Core Curriculum Budgeting Savings Debt Management Bank Services Financial Negotiations

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Insurance Education

Insurance Education

Monique Cohen Monique Cohen Microfinance Opportunities Microfinance OpportunitiesMonique CohenMonique Cohen Microfinance Opportunities Microfinance Opportunities Alejandra Díaz Alejandra Díaz Fasecolda

Fasecolda –– FundasegFundaseg

Cartagena, Nov. 2008 Cartagena, Nov. 2008

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Global Financial Education Program Global Financial Education Program

Core Curriculum Budgeting

Savings

Specialized Modules

Risk Management and

Insurance: Protect Your

Savings

Debt Management Bank Services

Financial Negotiations

Insurance: Protect Your

Family´s Future! Young People Remittances

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Assumptions Assumptions

Risks: frequent and diverse

Insured risks are only part of the

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Risk Managemente and Insurance: Risk Managemente and Insurance: Learning Sessions Learning Sessions Understanding Risk 1 Responding to Risk 2

React and Recover

3

Understanding Pooled Risk

6

Introducing Formal Insurance

7

React and Recover

3

Save Regulary

4

Savings and Risk Management

5

What you need to know about Insurance

8

Final Questions and Answers

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Features of The Module Features of The Module

Behavior change

knowledge, skill and attitudes Components:

Trainer’s Guide TOT Manual Content Note

Implementation Guidance Flexible and adaptable

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Module Development Process Module Development Process

Market

Research RefinementModule

Generic Module Design Generic Module Test Finalize Generic Module Dissemination TOT

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Colombia 2006: 20.3 million poor people 5.4 million in extreme poverty.

(DNP, 2006)

Poor people

are more vulnerable to risks.

Colombian Experience: Background Colombian Experience: Background

Most have

Suffered some serious illness, Experienced unemployment,

Faced natural disasters.

Poor people adopt inappropriate strategies to cover losses.

They decrease consumption of food, a household member starts to work,

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The insurance companies are seeking to penetrate the low income segment: Just 8,4% of low income population are insured.

Poor people are not aware of insurance as a mechanism to protect against economic shocks.

Colombian Experience: Background Colombian Experience: Background

shocks.

Fasecolda’s research concludes that education is one of the most important issues linked to the demand for insurance and can help to create an insurance culture.

28% of low SEL, consider insurance to be an unattainable need, 13% regard it as a luxury, and 4% see it as something they do not understand.

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Financial Education Objectives Financial Education Objectives

Create Awareness of risks

Identify advantages or disadvantages of risk protection and reaction

strategies R ed uc in g th e Im pa ct o f a S ho ck

Increase insurance knowledge

Improve people´s risk management

Change perception of insurance strategies R ed uc in g th e Im pa ct o f a S ho ck

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Adaptation For Colombia Adaptation For Colombia

Preliminary Adaptation Market Training of Market Research New Sessions Training of Clients

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Meaning of risk

- Unexpected situation that disrupts their lives - Emergency, danger

Focus Groups: Results Focus Groups: Results

Risk Risk

- Unemployment and serious illness, risks that may hit their finances most - Death of one parent makes them worry about the future of their sons

Strategies Adopted

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Focus Groups: Results Focus Groups: Results

Insurance

- Premium: Benefit they will receive. Claim: Complaint - Lack of information. Insurance is not clear

- People confuse social security system with private insurance

Training

- Issues: Understanding insurance, Claim procedures, policyholders rights - Learning by doing

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Market Research: Market Research: Risks They Have Suffered Risks They Have Suffered

3.9% 7.7% 9.4% 16.6% 11.7% 15.0% 20.8% 7.0% 7.0% 10.3% 14.2% 10.9% 9.5% 27.1% 9.5% 11.8% 14.5% 20.7% 28.0% 31.7% 45.0% ACCIDENTA EN EL HOGAR SE ACCIDENTE EN EL TRABAJO ES VÍCTIMA EN UN ACCIDENTE DE TRANSITO ROBAN SU HOGAR MUERTE DE UN FAMILIAR ENFERMEDAD DE UN FAMILIAR QUEDA DESEMPLEADO 0.4% 0.8% 1.8% 5.0% 3.5% 1.9% 3.9% 0.5% 0.3% 1.3% 0.9% 2.1% 2.3% 5.9% 0.7% 2.5% 3.6% 4.2% 6.8% 0% 10% 20% 30% 40% 50%

DAÑOS EN EL NEGOCIO POR INUNDACIÓN DAÑOS EN EL NEGOCIO POR TEMBLOR O

TERREMOTO

DAÑOS EN EL HOGAR POR TEMBLOR O TERREMOTO

CAUSE DAÑOS A PERSONAS CON SU VEHÍCULO

ROBAN SU NEGOCIO ROBEN O SUFRA DAÑOS EN SU VEHÍCULO DAÑOS EN EL HOGAR POR INUNDACIÓN

estrato 1 estrato 2 estrato 3

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Market Research: Market Research: How They Covered Their Risks How They Covered Their Risks

15% 20% 25% 30% 35% 0% 5% 10% 15%

EMERGENCIAS REALES POSIBLES EMERGENCIAS

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Market Research: Market Research: Reasons for Savings Reasons for Savings

1,5% 18,7% 11,5% 14,1% 0,6% 9,4% 5,7% 9,8% 2,7% 14,8% 15,3% 18,7% JUBILACIÓN COMPRA O MEJORAS A LA VIVIENDA ESTUDIOS DE LOS HIJOS O PROPIOS

EMERGENCIAS estrato 1 estrato 2 estrato 3 47,6% 2,8% 1,0% 2,9% 1,5% 71,1% 0,4% 1,6% 1,3% 44,7% 1,6% 2,2% 0% 10% 20% 30% 40% 50% 60% 70% 80% NO ESTOY AHORRANDO COMPRA DE VEHICULO O ELECTRODOMESTICOS VACACIONES OTROS

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Market Research: Market Research: Insurance Insurance 8,2% 1,6% 2,7% 5,2% 1,5% 0,0% 0,2% 3,5% 0,4% 1,0% 3,3% 1,2% 1,5% 1,1%

SEGUROS DE VIDA Y ACCIDENTES

SEGUROS DE VEHICULO Y SOAT

SEGURO DEL HOGAR

5,2% 0,3% 0,5% 0,0% 0,0% 3,0% 0,3% 0,2% 1,1% 0,0% 0,3% 1,1% SEGURO EXEQUIAL

SEGURO PARA PYMES

SEGURO DE RIESGOS PROFESIONALES

TOTAL ESTRATO UNO ESTRATO DOS ESTRATO TRES

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Market Research: Market Research: Why They Do Not Have Insurance? Why They Do Not Have Insurance?

16,2% 29,7% 23,7% 16,3% 26,6% 30,6% 16,7% 24,5% 36,1% ALTOS COSTOS NO LE INTERESA ADQUIRIRLO FALTA DE DINERO 13,5% 3,9% 3,7% 9,5% 9,5% 2,7% 6,4% 8,1% 5,1% 3,9% 5,6% 8,0% NS-NR OTROS NO SABE LO QUE ES NO SE LO HAN OFRECIDO estrato 1 estrato 2 estrato 3

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Adaptation For Colombia Adaptation For Colombia

Preliminary Adaptation Market Training of Market Research New Sessions Training of Clients

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Colombian Module: Colombian Module: New Learning Sessions New Learning Sessions

Life Insurance Life, Burial, Accident, Credit Understanding Pooled Risk Insurance Co. Operation

Property Insurance Compulsory Insurance Health Social Scheme

Earthquake

Traffic Accident, Workers Comp. Health Compulsory Plan (POS)

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Adaptation For Colombia Adaptation For Colombia

Preliminary Adaptation Market Training of Market Research New Sessions Training of Clients

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It is useful tool to learn how to protect themselves.

It provides clear information It raises awareness

Training for Clients: Training for Clients:

Evaluation Evaluation

It provides clear information

It changes perceptions about insurance It helps to reflect on their failures and fears The methodology is practical and dynamic

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Demand Survey: Demand Survey: Interest in Learning Interest in Learning 18% 27% 35% 21% 27% 25% 3 4 5 (Totally Interested) 10% 10% 18% 14% 13% 1 (Nothing Interested) 2 3

Learn About Protection Against Risks Learn About Insurance Interested 62% Average 3,7%

Interested 52% Average 3,4%

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Demand Survey: Demand Survey: How To Learn About Risks & Insurance How To Learn About Risks & Insurance

21% 34% 39% HANDBOOK T.V. WORKSHOP 9% 16% 20% RADIO INTERNET DVD

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Demand Survey: When Learn Demand Survey: When Learn

41% 35% 2 HOURS 1 HOUR 44% 25% 2 DAYS PER WEEK DAILY

HOURS PER DAY FREQUENCY

7% 8% 7% MORE 4 HOURS 3 HOURS 5% 25% 44% BIMONTHLY WEEKLY WEEK

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FAVORITE DAYS SCHEDULE 30% 13% 17% WEDNESDAY TUESDAY MONDAY 28% MORNING

Demand Survey: When Learn Demand Survey: When Learn

13% 21% 18% 23% SUNDAY SATURDAY FRIDAY THURSDAY 20% 52% NIGHT AFTERNOON

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Dissemination Process Dissemination Process

FUNDASEG SENA

Microfinance Inst. Compensation Sis. Cooperatives

Beneficiaries of unemployment benefit Microcredit clients Cooperative members

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Monique Cohen Monique Cohen Microfinance Opportunities Microfinance Opportunities moniquec@mfopps.org moniquec@mfopps.org www.microfinanceopportunities.org www.microfinanceopportunities.org www.globalfinancialeducation.org www.globalfinancialeducation.org

For More Information Contact For More Information Contact

www.globalfinancialeducation.org www.globalfinancialeducation.org

Alejandra Díaz Alejandra Díaz

Fasecolda

Fasecolda –– FundasegFundaseg

adiaz@fasecolda.com adiaz@fasecolda.com www.fasecolda.com www.fasecolda.com

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