Improving credit life microinsurance
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Organización Internacional del Trabajo (OIT)
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| Natura: | Entrada de enciclopedia |
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International Labour Organization
2011
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| _version_ | 1874525026271625219 |
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| author | John Wipf Eamon Kelly Michael J. McCord |
| author_facet | John Wipf Eamon Kelly Michael J. McCord John Wipf Eamon Kelly Michael J. McCord |
| contents | Improving credit life microinsurance John Wipf Eamon Kelly Michael J. McCord Credit life cover - insurance that covers the outstanding principal and interest of a loan on the death of a borrower - is the logical starting point for organizations new to microinsurance. It is easy to introduce, simple for borrowers to understand, and seen by financial intermediaries as a support to their core business. Credit life can help create an understanding of microinsurance and expand demand by building an insurance culture. Unfortunately, credit life insurance is often designed poorly, providing little value to clients, and reinforcing a common negative attitude toward insurance. Thus, improving the value of credit life products may improve clients’ attitudes towards insurance, and in turn enhance demand. This paper reviews the structure of credit life products and benefits for borrowers, lenders and insurers. It measures the client value provided by a set of surveyed products, and proposes ways to expand products to provide greater value. The paper also investigates the operational issues that should be considered when providing expanded benefits. Microinsurance paper, no. 9, ILO publication.encyclopediaEntry |
| format | Entrada de enciclopedia |
| id | ilo_995328426502676 |
| institution | Organización Internacional del Trabajo (OIT) |
| publishDate | 2011 |
| publisher | International Labour Organization |
| spellingShingle | Improving credit life microinsurance John Wipf Eamon Kelly Michael J. McCord Improving credit life microinsurance John Wipf Eamon Kelly Michael J. McCord Credit life cover - insurance that covers the outstanding principal and interest of a loan on the death of a borrower - is the logical starting point for organizations new to microinsurance. It is easy to introduce, simple for borrowers to understand, and seen by financial intermediaries as a support to their core business. Credit life can help create an understanding of microinsurance and expand demand by building an insurance culture. Unfortunately, credit life insurance is often designed poorly, providing little value to clients, and reinforcing a common negative attitude toward insurance. Thus, improving the value of credit life products may improve clients’ attitudes towards insurance, and in turn enhance demand. This paper reviews the structure of credit life products and benefits for borrowers, lenders and insurers. It measures the client value provided by a set of surveyed products, and proposes ways to expand products to provide greater value. The paper also investigates the operational issues that should be considered when providing expanded benefits. Microinsurance paper, no. 9, ILO publication.encyclopediaEntry |
| title | Improving credit life microinsurance |
| url | https://researchrepository.ilo.org/esploro/outputs/encyclopediaEntry/Improving-credit-life-microinsurance/995328426502676 |