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The "Midis de la microfinance et de l'inclusion financière" are conferences held in Luxembourg, that are dedicated to the issues and changes in the financial inclusion industry.


44e Midi de la Microfinance

Pictures by Sebastien Goossens



The 44th Midi of Microfinance becomes the Midi of Microinsurance!

Client’s journey into microinsurance 


Thursday June 7, 2018 12.00 – 14.00

Arendt House - 41A, avenue J. F. Kennedy

L-2082 LUXEMBOURG


"Microinsurance could inspire insurance! "

Luxembourg, June 7, 2018 | "Risk management for poor people" is the definition of microinsurance by Katharine McKee, director of the board of the Luxembourg-based Microinsurance Network. This topic was highlighted in front of the audience of the Arendt House, at the 44th Midi de la Microfinance, organized by ADA and InFiNe.lu, where the floor was given to speakers from particularly vulnerable countries, the Philippines and Pakistan. The conference was moderated by Matthew Genazzini, Technical Support Manager for Microfinance Institutions (MFIs) at ADA.

Insurance at 3 USD per year is possible!
 "With 70 million Pakistanis without access to clean water, the risk of infection and disease is inevitable. Access to insurance and health services is essential." Says Shahzad Iqbal, chief financial officer of Pakistan's largest microfinance institution, Kashf Foundation. In fact, thanks to the implementation of microinsurance products within its MFI, a whole family can be insured for $ 10 a year.
The Philippines has 50 million microinsurance risk management policies, starting at $ 3 per year, out of 100 million people! It is one of the most developed countries in the sector, with their experience and the development of products that are most adapted to particular risks. "The country's regulators are supporting the development of these services, which makes the job easier," said Jonathan Batangan, First Vice President, PJLI Group of Companies, Philippines.
Towards "nano-insurance"
The sector is developing with the most innovative ideas to cover the most vulnerable people the fastest. In the Philippines, an application has been specially developed to confirm survival during a disaster, or a crowdfunding platform, Our Help.com, has recently been set up to allow private individuals to support Filipinos with micro-insurance for $ 1 per year.
The customer support process is very successful in this country: "During a fire, our teams are on site in less than 24 hours, at any time of the night or day to solve the problem and protect our customers", confirms Jonathan Batangan. Likewise, clients have free and unlimited access to medical care. The bundle of financial and sanitary services is the solution to offer health care.
In addition, to protect clients, both from Pakistani and the Philippines MFIs, microinsurance products are offered to clients, voluntary or not, along with other microfinance products, to protect their clients in the development of their income-generating activity.
Simplicity, transparency and the right product
"Insurance is a product of trust," confirms Kate McKee. Trust must be won among poor people, some of whom are illiterate. Awareness and financial education are very important factors in gaining trust with clients. Different communication channels, including social networks, are used quite extensively in both countries.
"To ensure the success of microinsurance, it must be easy, simple and accessible," confirms Jonathan Batangan.
A win-win exchange with Luxembourg
A representative of one of the largest insurance companies in Luxembourg pointed out during the question-and-answer session with the public, "The insurance sector in Luxembourg should be inspired by microinsurance by its innovation, its simplicity and the facilitation of access to customers! ".
Luxembourg investors can also contribute to the development of the sector, still little known in the country. "By virtue of its role as a major investor in impact investment products, Luxembourg investors can also contribute their capital to microinsurance," says Katharine McKee at the conclusion.
Pierre-Michaël de Waersegger from Arendt & Medernach also stressed "the excellent timing" with Brexit, in relation to the growth of the Luxembourg market and the development of the insurance sector in the country.


Welcome address :

  • Arendt & Medernach : Pierre-Michaël de Waersegger and Anne Contreras

Panelists:

  • Jonathan Batangan, First Vice President, PJLI Group of Companies (the Philippines)
  • Shahzad Iqbal, CFO at Kashf Foundation (Pakistan)
  • Moderator: Matthew Genazzini, Head of Technical Support of MFIs, ADA (Luxembourg)

Closing Remarks:

Katharine McKee, Director of the Board, Microinsurance Network


LEARN MORE ABOUT MICROINSURANCE

Videos about the topic: 

How Microinsurance Works


Philippines Microinsurance Challenging the Climate, Responding to Change

Microinsurance in Pakistan - Kashf Foundation

 


The speakers of this Midi

Matthew Genazzini - Head of Technical Support of MFIs, ADA (Luxembourg)

Matthew has 8 years of experience in development finance working for the Microinsurance Network and ADA. He has a BA in Contemporary History and an MA in Latin American Studies. He has experience managing capacity building and product diversification projects for MFIs, with a particular focus on microinsurance. He now manages the Technical Support to MFIs unit in ADA, which aims to strengthen MFIs through the provision of financial and technical assistance services. The unit focuses on a number of topics including financial and social performance, risk management, governance and product diversification.


Shahzad Iqbal, CFO at Kashf Foundation (Pakistan)

Mr. Shahzad Iqbal is a fellow chartered accountant with over 20 years of experience in various sectors. He started his career with KPMG Pakistan, one of the leading audit and consulting firms in Pakistan. Following his experience with KPMG Pakistan, Mr. Shahzad worked in the capacity of Manager Accounts at Gulistan Group of Companies, where he assisted the CEO in setting up two new companies by preparing systems and processes to ensure smooth running of the organization. Prior to joining Kashf Foundation in 2008, Mr. Shahzad  worked with Oman Tel, Pakistan, in the capacity of DGM Finance.

In 2008, Mr. Shahzad assumed the role of CFO at Kashf Foundation. Mr. Shahzad has introduced immense value to Kashf through his broad experience; he nurtures the culture of cost effectiveness in the organization’s operations and underscores the importance of productivity and output.  

Apart from his regular work which focuses on maintaining and improving financial discipline in the organization, Mr. Shahzad has been the brains behind developing several innovative and client-centric products at Kashf. He developed the Alternate Delivery Channel utilization strategy and introduced the concept of capturing recoveries from the clients using this channel for the first time ever in Pakistan. Kashf and UBL Omni’s partnership was the first ever partnership of its kind, and proved to be trailblazer in the microfinance sector in Pakistan.

Mr. Shahzad has been the team lead in developing and managing the micro insurance initiative in the organization. He has also been instrumental in developing and implementing the micro health insurance product offered by Kashf which now covers more than 1.5 million lives under its insurance policies.


Jonathan Batangan, First Vice President, PJLI Group of Companies (Philippines)

First Vice President and Group Head (Cebuana Lhuillier Insurance Solutions, Cebuana Lhuillier Business Solutions Cebuana Lhuillier Foundation, Inc.)

Mr. Batangan is a seasoned insurance executive with a demonstrative track record of success in the insurance product development, sales, and marketing management based in Manila, Philippines. He is currently the First Vice President of PJLI Group of Companies, operator of Cebuana Lhuillier, the Philippines largest microfinancial solutions provider.

Since 2004, he serves as General Manager of Cebuana Lhuillier Insurance Solutions (CLIS), the first ISO-certified insurance agency in his country. Having scaled up microinsurance with the PJLI Group of Companies, he was awarded the  PJLI Ambassador 's Cup in 2006.  He was instrumental in making Cebuana Lhuillier  as one of the biggest and most successful microinsurance distribution  channels in the Philippines generating more than 15 Million micro-policies annually and blazed the trail in introducing innovative schemes to scale-up microinsurance .  Today he also serves  in a concurrent capacity as  the Executive Director of Cebuana Lhuillier Foundation, Inc.(CLFI), and Head  of Cebuana Lhuillier Business  Solutions (CLBS).

Prior to his stint in Cebuana Lhuillier, he was the Assistant Vice President for Account Management Department, heading the Corporate, Agencies and Brokers Business Units of the Malayan Insurance Company, Inc., the Philippines largest insurance company.  He has attended various local and international conferences and  fora on disaster risk finance, insurance, and micro insurance either as resource person or delegate.

About Cebuana Lhuillier, Philippines 

Cebuana Lhuillier is the largest micro-financial institution in the Philippines with more than 2000 agencies providing pawn brokering, microloans, money remittance, insurance, bills payment, remit-to-account, corporate payout, collections, and e-loading services to millions of Filipinos. It has a huge network of microinsurance providers with 8 million Filipinos covered. They propose 15 microinsurance products adapted to any client (donnee), connected by mobile. Cebuana Lhuillier is setting up a crowd-funding website called Ourhelp.org to source out donated premiums for nano-insurance coverage. OurHelp is a donation site developed by Cebuana Lhuillier in line with the commitment to make insurance available to all as a means of promoting preparedness and resilience across communities in the Philippines. With OurHelp, donors can choose to insure individuals who do not have access or the means to avail of microinsurance coverage. Once insured, beneficiaries receive coverage for accidental death or dismemberment and disability and other causes of death. Donees may also receive cash assistance in case fire hits their home. 


ContrerasA MG 1876

Anne Contreras-Muller, Of Counsel Investment Management Microfinance & Impact Projects, Arendt & Medernach (Luxembourg)

As Of Counsel since 2011, Anne’s activities are now fully dedicated to microfinance and social impact projects. She advises specific domestic and international clients on the corporate and regulatory aspects of the structuring and distribution of microfinance and social impact investment vehicles, as well as on the structuring of technical assistance programs and other social businesses.

Anne is a board member of the European Social Entreprise Law Association (ESELA). She participates in several other initiatives such as the Responsible Investing technical committee at the Association of the Luxembourg Fund Industry (ALFI), LuxFLAG, the European Impact Investing Luxembourg (EIIL).


Pierre-Michaël deWaersegger 80 HD

Pierre-Michaël de Waersegger, Partner in the Insurance & Reinsurance Law and in the Banking & Financial Services, Arendt & Medernach (Luxembourg)

Pierre-Michaël de Waersegger is a Partner in both the Insurance & Reinsurance Law and the Banking & Financial Services practices with Arendt & Medernach, leading independent business law firm in Luxembourg.

Pierre-Michaël assists (re)insurance companies, banks and professionals of the financial sector regarding all Luxembourg legal and regulatory aspects of their activities, including licensing requirements, capitalizing opportunities, mergers and acquisitions, new products and services development.

He also advises on the implementation of AML/CTF, MIFID, PSD, CRD, Solvency II and IDD regulations, the drafting and review of contractual documentation and contacts with regulators.

Kate McKee

Kate McKee, Director of the Board, Microinsurance Network (Luxembourg)

Kate is leading the start-up of the Partnership for Economic Inclusion (PEI), a World Bank-hosted initiative to accelerate scaling up, innovation and systems change for the “graduation approach” and other targeted interventions that expand economic opportunities for extreme poor and vulnerable people. Previously, she led CGAP’s work on consumer protection, responsible finance and graduation. Kate is an economist with broad policy, practitioner, and donor experience in enterprise development, women’s empowerment, agriculture and finance, through leadership roles at the US Agency for International Development (USAID), the US Treasury Department, Self-Help in North Carolina, and the Ford Foundation.

About Microinsurance Network (Luxembourg)

A not-for-profit membership-based association, the Microinsurance Network is driven by its vision of a world where people of all income levels are more resilient and less vulnerable to daily and catastrophic risks through improved access to effective risk management tools. Low-income consumers lie at the heart of their mission. They work with a broad range of stakeholders around the world to prioritise the needs, interests and well-being of ultimate beneficiaries.


 

This 44th Midi de la microfinance is organised with the support of the Directorate for Development Cooperation and Humanitarian Affairs, the InFiNe.lu network and the Arendt House, and in collaboration with the Microinsurance Network.
The Midis de la microfinance are held during lunch breaks, between 12 and 2 p.m. Their agenda includes the presentation by an inclusive-finance expert of a study or a practical case, which is followed by a questions and answers session with the audience. At the end, a lunch is offered to all the participants.

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