Client Perceptions of the Value of Microinsurance: Evidence from Southern Ghana

Giesbert, Lena; Steiner, Susan

doi:10.1002/jid.3060

Cited by 5 publications

(3 citation statements)

References 32 publications

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“…This sentiment is especially strong towards commercial insurance among economically disadvantaged populations [8]. Similar sentiments are echoed in studies on microinsurance [9] and microfinance [10], where individuals feel challenged to manage predictable risks or maintain relationships with insurance providers.…”

Section: Role Of Insurance In Addressing Unforeseen Events and Financ...mentioning

confidence: 98%

Perspective Chapter: Microinsurance’s Quest to Protect the Unprotected, beyond the Bismarck and Beveridge Models

Mark Dror

2023

Health Insurance Across Worldwide Health Systems

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This chapter offers a detailed analysis of microinsurance (nowadays often called “inclusive insurance”), an innovative hybrid model combining grassroots initiatives with top-down approaches to reach populations not covered by government-operated social protection systems. With half of the global population, primarily in low and middle-income countries, lacking social protection, the chapter focuses on the potential of microinsurance to address this pressing issue. The commercial microinsurance attempts, often labeled as “insurance for the poor,” have been largely insufficient. An alternative lies in the “Collaborative and Contributive” (C&C) model of microinsurance, which harnesses social forces, typically more compelling than market forces in informal settings, to stimulate demand. The chapter evaluates microinsurance’s social and economic impacts, drawing insights from 25 years of progress. It underscores the need for policymakers, international development bankers, and the reinsurance industry to recognize the potential of the C and C model in providing comprehensive insurance to marginalized populations.

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Section: Role Of Insurance In Addressing Unforeseen Events and Financ...mentioning

confidence: 98%

Perspective Chapter: Microinsurance’s Quest to Protect the Unprotected, beyond the Bismarck and Beveridge Models

Mark Dror

2023

Health Insurance Across Worldwide Health Systems

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“…Takaful operators can run commercial and social functions simultaneously as the company still could earn the profit without neglecting its function as a social organization. 6 Studies on model of microtakaful services have been conducted by researcher included Giesbert and Steiner, 7 Pura and Gummerus, 8 Radermacher and Dercon, 9 Radermacher and Brinkmann, 10 Matul,et al 11 Gisbert and Steiner described two dimensions of microinsurance values that are unidimensional and multidimensional. Unidimensional value is the assessment of microinsurance participants by considering the benefits to cost.…”

Section: Developing Value Based Services For Indonesian Microtakafulmentioning

confidence: 99%

Developing Value Based Services for Indonesian Microtakaful

Firdaus

2019

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<p>Otoritas Jasa Keuangan (OJK) found that the poor and low income people were reluctant to join as insurance participants. OJK has conducted many socialization activities about microinsurance for low-income people which aimed to increase their literacy of insurance. SMES (Sederhana – Mudah – Ekonomis – Segera) services aim to increase insurance inclusion. The study aims to propose a model of value-based service on microtakaful. The service refers to SMES (Sederhana – Mudah – Ekonomis – Segera) and Maslahah Performa value. SMES value to explain the value expected by takaful participants. Maslahah performa to explain the fulfillment of needs to sharia demands by takaful operator. The SMES variable is developed into various sub variables according to SEOJK. Maslahah performa is elaborated to get worship orientation variables and internal process orientation which then be developed into various sub variables. The sub-variable weight is determined according to the importance level of each sub variable. The research finds that a value-based microtakaful service model can be derived from the SMES approach and maslahah performa. There is a linkage between the value-based microtakaful service according to participant expectation and spirituality and sustainability. The reasearch will contribute to increase literacy of microinsurance.</p>

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“…Outside Indonesia, a study by Giesbert and Steiner (2014) in Southern Ghana, reveals that clients have unrealistic expectations of insurance benefits, expecting compensation for a significant variety of damages, that are not covered by the policy. Initially, expectations lead to a highly-perceived opinion about the value of microinsurance.…”

Section: A Large Potential But Untapped Marketmentioning

confidence: 99%

Untitled

2017

IRFC

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This short artile, written by the President of the IAFICO, reviews philosophical rationales of financial consumer proection (FCP) and its past and future in general. After introducing five different perspetives of the FCP, the author makes a comment on the evolution of the FCP to emphasize the importance of strengtheing traditioal way of FCP in spite of new technological development. Although technoloical advancement may reduce the need of FCP to some degree, the new wave of FCP cannot succeed wihout acomplishng the existing FCP system.

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Client Perceptions of the Value of Microinsurance: Evidence from Southern Ghana

Cited by 5 publications

References 32 publications

Perspective Chapter: Microinsurance’s Quest to Protect the Unprotected, beyond the Bismarck and Beveridge Models

Perspective Chapter: Microinsurance’s Quest to Protect the Unprotected, beyond the Bismarck and Beveridge Models

Developing Value Based Services for Indonesian Microtakaful

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