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Performance Indicators for Microinsurance Practitioners
Dec 2006, Romero M., P., Faber, V., Ville, A., Garand, D., Wipf, J., Wohlner, E. & Vargas, M.

This report provides a summary of the Microinsurance Workshop held in Luxembourg on October 16-17, 2006.

This report was developed from the 'Performance Indicators for Microinsurance Practitioners' workshop' held in Luxembourg on October 16-17, 2006, which examined the steps needed to improve the credibility of microinsurance.

The workshop aimed to:

Strengthen awareness of micro insurers for performance analysis and risk management;
Provide practitioners with a first set of microinsurance performance indicators and test them using data from the workshop participants;
Share information necessary to monitor performance and to increase transparency;
Promote exchange of experiences between participating micro insurers and experts.

The workshop discussed:

The seven dimensions of microinsurance analysis including organizational structure, marketing and distribution, viability, risk, investment and operations management, and client value and service.
Measuring performance in microinsurance, including:
- Key principles such as collection of data, production of financial statements, calculation of premiums and claims, efficient claims monitoring, clear investment policy, right technical expertise and transparency;
- Key indicators such as ratios of net income, incurred expenses, incurred claims, renewal rate, etc.

The workshop concluded that:

Microinsurance performance measurement (MPM) with a set of principles and indicators is important for managers to take well-informed decisions;
MPM is important for the industry to achieve credibility and to attract future investors;
Microinsurance is young and it is therefore crucial to learn and exchange information about existing models and practices.

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