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Library » Haiti Success Story: AIC and Fonkoze Invest in the Microinsurance Sector in Haiti

Haiti Success Story: AIC and Fonkoze Invest in the Microinsurance Sector in Haiti
Oct 2008, Haiti MSME

Designing effective microinsurance products for the poor

This paper describes an innovative partnership that has succeeded in offering microinsurance in Haiti. In April 2007, Alternative Insurance Company (AIC), a professional, diversified Haitian insurance company, entered into partnership with Fonkoze, a leading Haitian MFI, to design and develop microinsurance for Fonkoze’s credit clients.

The new microinsurance product covered any outstanding loan balance in the event of a loan client’s death, and provided an indemnity payment to the client’s family. AIC and Fonkoze designed the product, conducted and analyzed a pilot test, trained credit officers, and launched the product in all Fonkoze branches. USAID, Haiti, facilitated the remaining phases of program implementation, including its evaluation by a micro insurance expert, educational outreach, marketing and the installation of an identification system. By September 2008, more than 55,000 Fonkoze clients were covered by AIC microinsurance.

According to Olivier Barrau, President of AIC, the new tool helped to reach a previously excluded market, improved microentrepreneurs' lives and helped expand the insurance market.

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Journal Volume/Pages:
1

Publisher(s):
U.S. Agency for International Development