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Risks and insurance literacy -- FASECOLDA

 
Country of Operation: Colombia
Region: Latin America and the Caribbean
Sub Topics: Country experience, Consumer protection, Partnerships, Consumer education, Impact
 

Organizational Overview

FUNDASEG is the foundation of the Colombian insurance federation while FASECOLDA is a non profit organisation with 30 years of experience. The foundation has a social mission to overcome poverty in Colombia through education programmes directed at low-income people. FUNDASEG promotes and encourages the Colombian insurance sector to commit to the poorest sections of society. Its activities focus on developing skills and abilities in these communities through literacy and financial literacy programmes to allow low-income populations to improve their livelihoods and overcome poverty.

 

Activities Overview

In early 2009, Fasecolda, the Colombian Insurance Association, took the lead in implementing a risk and insurance literacy programme for adults. The programme was affiliated with cooperatives, insurance companies, microfinance organisations, banks, utilities and state-run social programmes. Fasecolda’s role is to centralise efforts and investments of companies within the sector to ensure that education programmes meet with quality standards and to convey a unified and homogenous message that is stronger and easier for the population to remember. Each company is then able to make additional efforts, which may give them a competitive advantage through offering added value to their clients.

Fasecolda’s role was institutionalised with the enactment of Law 1328 of 2009 that requires financial institutions to educate their clients or potential clients. As a result of this law, the professional association strategy met with regulatory support, allowing it to be expanded and ensuring its financial sustainability. The regulatory framework was designed to create economies of scale by designing and monitoring education programmes through a centralised system.  It also makes it easier for companies to fulfil their customer education requirements. The repetition of messages through a variety of channels helps audiences to become familiar with the subject and internalise what they learn. Furthermore, a single strategy for all companies allows greater outreach and impact.

Through this public-private partnership, Fasecolda aims to improve household’s risk awareness by delivering financial education through workshop-based interventions and radio programmes. Both projects give information on the risks faced by individuals, ways to respond to each of these events, the insurance services on offer, and the basic terms and concepts that should be understood about insurance products.

To improve the outreach of programmes, Fasecolda decided to assess the effectiveness of two approaches in changing the knowledge and behaviour of those treated. These results can be compared through a cost benefit analysis, in order to choose the best method in terms of outreach, impact and costs. Effectiveness was defined not only as delivering quality training to a larger number of people, but also as successfully promoting changes in perceptions and behaviour towards risk.

The project can be divided into four phases: the first is the research and development phase, in which Fasecolda identified mass media methods that best suit the profile of the target population and its own capacity; during the second phase the training materials were developed; in the third phase the key measurement indicators were selected; in the last stage the evaluation was performed to measure the impact and sustainability of both methods.

Beneficiaries

In Colombia, 21 million people are living in poverty. These individuals have a far greater exposure to risk. When risks occur, informal credit remains the most commonly used method to cover the damage and related expense. The majority of low-income people are not aware of the range of available financial options that can be used to cope with emergencies. FUNDASEG's risks and insurance literacy programme targets low-income adults, preferably affiliated with cooperatives, NGOs, microfinance organisations, banks, public services or state-run social programmes. The intention is to link insurance companies offering microinsurance to these institutions so as to better meet the protection needs of low-income households. It is estimated that the programme will train 27,000 people through workshops, while through mass media (videos and printed media) it could reach 300,000 people.

 

Learning Agenda

The project seeks, at the outset, to answer the following questions:

  • Is financial education in risk and insurance an appropriate intervention, does it respond to both a need and a demand?
  • What are the benefits of financial education for the various actors involved in the programme?
  • Is the content of the risk and insurance literacy programme appropriate and sufficient?
  • Does the programme bring about changes in behaviour and perceptions of beneficiaries regarding risk and insurance? How can these changes be measured?
  • Which approach, or combination of approaches, is the most efficient way to deliver financial education? What are the pros and cons of each approach for changing behaviours?
  • Does the sustainability of an education programme necessarily depend on an alliance with the public sector? What alternatives could there be?

Latest Updates

Key Performance Indicators

Project Updates

As of October 2010

Fasecolda collected background data regarding the media preferences of the population and examined audience studies to identify mass media reach in Colombia. The association collected and analysed existing literature on international experiences of financial education programmes delivered through mass media. The idea was to understand the characteristics of each mass media method (TV and radio), identify the length, frequency and methodology to broadcast literacy programs, and perform a cost benefit analysis so as to identify the best channel to deliver financial education. The result of this work is an assessment report on mass media channels for consumer education.

Based on the literature review, the data and analysis provided by Colombian media analysts, the cost-benefit analysis, and the SWOT analysis, radio appeared more promising than television. At the same time, Fasecolda analysed a variety of risk management products in the market and assessed the current uptake of microinsurance products.

Once the decision had been made to focus on radio, Fasecolda started to work with a communication agency and a radio broadcaster to define the campaign strategy and produce the financial education programme in a series of 36 episodes.

The scripts of the radio programme, Viva Seguro, were created by the Fasecolda education programme director as well as by the directors of each insurance branch, in order to guarantee quality and coherence in the topics taught. The structure, discussed between radio experts and Fasecolda’s staff, was as follows:

In parallel, Fasecolda looked for the right methodology to monitor the impact of the radio programme. It identified several methods and analysed the purpose, implementation, costs and quality of the results of each approach. Originally, Fasecolda wanted to use a qualitative methodology, but the option was eventually discarded. A quantitative analysis was preferred to make it possible to generalize the results.

As of May 2011

Fasecolda signed a partnership with the ‘Universidad de los Andes’ and its research centre CEDE to develop a research framework to assess the effectiveness of the financial education campaign. The design is based on quantitative evaluation with an experimental methodology for the radio component and the workshops.

In order to set up the evaluation programme for the radio campaign, CEDE proposed a strategy in which listeners from two different radio stations would be randomly selected either to be part of the treatment group or of the control group. To attract people to the evaluation programme, Fasecolda provided incentives in the form of raffles, which were actively promoted through spots on selected radio stations. A total of US$ 2,000 was raffled in each radio station, among listeners who signed up to the contest before the radio campaign was broadcast. Daily prizes of US$ 15 and a jackpot of US$ 1,500, people were encouraged to participate in the research programme.

CEDE then began implementing the research framework, developing questionnaires, and identifying measurement indicators and variables. The campaign’s impact was assessed through changes in knowledge, attitude, skills and behaviour. These changes were to be monitored 6-12 months after the campaign.

As of August 2012

Fasecolda carried out the financial education programme, broadcasting the radio programme in six cities in Colombia and holding workshops in four different regions. The radio programmes were scheduled in the morning when listenership is at its peak. Workshops were held over two days as a module within training programmes unrelated to finance or insurance (topics included sewing, vehicle mechanics, etc.).

The questionnaires were developed and piloted before the base line survey was implemented. The impact evaluation of the workshops and radio programmes were to take place in Bogotá. However, due to the difficulty of consolidating a large sample there, the assessment of the radio component was extended to two other cities in Colombia, Barranquilla and Pereira. Base line results of the radio campaign indicated that most of the listeners were part of low income families (confirming the choice of the radio broadcaster), that knowledge of basic insurance concepts was poor, and that perception of vulnerability to risks was low. Preliminary results of the impact evaluation for radio indicated that there was a significant change in knowledge among those who listened to the radio programme compared to those who did not.

As of December 2013

From June 2010 to December 2013, the financial education programme was implemented through various channels with the objective of fostering greater understanding of insurance, and thus promoting more informed decision making. The results of the implementation are: 

Channel

Results

June 2010 - December 2013

Population trained in workshops

14,874

Website Viva Seguro

55,453 visitors

Banner and other pages (RCN - Publimetro - El Tiempo)

800,000 prints

Banner Google

23,099 clicks

Facebook

396 fans

Twitter

194 followers

45 minutes radio programme

290,000 listeners

One minute radio spots

1,450,490 listeners

Posts in press

2,000,000

Printing of booklets Insurance (12 types of insurance)

5,000

Comic booklet or insurance guide

12,000

Flyers (24 references)

7,680

The final results of the impact evaluation led to the conclusion that people who participated in both the radio programme and the workshops increased their ability to identify the number of risks to which they felt vulnerable. Similarly, those who participated in both channels better understood risk management strategies and the use of insurance.

However, there was no real improvement in the attitude of the participants towards insurance for either channel, and their inclination to manage their risks through insurance did not increase. In short, the impact evaluation did not offer substantial evidence that the financial education programme leads to significant changes in the behaviour of people.

Initially, the financial education programme aimed to achieve changes in understanding, attitudes and behaviour of participants. However, the results indicated that changes were achieved in understanding, and to a lesser extent in attitudes and behaviours.

Given these results, Fasecolda decided to further investigate why attitudes didn’t change before implementing further campaigns on radio or other media. To achieve this, Fasecolda worked with an expert in cultural interventions on a product including a diagnosis and design and implementation of educational activities based on a civic culture approach. Fasecolda hoped that this would ensure that knowledge is transformed into action.

As of June 2017

The Universidad de los Andes carried out the impact evaluation of the financial education activities that Fasecolda did. This evaluation showed that the interventions changed knowledge but did not impact the behaviour of people.

As a final activity for the project an evaluation of the overall programme was engaged to Corpovisionarios. The most relevant findings of this evaluation where: the limited trust of the public in insurance as a product and in the industry, the importance of understanding the relevant information that is needed at the moment of buying insurance, and that one of the most relevant audiences that will take action in terms of insurance are the persons that think that positive things will happen in their lives and plan things to achieve their goals. These insights became inputs to design the future interventions of Fasecolda regarding financial education. Fasecolda has worked with Corposvisionarios to develop interventions that reflect a behavioural approach to insurance adoption.

There are three intervention models that are being tested and currently further refined:

  1. Pasaje seguro (secured passage) is a photography exhibition that confronts people with their own habits and behaviours when buying something (only checking the price, nobody reads the instructions, don’t always compare options). The audiences faces images that reflect the way that they behave. At the end of the exhibition there is a section that shows the opposite and portrays the practices that should be done before buying something. This interventions aims to create a commitment and to change the way people act. The commitment is to read their current insurance policy or the future insurance policy. Seven elements were defined as key to understand the policy (risks and values covered, premium, deductible, exclusions, waiting periods, insured amounts, insurance period) and support to identify these elements in the policy is provided. This is done through a carpet with two compartments (one for the unread and another for the read documents), a pair of glasses (to symbolize that we read correctly), a secret message and a game that provides further information. A before-after evaluation was carried out to assess the impression of people about insurance companies. Corpovisionarios is working on the best mechanism to transfer this tool to the insurance companies.
  2. Sueñoscopio (dreamscope) is a tool developed to foster planning in young people. In this case it is a spacecraft that travels through universities and technological institutes and other higher education institutions. The target audience are young university students. They enter the spacecraft where the define one objective that they want to achieve, and define what will be the required. For example, the resources required and how these can be obtained (savings, credit, etc). The dream may also need some changes in habits and improve the financial situation. This element is used to create awareness about risks and how these can be managed and mitigated. This intervention has been tested in Bogota and Medellin, and it’s been assessed to improve it and transfer it to the insurance companies.
  3. Prototype clauses for policies. As a way to improve trust Fasecolda is working with lawyers, anthropologists and behavioural specialists to develop prototype policies that should be better adapted to the understanding of the public and improve the utilization of products.

Fasecolda is testing all these interventions with the objective to provide tools to the industry that can improve the trust in insurance and guarantee a better understanding and utilization of products. 

Lessons

On choosing a cost-effective media to disseminate financial education programmes to low income populations

Radio was considered the best channel to use for the financial education campaign in Colombia. After a review of the academic literature, international experiences, production and broadcasting costs and media penetration in Colombia, Fasecolda considered radio to be the best media channel for the campaign. Whilst television has a wider reach, it is easier to generate trust through radio. According to research, people turn to the radio to inform themselves and learn, while the television is seen as a means of entertainment. In addition, with radio it is possible to segment audiences and easier to create platforms for interaction between listeners and the programme.

The following table compares three possible media channels for insurance education:

 

On radio as a delivery channel

Operational challenges make collaboration with community radios more complex, hence the choice to broadcast on commercial stations. To ensure that the majority of listeners were low-income people, community radio was initially considered. However, the media buyer that had been contracted, along with Fasecolda’s communications department, identified three problems with using community radio stations in Colombia. First, a number of the stations are illegal, which makes communication with the person in charge of programming difficult. Second, there is no way to measure the audience of these stations, meaning that the efficiency of financial investments cannot be assessed. And finally, it was concluded that it would be necessary to have agreements with more than 50 community radio stations to reach a large number of listeners. This would be difficult to organise, so commercial broadcasters were selected.

An analysis of traditional radio stations found that, although FM frequency stations have a large audience, they also have higher costs, and pre-set formats that might make it difficult to introduce a financial education programme. FM stations with a large audience broadcast well-known news programmes or pure music programmes in the mornings. Given this, it was initially thought that the high costs and incompatibilities in format would prohibit the use of FM stations. The most viable option seemed to be to use an AM frequency between 10am and 11am, despite the smaller audience.

However, during negotiations with RCN Radio it was found that certain FM stations would in fact be able to broadcast Viva Seguro. For this reason, in cities including Bogotá, Medellín and Cali, the programme was launched on FM stations, allowing for a greater number of listeners. 

 

On how to work with radio as a delivery channel

The help of radio professionals is indispensable, but the main topics covered should always be decided by the insurance sector. Radio uses special formats that are outside the knowledge of the insurance industry. It is therefore essential to work closely with people who are familiar with this type of mass media, in order to make use of the many options that are available. However, it is still important that the team in charge of the education programme decides which topics will be covered in the programme. If the content is left to the producers and creatives, there is a risk of errors in the messages.

Ideally the programme should have a presenter who is recognised by the audience. This way the programme will have credibility and the audience’s trust from the outset. In addition, the presenter will know their audience, and therefore be able to use appropriate language and recognise listeners’ tastes.

An experienced and committed broadcaster is important for the overall performance of the campaign. The expertise of the broadcaster can bring about significant improvements in the campaign as its knowledge about the audience’s preferences leads to better targeted programmes. Furthermore, the commitment of the broadcaster and the radio host may help solve problems encountered in the production, emission and evaluation of the financial education strategy. In Fasecolda’s case, the broadcaster offered time slots with a greater number of listeners and helped attract more people to the evaluation programme. In addition, the radio host, who acted as the bridge between the listeners and the rest of the team working in the education programme, gave important insights and advice on how to improve the incentives.

In radio, the campaign slogan is fundamental. The slogan is the main way in which listeners connect with the programme. However, it is also important that the campaign is accompanied by flyers, posters, brochures and a website, so as to constantly remind audiences of the message.

The education campaign needs to be marketed before the programme is launched in order to attract a wider listenership. Just like any new programme, Viva Seguro was marketed to attract an audience. Promotion of the radio programme, which is separate to the promotional support for the education campaign, was done through radio commercials, printed materials and internet. Six short marketing messages were emitted each day on the radio station, inviting people lo listen to the programme. The campaign leader was invited to a number of radio programmes to talk about Viva Seguro. The programme was advertised through printed newspapers, brochures and posters. Insurance brokers, agencies and consumer care services all helped in the promotion of the radio programme. Lastly, a website was launched and an e-mail was sent to clients of insurance companies.

Education campaigns need to be holistic and the message should be shared through several different channels. Fasecolda’s radio programme is only a part of a bigger education campaign that includes workshops, leaflets and the website. However, the radio programme is the element with the greatest outreach. From 2012 the campaign has been supported by short radio messages in 21 radio stations in six different cities, printed media has been used in four cities, the website and social networks have been improved, and from November 2012 the campaign was also shown on TV with educational commercials on agricultural insurance. 

 

On choosing the appropriate radio broadcaster

The following criteria were considered when selecting the radio stations to broadcast the financial education programme:

  1. The radio station had a large estimated audience, mostly composed of low and middle income people.
  2. The selected radio station could align with the programme’s educational goals and believed that the programme would bring added value to its audience. This was necessary to ensure the partner’s commitment to the initiative.
  3. The broadcaster could provide airtime during prime time slots, to attract a wide listenership, and would allocate one of its presenters to introduce the programme. It was also necessary that the broadcaster agreed to broadcast all recorded episodes (36 episodes, each of 30 minutes).
  4. The station’s format allowed for a programme combining content and music. Broadcasters focusing on musical programming are not interested in introducing an educational component into their regular programmes, as it would alienate their natural audience. In contrast, broadcasters that bundle news and information content in their programmes are more willing to introduce an educational component, as long as the educational programme is entertaining and includes news items and, if appropriate, music.
  5. The monthly cost of air time did not surpass 15 million pesos (US$ 7,000). 
 

On the creation of relevant content

The education programme needs to start with what listeners know, and may therefore need to encompass a broad financial literacy approach. Content should be built on the audience’s existing frame of reference. For that reason, the campaign needs to create connections between the risk management strategies currently used by listeners and insurance. In the case of Colombia, Fasecolda realised that the financial education programme should review savings and credit as risk management options. The radio episodes were therefore developed around five main topics: risks, financial instruments, types of insurance products, insurance concepts and basics, and rights and duties of the client.

Messages are more powerful when listeners can relate to the experiences, feelings, language and expressions used in the programme. Literature on psychology claims that people learn when they can relate new topics to personal experiences and feelings. In order to achieve this, stories should somehow resemble previous events in communities, as well as the language, accents and places used and visited by the target population. In Fasecolda’s case this meant that the soap opera scripts were carefully designed to include stories located in familiar places and about events which were a reminder of the most common shocks suffered by the communities. Furthermore, Fasecolda learnt that colloquial language and local accents had to be used. In some regions the radio hosts noticed that low levels of participation in the raffles could have been a consequence of lack of trust in the radio advertisement that invited listeners to participate. This commercial was produced using a neutral accent that is usually associated with the accent in the capital city of Colombia.

Programmes that are entertaining and dynamic are more successful. According to the radio broadcaster – which has extensive knowledge of the preferences of the target audience – the low income population in Colombia responds better to entertainment programmes. The format was therefore made dynamic and varied to keep the listeners engaged. Entertainment was provided chiefly through the radio soap opera, but it was supplemented by other methodologies designed to share messages and engage the public. Music pieces allowed time to reflect on the lessons. Members of the public shared their experiences, and experts answered questions and shared basic information. Each episode included a mini soap opera, interviews with experts and questions or testimonials from the audience.

Four tips to enable the listeners to remember the key messages:

  1. Simple and short messages repeated several times help the audience to internalize new knowledge.
  2. People learn by thinking thoroughly about each new lesson. Time must be given to allow the audience to reflect on the messages. Following this recommendation, Fasecolda included pauses in the programme in the form of music extracts and commercials. However, music extracts need to be chosen wisely to avoid distraction from the main message.
  3. It is also important to include an introduction and wrap-up in every episode. The introduction of the programme helps to situate the listener in the topic by referring to general issues before announcing the subject on which the episode is going to focus. The conclusion, on the other hand, helps to emphasize key messages and allows time to reflect on the lessons learnt.
  4. Lastly, radio hosts suggested that a 30-minute radio programme may be too long to keep the audience’s attention. It seems that shorter episodes broadcast over a longer period of time are more effective. 
 

On pre-recorded programmes and interaction

Pre-recorded episodes reduce the costs of production and allow time to search for new broadcast opportunities. Pre-recorded episodes decrease costs of current and future emissions. Firstly, costs of current emissions are reduced because in one day of work the episodes for the whole week can be produced. Secondly, the cost of future emissions is cut because money will only be spent in hiring new air time. Lastly, because the team no longer needs to dedicate time and resources to the production of each broadcast, they will be able to search for new radio time slots at different hours or in different regions.

Pre-recorded programmes with limited audience interaction minimise the risks related to live broadcasts due to negative perceptions of insurance companies.Through previous interviews with the target audience it was identified that some potential listeners would have negative perceptions of insurance companies. In a live programme with high interactivity this could translate into on air complaints against insurance companies or products. A decision was made to limit on air audience contributions and thus reduce the risk of calls that could undermine the overall effectiveness of the education campaign.

One disadvantage of pre-recorded programmes is that it reduces the possibility of segmenting the audience. One characteristic that makes radio an attractive channel for education campaigns is that it allows market segmentation and therefore the opportunity to adapt scripts to the specific target market. However, when pre-recorded programmes are aired in different locations, without being adapted to the specific circumstances, the audience is not segmented. Furthermore, if the audience feels that the programme uses accents and expressions mainly used in other regions, the effectiveness of the campaign will be affected. For that reason, if a pre-recorded programme is selected over market segmentation, neutral intonations and terminologies should be used during production.

Interactivity is affected in pre-recorded programmes; thus other forms of communication with the audience should also be found. Interactivity with the audience is greatly limited when radio programmes are broadcast in this format because changes cannot be introduced during the episodes. For that reason, Fasecolda searched for other means of interacting with the audience, including a call centre and an e-mail address. They expected to receive suggestions, comments, questions or complaints through these channels. Adjustments were made after the pilot broadcast of the programme to increase interaction through telephone and e-mail because in the first four months no e-mails or calls were received. After suggestions made by the broadcaster, it was decided that at the end of each programme the radio host would respond to comments and questions previously submitted by the audience. In addition, further emphasis was placed in supporting dissemination channels such as the website and social networks.

Interactivity is a way of establishing a bridge between the audience and the programme by making the audience feel part of the campaign. After choosing a pre-recorded programme, Fasecolda engaged the audience in each episode through interviews with pedestrians, which were recorded and aired. Through these interviews both good and bad experiences with risks and insurance products were shared. This feature aimed to establish a connection between the listeners and the stories, creating a bond that would make the campaign more effective. Another way in which Fasecolda encouraged interactive participation was through listening contests. Listeners who are called and know the day’s topic receive a prize.

 

On identifying and implementing an evaluation methodology

Monitoring can be done through audience estimation. Fasecolda monitored the campaign through a listenership survey (ECAR) that scans the audience of the different radio stations. At the end of the broadcast the audience was estimated to be over 290,000 people, 200,000 people over the initial estimate. In addition, the radio broadcaster recorded every episode in every city to prove that the programme was indeed broadcast.

Evaluations made by external providers provide greater academic validity.Those involved in the planning and production of the programme do not necessarily have the experience to perform an evaluation of its impact. Furthermore, internal evaluations do not always have academic support, and results are questioned. As a result, Fasecolda chose an external evaluator to assess the impact of the education campaign. However, Fasecolda noted that the external evaluators must have constant support from a member of the planning team.

Selection of the evaluation methodology depends on the objectives set for the impact evaluation. Fasecolda aimed to acquire results that could be validated externally and to evaluate the programme as it actually works (avoiding laboratory experiments). The first methodology considered by Fasecolda was a laboratory experiment in which randomly selected individuals were invited to participate. The methodology was assessed within Fasecolda in cooperation with external collaborators and the group concluded that this methodology would need to be accompanied by a quantitative analysis with greater external validation. As a result, a randomised experiment was chosen, in which individuals were assigned to either a control or a treatment radio station (the latter being the one in which the radio programme was emitted).

One further idea was to compare the two components of the education campaign (radio and workshops) by exposing similar individuals to each of the programmes. This option was discarded because the external consultant (CEDE) argued that the target population and the methodology of each channel is different. Evaluating the impact of the programme on individuals who are forced to receive it would indeed lead to a conclusion on which of the two channels has more impact. However, these results would not apply to the population naturally exposed to the campaign. Therefore, a comparison between the two did not go ahead and each channel was analysed separately by sampling individuals already participating in the programmes.

Randomised methodologies may clash with people’s behaviours and preferences, thus reducing the effectiveness of the evaluation strategy. In non-laboratory evaluations the execution of a randomised strategy may pose several difficulties. The randomised trial was difficult – in the context in which Fasecolda intended to use it – because it required changing people’s habits. People’s choice of radio station is influenced by demographic, social and cultural issues. This context was underestimated when the methodology was selected for two of the cities, and people’s habits, which are very difficult to change, were overlooked. As a result, a considerable number of those who signed up for the evaluation eventually opted out. They did so because the randomised process assigned individuals to a different radio station to the one they were used to.

In education campaigns the impact may be small, so the margin of error needs to be carefully considered. Because changes in knowledge, attitudes, skills and behaviour may be marginal, the evaluation strategy chosen should recognise even the smallest variations. As a result, in any evaluation of an education programme the margin of error needs to be as small as possible. Moreover, the need to minimize the margin of error as well as the risk of attrition (loss of participants between the base line survey and the follow-up) mean that a large sample is needed.

Achieving the large sample size needed may prove very difficult. For the impact evaluation of the radio campaign, the estimated number of participants was 3,000. However, after several attempts to increase the number of participants, only 904 individuals signed up for the evaluation. Only 302 answered the questionnaire in full, meaning that the rate of attrition was over 66 per cent. As a result, the impact evaluation was extended to two other cities in the country: Pereira and Barranquilla. Because Fasecolda and CEDE had little knowledge of listeners’ behaviour, they presumed that they could easily reach the estimated sample.

Sampling has consequences for all partners, so each partner needs to be fully informed about the process. The methodology chosen by the external consultant was a randomised control trial (RCT). In order to do this type of analysis, people should be randomly assigned to treatment and control groups. For the radio campaign this translates to moving listeners from one radio station to another. This requirement meant that the radio stations that took part in the impact evaluation had to be fully aware of the methodology and its consequences.

Changes in the conditions in which the campaign is implemented may force changes in sampling. For the workshop component Fasecolda and CEDE had to change the process by which workshops were randomly assigned because of changes made by partners that made it difficult to eliminate self-selection. Each group, instead of being formed by randomly assigned workshops, is now formed by workshops taking place in a specific month. For the radio component, because the random assignment of participants led to a decreased number of participants, RCT was discarded and the impact evaluation will now control for differences in the characteristics of each group.

Incentives may be necessary to secure participation in the impact evaluation. However, these need to be designed carefully to avoid self-selection that would affect the methodology used. Incentives such as raffles were needed to attract people to the study. However, prizes were small so that they could be sustainable over time. The radio incentives were raffled among participants who remained within the study, without requiring participants to demonstrate that they were learning, in order to avoid creating bias. Incentives for the workshop component included cash prizes and registration of attendance (or non-attendance) as if the workshop were part of the rest of participants’ courses. Lastly, Fasecolda realised that prizes should be designed according to audience preferences. Radio hosts advised that smaller prizes each day would be more effective than a large prize at the end of the series. This improvement was introduced when the radio programme was broadcast in Pereira and audience’s response suggests that this was indeed an improvement.

Questionnaires should be different for each channel because the target population is different, and they should be tested prior to roll out.Characteristics of people that attend workshops are different from those who listen to radio. Therefore, different demographic questions should be included. Both questionnaires were piloted and the questions, language, length and question order were then adjusted. In addition, the methodology of the surveys was different for the radio and workshop components. Initially it was decided to conduct surveys for both radio and workshops by telephone, but once this was tested it was decided to conduct the surveys for the workshop face-to-face.

Key indicators used in the questionnaire to track knowledge, attitude, skills, and behaviour change

Knowledge

Awareness of the risks the individual is exposed to

Knowledge of insurance products

Knowledge of the meaning of premium

Knowledge of the meaning of claim

Knowledge of the meaning of deductible

Knowledge of the meaning of exclusion

Knowledge of the rights of financial consumers

Knowledge of coverage of each insurance product

Attitudes

Subjective and objective measures of risk aversion

Perception of own capability to use and buy risk management products

Perception of own capability to respond to shocks

Skills

Self-assessment of ability to identify risks

Self-assessment of ability to choose the right risk management strategy or insurance product

Self-assessment of ability to understand an insurance policy

Behaviour

Having insurance products

Desire to buy an insurance product

Saving money

Assigning savings for emergencies

 

Fasecolda informally assesses the impact of the campaign by monitoring the number of complaints made to insurance companies and the percentage of rejected claims. A way to assess the impact of the programme is to track indicators of improved capability of the target audience. Evaluating the impact of the campaign through such measures does not follow a scientific methodology but does allow monitoring of general trends.  Fasecolda used the following indicators: (i) the number of complaints made due to lack of information or lack of understanding of the policies; and (ii) the percentage of rejected claims because of misunderstandings and miscomprehensions of the process. A decrease in both of these measures implies that clients have higher levels of knowledge and understanding of insurance products and processes. 

Contributor/s:  Miguel Solana (the Facility)
 
 
Date of last update:  June 2017