Financial Literacy Roadshow: A vehicle for stakeholder-tailored education in Inclusive Risk Protection

Transcription

1 9 th International Microinsurance Conference November / Jakarta, Indonesia Financial Literacy Roadshow: A vehicle for stakeholder-tailored education in Inclusive Risk Protection Dr. Antonis Malagardis, Program Director GIZ - RFPI Asia program (Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia) Page 1

2 Outline Roadmap to Financial Literacy on Microinsurance (MI) - a public-private sector collaboration A 9-stakeholder approach Implementing the roadmap Financial Literacy roadshows Key advocacy messages Roles of advocates Feedback from the advocates Case examples institutionalization of MI literacy Page 2

3 From literacy to advocacy Financial Literacy is educating, not marketing Advocacy is convincing, not selling Page 3

4 Roadmap to Financial Literacy on MI Drafted jointly by the Department of Finance, Insurance Commission and the associations of insurance companies, MBAs, cooperative insurance societies and financial intermediaries, development organizations and other stakeholders. Launched in Jan 2011 which aims to: help the low-income sector protect their financial assets and manage their resources for risk and social protection. build capacities of stakeholders become proactive in the provision and promotion of Microinsurance. Page 4

5 The 9-stakeholder approach The ADVOCACY: building the capacities of stakeholders to become proactive in the provision and promotion of Microinsurance Page 5

6 Implementing the roadmap Developed the modules and tools. 2. Trained Speakers Bureau (master trainers) on Microinsurance from different stakeholders. 3. Conducted Financial literacy roadshows nationwide. Page 6

7 brochures poster Flipchart Videos, jingle Advocacy tools Page 7

8 Financial literacy roadshows (4 days program) 1. Training of MI Advocates (TOMA) from different stakeholders. 2. Public seminar on MI. 3. Microinsurance information exhibits from insurance providers and intermediaries. 4. Press conferences Page 8

9 MI advocacy messages to stakeholders For Government Agencies For Insurance providers Page 9

10 MI advocacy messages to stakeholders For Donors/Devt. Agencies For Clients Page 10

11 Roles of Microinsurance advocates 1. Organize trainings, seminars, meetings and other venues to communicate the importance of Microinsurance and key messages to superiors, colleagues, friends and partners. 2. Initiate call to actions in respective organizations by institutionalizing Microinsurance activities in projects and programs (examples: literacy campaign, product development, issuance of circulars, set up help/information desks, research) Page 11

12 TOMA graduates use of learning Shared info with family and friends Conducted microinsurance training Asked for activity advice from other MI stakeholders Shared info with work colleagues and networks Created MI communication materials Have not used TOMA learning Page 12

13 Institutionalization of MI literacy National Government Agency Overseas Workers Welfare Administration (OWWA)/ Commission on Filipinos Overseas (CFO) Integration of Microinsurance topic in the Pre-departure Orientation Seminar (PDOs) of departing overseas Filipino Workers Microinsurance is included as one of the modules in the seminar that is mandatory to be completed by all departing Overseas Filipino Workers (OFWs). Page 13

14 Institutionalization of MI literacy Local Government Unit Quezon City Local Government Unit (LGU) Provision of Microinsurance to temporary labour The LGU passed a city ordinance providing additional insurance coverage to temporary employees such as the street sweepers, village peace-keepers and health workers. Page 14

15 Institutionalization of MI literacy Support Institution Insurance Institute for Asia and the Pacific (IIAP) Microinsurance seminar as a regular course offering IIAP is conducting a regular 2-day seminar on Microinsurance. Participants are staff of commercial insurance companies, agents and insurance stakeholders from other countries. Page 15

16 Institutionalization of MI literacy Insurance Intermediary Cebuana Lhuillier Insurance Solutions (CLIS) Microinsurance on Wheels (MoWs) CLIS is using MoWs to promote Microinsurance in hard-to-reach villages. Each MoW is equipped with audio-visual and Microinsurance videos. CLIS also promotes Microinsurance in TVs and radios. Page 16

17 Lessons learned A unified perspective towards insuring the low-income sector is required to shorten the gap between the public and private sectors. A stakeholder-tailored approach supports financial inclusion in design and content delivery, educating each distinct stakeholder group on their roles and opportunities in promoting microinsurance. A Fin Lit roadshow is an evolving strategy, whereby each roadshow is an opportunity to discover lessons for quality management of all involved. Such an initiative can be replicated by any country in line with its policy and regulatory environment and current or planned activities on microinsurance education. Page 17

18 Thank you Contact us: Page 18