurance that also provides maternity
benefits to the insured or partner during pregnancy and after birth
Group or individual product Group
Voluntary opt-in, opt-out or Voluntary opt-in
compulsory
Covered risks & Death of the insured due to any cause: COP 4mn basic life benefit +
benefits / sum insured COP 600k for food basket + COP 500k funeral assistance, i.e. total
death benefits of COP 5.1mn (~ USD 2,800)
Maternity benefits for insured or partner: COP 400k at 6 months into
pregnancy and COP 200k after birth, i.e. total maternity benefits of COP
600k (~ USD 330)
Maximum sum assured per person: COP 32mn (~ USD 18,000), e.g. if
a client holds multiple policies of this product
Premium range COP 4,990 per month (~ USD 2.75)
(min, max) One standard plan only; no other premium and benefit options
Avg. premium / year COP 59,880 (~ USD 33.00)
(annualize if necessary)
Other comments The product is only available to active micro-loan clients of the MFI (the
MFI offers no savings services)
The food basket and funeral assistance benefits are usually paid out as
a cash lump sum together with the basic life insurance benefit
90 days waiting period for pregnancy and minor pre-existing conditions
180 days waiting period for major pre-existing conditions (e.g. cancer)
and suicide
© Allianz SE 2014
>> back to Overview 9
3. Colombia: Life & Maternity
B. Product Assessment1
Product: Voy Seguro Ranking2 Rationale / Comments
A Insurance principles applied Fully applied
Developing country or emerging Colombia is an emerging market according to S&P and a
B
market
developing country according to World Bank
The MFI distributor targets low-income families, i.e. strata
Great majority of insured people
1 - 3 of the 6-step Colombian socioeconomic stratification.
C or assets from low-income This can also be seen by the low average loan amount of
segment
their borrowers of COP 2mn (~ USD 1,100)
No government subsidies of
D
more than 50%
No government subsidies
Death is a significant risk and coverage includes pre-
Significant contribution to risk existing conditions (subject to waiting periods). Moreover,
1
management of end customers
++ maternity expenses are a very frequent risk even if the
related policy benefits are not high.
End-customer receives other
2 tangible benefits (e.g. discounts, - None
lottery etc.)
Focus Group Discussions with the MFI customers have
strongly influenced the product, for example that the larger
End-customers involved in
3
product development
++ part of the maternity benefits is already paid out at 6
months pregnancy. This allows the expectant mothers to
prepare in time for the delivery and post-natal phase.
Voluntary opt-in (++),
voluntary opt-out (+) Fully voluntary option that can be added to the MFIs credit
4 ++ offering
or compulsory (-)
Customers receive verbal explanations from the bank’s
Customer education and staff. Brochures are not used as customers are often semi-
5
feedback mechanisms in place
++ literate. Customers receive insurance certificates, have
access to a 24/7 hotline and to a special claim help desk
Simple product specifications Simple, easy to understand product design with only one
6 (e.g. pre-underwritten, few + available standard plan. No health declaration required.
exclusions) However, certain waiting periods and exclusions exist.
Monthly batch processing from MFI to insurer, sales are
Strong measures to ensure low done complementary on top of other products (credit,
7
transaction costs
+ savings). A claim help desk and a bank agent
help desk achieve streamlining of the service processes
Overall ranking3 1.4
© Allianz SE 2014
C. Product Brochure: not available
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 104. Ivory Coast: Mobile Funeral
A. Product Specifications
Product name “Allianz Obsèques”
(generic or marketing name)
Product type Term life insurance
(e.g. term life, endowment, motorcycle)
Company name Allianz Côte d’Ivoire Assurance Vie
Country Ivory Coast
Distribution partner type Telecommunication company
(e.g. MFIs, banks, coops, retailers)
Launch date 1 June 2012
(and stop date if any)
1-sentence product description Voluntary group life insurance for “mobile money” account holders
of the partnering telecommunication company; coverage includes
protection against death due to all causes and total permanent disability
Group or individual product Group
Voluntary opt-in, opt-out or Voluntary opt-in
compulsory
Covered risks & Natural death or total permanent disability:
benefits / sum insured FCFA 500,000 (~ USD 900)
Accidental death: FCFA 1,000,000 (~ USD 1,800)
Part of the death benefit (up to 100%) can be chosen as direct
payment to a designated funeral home to cover funeral expenses
(i.e. “in kind” benefit)
Premium range FCFA 8,000 (~ USD 14) for yearly or FCFA700 (~ USD 1.3)
(min, max) for monthly payment; premiums are automatically deducted
from “mobile money” account
Avg. premium / year FCFA 8,400 (~ USD 15), based on the fact that most insured
(annualize if necessary) choose the monthly premium payment option
Other comments Age limits are 21 to 65, with disability coverage expiring at age 61
Enrollment still happens by physical form filling at the telco’s outlets, but
premium payment is only possible through mobile money
Multiple enrollments are not allowed
© Allianz SE 2014
>> back to Overview 114. Ivory Coast: Mobile Funeral
B. Product Assessment1
Allianz
Product: Ranking2 Rationale / Comments
Obsèques
A Insurance principles applied Fully applied
Developing country or emerging Ivory Coast, after 10 years of civil war and a political crisis
B
market
in 2011, is more still very much a developing country
Great majority of insured people The vast majority of the population of Ivory Coast is low
C or assets from low-income income and the low sums insured also only appeal to low-
segment income segments
No government subsidies of
D
more than 50%
No government subsidies
Death is a significant risk for low-income families in Ivory
Significant contribution to risk Coast. Optional direct payment of a part of the benefit to
1
management of end customers
++ funeral homes helps to insure “proper” payout usage.
The “payout to annual premium ratio” of 60 is decent
End-customer receives other
2 tangible benefits (e.g. discounts, - None
lottery etc.)
End-customers involved in
3
product development
- No
Voluntary opt-in (++),
voluntary opt-out (+) Fully voluntary. Moreover, the monthly premium payment
4 ++ option allows for cash-flow friendly payment
or compulsory (-)
Customers receive a physical insurance certificate,
Customer education and
5
feedback mechanisms in place
++ additional information via SMS and have access to a 8/5
hotline of the insurer
Simple product specifications
Policy terms and exclusions are much simplified.
6 (e.g. pre-underwritten, few ++ No health underwriting and waiting period
exclusions)
Strong measures to ensure low Premium collection through auto-debit from “mobile money”
7
transaction costs
++ accounts is very efficient
Overall ranking3 1.4
© Allianz SE 2014
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 124. Ivory Coast: Mobile Funeral
C. Product Brochure
© Allianz SE 2014
Front
>> back to Overview 134. Ivory Coast: Mobile Funeral
C. Product Brochure
© Allianz SE 2014
Back
>> back to Overview 145. India: Life + Savings
A. Product Specifications
Product name Sarve Shakti Suraksha (SSS)
(generic or marketing name)
Product type 5-year term life insurance with systematic savings incorporated
(e.g. term life, endowment, motorcycle)
Company name Bajaj Allianz Life Insurance Company Limited
Country India
Distribution partner type Non-bank Microfinance Institutions (MFIs),
(e.g. MFIs, banks, coops, retailers) Regional Rural Banks, Banking Correspondents,
Customer Support Centers, Cooperatives
Launch date Launch date: April 2008
(and stop date if any) Stop date: effective August 2013, this product has been closed for the
issuance of new group policies, due to regulatory changes
New members could still enroll under existing group policies until latest
July 2014
Now completely closed for new business and phasing out over the
next 5 years until 2019
1-sentence product description A combination of term insurance and systematic savings benefits
designed to provide risk protection as well as alternative savings
opportunities
The product term is 5 years
Group or individual product Group Insurance
Voluntary opt-in, opt-out or Voluntary opt-in
compulsory
Covered risks & Sum Insured: Minimum INR 2500 (~ USD 50), no limit on maximum
benefits / sum insured coverage (Subject to underwriting limits)
Risks covered: Natural and accidental death + disability
Premium range Minimum INR 500 (~ USD 10) per annum
(min, max) no limit on maximum premium
Avg. premium / year INR 1,750 (~ USD 35)
(annualize if necessary)
Other comments The product has won numerous awards, including the Skoch Award for
Financial Inclusion 2011 & 2012
© Allianz SE 2014
>> back to Overview 155. India: Life + Savings
B. Product Assessment1
Sarve Shakti
Product: Ranking2 Rationale / Comments
Suraksha (SSS)
A Insurance principles applied Fully applied
Developing country or emerging India is an emerging market according to S&P
B
market and a developing country according to World Bank
Great majority of insured people
Majority of the premiums collected for this product
C or assets from low-income are under INR 2,000 (~ USD 40) per year
segment
No government subsidies of All premiums are paid by the customer.
D
more than 50% There is no premium subsidy
SSS offers life coverage and a savings feature but
Significant contribution to risk claims and especially savings balances are relatively
1
management of end customers
+ small, even for low-income Indians. Moreover, in case
of RBBs outstanding loan balances are deducted first
End-customer receives other
2 tangible benefits (e.g. discounts, - None
lottery etc.)
End-customers involved in
3
product development
- No
Voluntary opt-in (++), It is a voluntary opt-in. In some cases premium amounts
voluntary opt-out (+) are also bundled with the loan installments to make the
4 ++ product affordable. However, there is no compulsion
or compulsory (-)
from the distribution partner’s side at any point in time
Allianz hotline printed on every brochure and policy
Customer education and
5
feedback mechanisms in place
++ document. A systematic “Value for the Customer”
education initiative has been put in place, too
Simple product specifications Guaranteed issuance except where questions on
6 (e.g. pre-underwritten, few ++ the health declaration are marked as affirmative.
exclusions) Only exclusion: Suicide not covered in year 1
The delivery channel fully integrates the product
Strong measures to ensure low into existing business processes.
7
transaction costs
++ Collection is often aligned with loan repayment.
Other operational tasks are also outsourced
Overall ranking3 1.3
© Allianz SE 2014
C. Product Brochure: not available
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 166. Indonesia: Credit Life Plus (additional brochure added, see page 20)
A. Product Specifications
Product name Payung Keluarga (Family Umbrella)
(generic or marketing name)
Product type Term Life (attached to credit accounts), with riders
(e.g. term life, endowment, motorcycle)
Company name Allianz Indonesia
Country Indonesia
Distribution partner type Banks, MFIs
(e.g. MFIs, banks, coops, retailers)
Launch date 1 Sep 2006 for base product
(and stop date if any) 27 Nov 2013 for riders
1-sentence product description Compulsory group credit life coverage (conventional or takaful) with
flexible benefits and voluntary add-on riders
Group or individual product Group
Voluntary opt-in, opt-out or Compulsory for base product (with benefit package pre-configured by
compulsory MFI), and voluntary for add-on riders
Covered risks & Base Product:
benefits / sum insured Risk: Death of debtor and spouse (optional)
Benefit: Outstanding loan balance, or original loan amount
Additional “funeral” benefit of up to 2x original loan (optional)
Loans: IDR 0 – max. 200mn (~ USD 0 - 20,000)
Riders (since Dec-2013):
Personal Accident for accidental death and total or partial
permanent disability, with benefits of up to IDR 25,000,000
(~ USD 2,500) - pro-rated for partial disability
Home Insurance for fire; with relocation benefits up to IDR
5,000,000 (~ USD 500) and additional accidental death benefit
of up to IDR 5,000,000 (~ USD 500)
Hospital Cash; with daily lumpsum of up to IDR 250,000
(~ USD 25) from 1st day of hospitalization, for max. 180 days,
and max. IDR 2,500,000 (~ USD 250) of surgery benefits
Premium range Base Product:
(min, max) IDR 100 to 1mn (~ USD 0.1 – 110), depending on loan amount,
tenor & benefits
Riders (annualized premium, as coverage runs as long at the loans):
Personal Accident: IDR 8,000 – 20,000 (~ USD 0.8 – 2)
Home Insurance: IDR 5,000 – 30,000 (~ USD 0.5 – 3)
Hospital Cash: IDR 100,000 – 250,000 (~ USD 10 – 25)
Avg. premium / year Base Product: IDR 12,000 (~ USD 1.3)
(annualize if necessary) Riders: n.a.
© Allianz SE 2014
Other comments Base product is modular, with theoretically 54 different
benefit configurations for MFIs to choose from
Additional resources Case Study: How Allianz Indonesia reached over 1 million with
microinsurance (Allianz 2013)
>> back to Overview 176. Indonesia: Credit Life Plus
B. Product Assessment1
Payung
Product: Ranking2 Rationale / Comments
Keluarga
A Insurance principles applied Applied
Developing country or emerging Indonesia is an emerging market according to S&P
B
market and a developing country according to World Bank
Great majority of insured people 98% of insured loans are under IDR 5mn (~ USD 550).
C or assets from low-income This serves as a reliable proxy for „majority low income“
segment customers
No government subsidies of
D
more than 50% No government subsidies
Death of a breadwinner is a significant risk to low-income
families in Indonesia. Although most loans are covered for
Significant contribution to risk
1
management of end customers
++ the outstanding balance only, 20% of them also carry some
cash payout to the families. Voluntary riders add further
flexibility to customers to manage various other risks.
End-customer receives other
2 tangible benefits (e.g. discounts, - None
lottery etc.)
Extensive market research was done to understand the
End-customers involved in target market. Life risk was only the top4 identified
3
product development
+ customer risk. The voluntary hospital cash rider, though,
addresses the top1 identified customer risk of sickness.
Voluntary opt-in (++), The base credit life cover is compulsory for customers as
4 voluntary opt-out (+) + per the MFIs benefit configuration. However, the additional
or compulsory (-) riders can be taken by customers on voluntary basis.
Brochures are provided by some MFIs. Other MFIs
distribute member cards instead. MFI staff is also equipped
Customer education and
5
feedback mechanisms in place
+ with flip-charts to explain the product on the spot. Direct
helpline and Allianz address are not provided, except for
the rider products. No systematic feedback collection.
Simple product specifications Free coverage limit up to IDR 10mn (~ USD 1,100).
6 (e.g. pre-underwritten, few ++ Only 2 exclusions: Suicide and insurance related crime
exclusions) (+ age limit 17-60)
Product, distribution and collection are fully integrated
Strong measures to ensure low
7
transaction costs
++ with MFI micro loans, including for riders. Most of the data
entry and claims handling is also “outsourced” to the MFIs
© Allianz SE 2014
Overall ranking3 1.3
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 186. Indonesia: Credit Life Plus
C. Product Brochure – Compulory base product
Member Card as alternative to brochure
Front
Back
© Allianz SE 2014
>> back to Overview 196. Indonesia: Credit Life Plus
C. Product Brochure – Voluntary add-on riders (NEW)
© Allianz SE 2014
207. Ivory Coast: Funeral Insurance
A. Product Specifications
Product name Assurance Obséques (Funeral Insurance)
(generic or marketing name)
Product type Funeral Insurance
(e.g. term life, endowment, motorcycle)
Company name Allianz Ivory Coast
Country Ivory Coast
Distribution partner type Microfinance Institutions (MFIs)
(e.g. MFIs, banks, coops, retailers)
Launch date October 2009
(and stop date if any)
1-sentence product description Payment of a lump sum in case of death due to any cause, with variable
options (accidental death, education grant for children, family
coverage); exact offering may vary per MFI
Group or individual product Group
Voluntary opt-in, opt-out or Voluntary opt-in
compulsory
Covered risks & Death: lump sum from XOF 300,000 to 2,000,000 (~ USD 600 – 4,000),
benefits / sum insured depending on selected benefit plan
With some MFIs,
spouse, children, and parents can be selectively added to
coverage
the death benefit is doubled in case of accidental death
the insured can choose to have approx. 60% of the death
benefit paid directly to an undertaker
a supplementary education rider can be added, which provides
additional XOF 250,000 to 500,000 for 4 to 6 months as school
fees payment (depending upon chosen option)
Premium range From XOF 5,000 to 92,000 (~ USD 10 – 195) per year
(min, max) An additional XOF 1,000 (~ USD 2) one time subscription fee is
charged
Avg. premium / year XOF 22,000 (~ USD 45)
(annualize if necessary)
Other comments None
© Allianz SE 2014
>> back to Overview 217. Ivory Coast: Funeral Insurance
B. Product Assessment1
Assurance
Product: Ranking2 Rationale / Comments
Obséques
A Insurance principles applied Fully applied
Developing country or emerging Ivory Coast, after 10 years of civil war and a political crisis
B
market
in 2011, is more still very much a developing country
Great majority of insured people The customers of the MFI distribution partners are low-
C or assets from low-income medium segment, with at least 80% of the insured
segment belonging to the 60% of population with the lowest incomes
No government subsidies of
D
more than 50%
Premiums are not subsidized
Funerals are a significant expense in Ivory Coast, and the
product significantly contributes to covering these. Family
Significant contribution to risk
1
management of end customers
++ and parents can be covered as well at very competitive
pricing. The possibility to add an education rider gives
further options to customize the product to customer needs.
End-customer receives other No tangible other benefits. But with some MFIs the insured
2 tangible benefits (e.g. discounts, - has the option that part of the payout is paid to the
lottery etc.) undertaker to ensure a proper funeral, no matter what
End-customers involved in
3
product development
- No customer studies
Voluntary opt-in (++),
4 voluntary opt-out (+) ++ 100% voluntary
or compulsory (-)
Simple language brochures are provided. Some MFIs also
Customer education and
5
feedback mechanisms in place
+ give Allianz contact details on their brochures. No service
hotline and systematic collection of customer feedback.
Simple product specifications
Simple base product, with simple add-on options (e.g.
6 (e.g. pre-underwritten, few ++ education rider), no medical selection
exclusions)
The MFIs takes charge of distribution, subscription, data
Strong measures to ensure low
7
transaction costs
++ and premiums collection, and parts of the claims process.
This significantly lowers costs
Overall ranking3 1.3
© Allianz SE 2014
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 227. Ivory Coast: Funeral Insurance
C. Product Brochure – MFI1
Outside
© Allianz SE 2014
Inside
>> back to Overview 237. Ivory Coast: Funeral Insurance
C. Product Brochure – MFI2
Front
Back
© Allianz SE 2014
>> back to Overview 248. Indonesia: Scratch-Card Personal Accident
A. Product Specifications
Product name • Kartu ProteksiKU (“My Protection Card”)
(generic or marketing name)
Product type • Personal Accident
(e.g. term life, endowment, motorcycle)
Company name • Allianz General Indonesia
Country • Indonesia
Distribution partner type • MFIs (Micro Finance Institutions)
(e.g. MFIs, banks, coops, retailers)
Launch date • 2011 (for microinsurance channel: 1-Oct-2012)
(and stop date if any)
1-sentence product description • Personal Accident insurance in form of credit-card sized pre-paid
voucher; instant activation and coverage confirmation via SMS
Group or individual product • Individual
Voluntary opt-in, opt-out or • Voluntary opt-in
compulsory
Covered risks & • Death caused by accident: IDR 25mn (~ USD 2,750)
benefits / sum insured • Total permanent disability caused by accident: maximum IDR 25mn (~
USD 2,750) depending on degree of physical disability
Premium range • All vouchers cost IDR 27,500 (~ USD 3.0) and are valid for one year
(min, max)
Avg. premium / year • IDR 27,500 per year (~ USD 3.00)
(annualize if necessary)
Other comments • The product is also sold through other channels, e.g. tied agents.
However, this assessment focuses only on the microinsurance
segment, i.e. distribution through MFIs. Business figures are only
reported from this channel.
© Allianz SE 2014
>> back to Overview 258. Indonesia: Scratch-Card Personal Accident
B. Product Assessment1
Product: Kartu Proteksiku Ranking2 Rationale / Comments
A Insurance principles applied Fully applied
Developing country or emerging Indonesia is an emerging market according to S&P and a
B
market developing country according to World Bank
Product is distributed through MFIs that focus on low-
Great majority of insured people
income customers. As the product is voluntary, some
C or assets from low-income insured may actually be better off, but the majority can still
segment
be considered low-income in the Indonesian context.
No government subsidies of
D
more than 50% No government subsidies
Personal Accident sold to the general public, i.e. not to a
Significant contribution to risk special high risk group (e.g. construction workers), does
1
management of end customers
- not contribute significantly to risk management of low-
income people as the likelihood of a claim is very low
End-customer receives other The exceptionally high payout-to-premium ratio of 920/1
2 tangible benefits (e.g. discounts, + (USD 2,750 coverage for 3.00 premium) qualifies as a
lottery etc.) “tangible other benefit”.
End-customers involved in
3
product development
- No
Voluntary opt-in (++),
4 voluntary opt-out (+) ++ Fully voluntary
or compulsory (-)
Customer receives full policy wording as booklet and a
Customer education and
5
feedback mechanisms in place
++ handy insurance card to be put in wallet, including Allianz
service number and address.
Simple product specifications Simple product format (voucher), automatic acceptance via
6 (e.g. pre-underwritten, few ++ SMS with no exclusions except age limit. Booklet with full
exclusions) policy wording is a bit lengthy.
SMS activation and single premium payment minimize
Strong measures to ensure low
7
transaction costs
+ distribution and collection costs. Claim settlement is
traditional. No integrated IT system.
Overall ranking3 1.1
© Allianz SE 2014
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 268. Indonesia: Scratch-Card Personal Accident
C. Policy Document
Policy booklet (cover)
© Allianz SE 2014
Policy booklet (first inside page)
>> back to Overview 278. Indonesia: Scratch-Card Personal Accident
C. Policy Document
Insurance card (front)
© Allianz SE 2014
Insurance card (back)
>> back to Overview 289. Malaysia: Motorcycle + PA
A. Product Specifications
Product name Motorcycle & Personal Acccident
(generic or marketing name)
Product type Motorcycle & Personal Accident
(e.g. term life, endowment, motorcycle)
Company name Allianz General Malaysia
Country Malaysia
Distribution partner type Postal Service
(e.g. MFIs, banks, coops, retailers)
Launch date 1 July 2011
(and stop date if any)
1-sentence product description Motorcycle coverage for third-party liability and
(optional) loss and damage to due to accident
+ Personal Accident as semi-bundled extra offer
Group or individual product Individual
Voluntary opt-in, opt-out or Voluntary opt-in
compulsory
Covered risks & Motorcycle loss & damage: maximum current
benefits / sum insured market value of motorcycle
PA: Death due to accident: MYR 5,000 (~ USD 1,600)
PA: Total permanent diability or dismemberment:
MYR 5,000 (~ USD 1,600)
PA: Bereavement benefit: MYR 500 (~ USD 160)
Premium range for Motorcylce: n.a.; for PA: MYR 15 (~ USD 5) per year
(min, max)
Avg. premium / year For Motorcycle: MYR 100 (~ USD 33)
(annualize if necessary) For PA: MYR 15 (~ USD 5)
Other comments Motorcycle premiums vary per brand and engine volume
Product is also marketed by tied agents at different premiums
(excluded here)
Third-party liability cover is a statutory requirement for motorcycles in
Malaysia. Additional motorcycle cover and personal accident cover are
voluntary
© Allianz SE 2014
>> back to Overview 299. Malaysia: Motorcycle + PA
B. Product Assessment1
Motorcycle
Product: Ranking2 Rationale / Comments
& PA
A Insurance principles applied Applied
Developing country or emerging Malaysia is an emerging market according to S&P
B
market and a developing country according to World Bank
Great majority of insured people
Customer base of postal service is generally
C or assets from low-income low-income, especially for insurance sales
segment
No government subsidies of
D
more than 50% No government subsidies
Motorcycle coverage is comparable in importance to
Significant contribution to risk car coverage in developed markets. It is a statutory
1
management of end customers
++ requirement in Malaysia. PA is sensible for motorcyclist as
a high risk group
End-customer receives other
2 tangible benefits (e.g. discounts, - None
lottery etc.)
End-customers involved in
3
product development
- No
Voluntary opt-in (++), Several options to choose from: Third-Party liability only (a
4 voluntary opt-out (+) ++ statutory requirement), comprehensive (TPL + loss &
or compulsory (-) damage) and on-top Personal Accident cover
Brochures and policy documents are provided,
Customer education and
5
feedback mechanisms in place
++ including an Allianz customer service hotline. Coverage
is widely used and well known in Malaysia.
Simple product specifications Motorcycle policy wording is quite lenghty, the same
6 (e.g. pre-underwritten, few - as for all other distribution channels (e.g. tied agents),
exclusions) and the same as for car insurance
Distribution through low-cost Malaysian postal service
Strong measures to ensure low
7
transaction costs
+ allows somewhat lower distribution and operational
costs (e.g. vis-à-vis tied agents)
Overall ranking3 1.0
© Allianz SE 2014
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 309. Malaysia: Motorcycle + PA
C. Product Brochure
Outside
Personal Accident only. No brochure for Motorcycle component.
© Allianz SE 2014
>> back to Overview 319. Malaysia: Motorcycle + PA
C. Product Brochure
Inside
Personal Accident only. No brochure for Motorcycle component.
© Allianz SE 2014
>> back to Overview 3210. West Africa & Egypt: Credit Life
A. Product Specifications
Product name • Assurance Décès Emprunteur (Life Insurance for Entrepreneurs)
(generic or marketing name)
Product type • Term Life (attached to credit accounts)
(e.g. term life, endowment, motorcycle)
Company name • Allianz Africa and local subsidiaries
Country • Cameroon, Burkina Faso, Egypt, Ivory Coast, Madagascar, Senegal
Distribution partner type • Microfinance Institutions (MFIs)
(e.g. MFIs, banks, coops, retailers)
Launch date • 13-Jan-2008
(and stop date if any)
1-sentence product description • In case of death of the loan taker due to all causes or in case of total
permanent disability of the loan taker due to accident, Allianz repays
100% of the initial loan amount
Group or individual product • Group
Voluntary opt-in, opt-out or • Compulsory
compulsory
Covered risks & • Death of the loan taker due to all causes
benefits / sum insured • Death of spouse (as voluntary add-on, Senegal only)
• Total permanent disability of the loan taker due to accident (medically
certified)
• Sum Insured: 100% of the initial loan amount from which:
• The MFI receives the outstanding loan balance
• The micro-entrepreneur’s family receives the difference
between the initial loan amount and the outstanding loan
balance
Premium range • Avg. 0.6% of loan amount (depending on risk characteristics of the
(min, max) insured group)
Avg. premium / year • USD 3 per loan
(annualize if necessary) • loans run for an average of 12 months with an avg. loan size USD 540
Other comments • Developed and distributed in cooperation with
Planet Guarantee (except Cameroon and
Ivory Coast)
© Allianz SE 2014
>> back to Overview 3310. West Africa & Egypt: Credit Life
B. Product Assessment1
Assurance Décès
Product: Ranking2 Rationale / Comments
Emprunteur
A Insurance principles applied Applied
Burkina Faso, Cameroon, Egypt, Ivory Coast, Madagascar
Developing country or emerging
B
market and Senegal are all developing countries according to
World Bank
The vast majority of insured are low income micro-
Great majority of insured people
entrepreneurs. This can be seen from their average loan
C or assets from low-income size of USD 540 (data from Cameroon and Ivory Coast not
segment
included)
No government subsidies of
D
more than 50% No government subsidies
Death is a significant risk and there is a direct payout to the
Significant contribution to risk family (after deduction of the loan balance). Coverage of
1
management of end customers
+ HIV+ or diabetic entrepreneurs facilitates their access to
credit. Accidental disability risk is less significant
End-customer receives other
2 tangible benefits (e.g. discounts, - None
lottery etc.)
A market and demand study was done. Product design and
End-customers involved in
3
product development
++ education materials were pilot tested with micro-
entrepreneurs
Voluntary opt-in (++),
voluntary opt-out (+) The product is compulsory for the credits of all MFI
4 - partners
or compulsory (-)
The MFI’s credit officers are trained to orally explain the
Customer education and product to their clients, but no local language material for
5
feedback mechanisms in place
- the customer. Regular exchange on customer complaints
between MFIs and the broker (Planet Guarantee)
Simple product specifications No pre-underwriting. Only 3 exclusions (suicide, radiation,
6 (e.g. pre-underwritten, few ++ war). No medical exclusions. Simplified disability definition
exclusions) and easy claims documentation
The mandatory underwriting-free group insurance
Strong measures to ensure low approach lowers transaction costs. Most processes are
7
transaction costs
++ outsourced to the MFIs and the broker (Planet Guarantee)
which operate on lower costs than Allianz
Overall ranking3 1.0
© Allianz SE 2014
C. Product Brochure: not available
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 3411. West Africa: Crop Index
A. Product Specifications
Product name Assurance Récolte Sahel (Sahel Harvest Insurance)
(generic or marketing name)
Product type Index insurance
(e.g. term life, endowment, motorcycle)
Company name Allianz Africa and local subsidiaries
Country Burkina Faso and Mali
Distribution partner type Microfinance Institutions (MFIs), banks, agricultural cooperatives and
(e.g. MFIs, banks, coops, retailers) agro-dealer networks
Launch date 1 June 2011
(and stop date if any)
1-sentence product description Covers outstanding loans of smallholder farmers; claims are triggered
automatically if the rainfall is insufficient for proper growth of the
farmers’ crops (corn or cotton)
Group or individual product Group
Voluntary opt-in, opt-out or Compulsory
compulsory
Covered risks & If evapotranspiration index1 below 54 – 58% (depending on crop and
benefits / sum insured region), i.e. total crop failure: Full coverage of outstanding loan amount
If evapotranspiration index* between approx 65% and 54 – 58%, i.e.
partial crop failure: Partial coverage of outstanding loan amount
Premium range 10 – 12% of loan amount, depending on crop and region
(min, max)
Avg. premium / year USD 27 per loan; avg. loan size is USD 235 (avg. loan duration: 3.5
(annualize if necessary) months)
Annualization not applicable because planting season only lasts 3.5
months
Other comments Only sold in a 4 - 6 weeks sales window before planting season
Expansion to more markets and crops types is planned
100% of the risk is reinsured by international reinsurance partners
Developed and distributed in cooperation with
Planet Guarantee
© Allianz SE 2014
1) Evapotranspiration is the sum of evaporation of water from plants and soil.
This index is independently measured by third parties using satellite data. >> back to Overview 3511. West Africa: Crop Index
B. Product Assessment1
Assurance Récolte
Product: Ranking2 Rationale / Comments
Sahel
Applied. The risk of insufficient rainfall in the insured areas
A Insurance principles applied is high. This is why the premium rate is also relatively high
at around 10-12%
Developing country or emerging Burkina Faso, Mali and Senegal are developing countries
B
market according to World Bank
Great majority of insured people The vast majority of insured are low income farmers. This
C or assets from low-income can be seen from their small farm sizes (avg. 1.3 ha) and
segment their low avg. loan size of USD 235
No government subsidies. However, an initial grant by
No government subsidies of
D
more than 50% AGRA (Alliance for a Green Revolution in Africa) helped
with product development and piloting
Low rainfall is a great risk for farmers. Outstanding loans
Significant contribution to risk
1
management of end customers
++ are hard to repay when harvests fail. The product
addresses this and eases access to credit
End-customer receives other
2 tangible benefits (e.g. discounts, - None
lottery etc.)
Extensive market and demand study before product
End-customers involved in
3
product development
++ development. Product and education materials were pilot
tested with a small number of farmers.
Voluntary opt-in (++), Although the product can be offered on a voluntary basis,
4 voluntary opt-out (+) - virtually all current distribution partners have made
or compulsory (-) coverage mandatory for their agro-loans
Intensive training of distribution channels and their field
Customer education and representatives. Raising of awareness through posters,
5
feedback mechanisms in place
+ radio, film. However, no access to a hotline or systematic
feedback mechanism
No underwriting and no exclusions. Conceptually, the index
Simple product specifications
is straightforward. But the exact technical definition and
6 (e.g. pre-underwritten, few + measurement method is complex. The product therefore
exclusions)
requires in-depth explanation
The (mandatory) group insurance approach lowers
transaction costs. The claims process is simplified by the
Strong measures to ensure low
7
transaction costs
+ index as it allows automatic triggering of claims.
Reinsurance coverage is essential and needs to be
administered
© Allianz SE 2014
Overall ranking3 1.0
1) See our website for a full explanation of our assessment methodology
2) For knock-out criteria A-D: or ; for criteria 1 – 7: “-” (0), “+” (1) or “++” (2)
3) Average of criteria 1 – 7. Minimum 0.0, maximum 2.0.
Note: A high ranking is only an indicator for compliance with Allianz’
microinsurance values, not an indicator for actual business success >> back to Overview 3611. West Africa: Crop Index
C. Product Brochure
© Allianz SE 2014
Flyer examples
>> back to Overview 3711. West Africa: Crop Index
C. Product Brochure
Inside
Personal Accident only. No brochure for Motorcycle component.
© Allianz SE 2014
Product brochure from Mali
>> back to Overview 38You can also read
