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Providing insurance responsibly

Duration: 2 days

Overview:

Low income households often struggle to understand how insurance products work and how they can benefit from it. In some cases, this is compounded by mis-selling. To serve the market well, insurance providers need to develop a more responsible approach to insurance provision.  This training will explore standards, guidelines and strategies for providing insurance responsibly so that clients derive optimum value while providers enhance the long-term viability of their operations.

Training Objectives:

  1. Distil seven core principles of responsible insurance provision.
  2. Articulate the business case for providing insurance responsibly.
  3. Discuss standards and guidelines for building a value chain that can deliver insurance responsibly.
  4. Analyse examples of responsible insurance design and delivery.
  5. Apply industry standards and guidelines to make an insurance offering more responsible.

Who could benefit from the training:

This training is designed for insurers, distribution channels and aggregators that provide insurance to (or are thinking about entering) the low-income market and want to make sure they offer their products in a responsible manner to mitigate reputational risk and other adverse effects while creating better value for customers.

Methodology:

Built on adult learning methodologies, the interactive sessions will utilise group work and exercises with lectures kept to a minimum. Practitioners will have an opportunity to apply the standards and guidelines discussed during the course to improve their own insurance offering, a new product offering or a case study institution.