Skip to main content
Back to Workshops and Seminars

8th Consultative Forum on the topic of “Challenges and opportunities presented by alternative distribution channels”

This event gathered  60 participants from Latin American and Caribbean insurance supervisory authorities and industries.  It elaborated how client aggregators have changed the landscape of the microinsurance industry. 

Some of these mass distribution channels work with national agents, brokers or global intermediaries/ technical service providers whereas others sell insurance directly to the client. The aggregators can deliver insurance products through leapfrogging their infrastructure for client identification, sales, administration and payments, often also involving call centres.  They can greatly expand the reach of microinsurance to previously unserved consumers. However, the downside of this   may be product design that does not cover peoples’ most important risks, high commission rates or low consumer understanding while face-to-face interaction is limited, all of which can result in questionable product value and low claims ratios.  

They can greatly expand the reach of microinsurance to previously unserved consumers. However, the downside of this   may be product design that does not cover peoples’ most important risks, high commission rates or low consumer understanding while face-to-face interaction is limited, all of which can result in questionable product value and low claims ratios.

During the Forum, regulators and supervisors discussed how they can ensure consumer protection while stimulating new distribution channels. It is imperative for regulators, insurers and the intermediaries in the different channels to work together to achieve this balance. Supervisors need to enforce quality control measures upon the insurance companies and their channels. Meanwhile, insurers need to simplify their product and use a multi-channel approach for different target groups. Additionally, the regulation needs to be flexible to protect consumers and stimulate innovation. 

The Forum took place just a week after Hurricane Otto hit Costa Rica. Tomás Soley of Superintendencia General de Seguros de Costa Rica (Sugese) remarked at the start of the Forum that: “Farmers and other rural people faced high uninsured losses. Insurers and regulators should recognise the importance of sustainable products for the low-income people and farmers.”

Connor Donaldson of the International Association of Insurance Supervisors (IAIS) agreed that: “The input for the development of appropriate regulations comes from conferences like this and from participants like you. We learn lessons and apply them directly in our supervisory material. Technology is driving a significant shift in the landscape.” 

The IAIS, the Microinsurance Network (MIN), the A2ii and the Sugese jointly organised the Forum. 

Date:
Thursday, 1. December 2016 8:30 AM
Duration:
1 day
Location:
San José, Costa Rica
Knowledge category:
Workshops and Seminars

Also in Workshops and Seminars

3 days

FSI-A2ii Regional Seminar on InsurTech in Sub-Saharan Africa

more
2 days

A2ii-SARB-IAIS Regional meeting for insurance supervisors from Sub-Saharan Africa

more
1 day

17th Consultative Forum on Climate and Disaster Risk for insurance supervisory authorities, insurance practitioners and policymakers “Climate and disaster risk: building resilience, bridging the protection gap in Asia”

more
2 days

Global Insurance Supervision Conference

more
2 days

A2ii 10-Year Anniversary Conference

more
5 days

Capacity Building for Insurance Supervisors - Leveraging Actuarial Skills

more
2 days

Africa 3.0 - Using Tech to Seal the Insurance Gap

more
1 day

Roundtable on “Insurance for women: specific needs and inclusion”

more
2 days

16th Consultative Forum on Climate and Disaster Risk - Climate and disaster risk: building resilience, bridging the protection gap

more
1 day

15th Consultative Forum on Inclusive Insurance - Climate and disaster risk: building resilience, bridging the protection gap

more
1 day

14th Consultative Forum on InsurTech in Latin America

more
1 day

Supervisory Dialogue on the impact of informality on insurance markets - what supervisors can do

more
2 days

13th Consultative Forum on Mobile Insurance and InsurTech: rising to the regulatory challenge

more
1 day

12th Consultative Forum on InsurTech

more
1 day

11th Consultative Forum on microinsurance regulation “Scaling up insurance as a disaster resilience strategy for smallholder farmers in Latin America”

more
2 days

10th Consultative Forum on the topic of “Scaling up agricultural index insurance in Africa: Building disaster resilience of smallholder farmers”

more
1 day

9th Consultative Forum on the topic of “Exploring challenges in scaling up insurance as a disaster resilience strategy for smallholder farmers”

more
2 days

IAIS - A2ii-CIMA Mobile Insurance Conference

more
1 day

7th Consultative Forum on the topic of “The role of mutuals, cooperatives and community-based organisations in inclusive insurance markets”

more
2 days

CIMA-A2ii Workshop on mobile insurance regulation

more
2 days

6th Consultative Forum in Marrakesh on the topic of "Innovative products for the emerging consumer"

more
1 day

5th Consultative Forum in Casablanca on the topic of "Consumer Education: Old questions, new thinking"

more
2 days

Policy Seminar - Consultative Forum on Microinsurance Regulation for Insurance Supervisory Authorities & Insurance Practitioners

more
2 days

Expert Symposium “Proportional regulatory approaches in inclusive insurance markets – Capturing what we learnt for the future”

more
1 day

3rd IAIS-MIN-A2ii Consultative Forum Mass and micro: Consumer protection challenges in inclusive insurance markets

more
2 days

Stakeholder workshops to present the findings of the Colombia diagnostic

more
2 days

Stakeholder workshops to present and discuss the Jamaica microinsurance country diagnostic findings

more
1 day

Challenges and opportunities in enhancing client value in insurance - the African experience with new technologies - 2nd Consultative Forum

more
2 days

Stakeholder workshops to present the findings of the Peru diagnostic

more
1 day

Microinsurance Regulation for Insurance Supervisory Authorities & Insurance Practitioners - Consultative Forum on "Business models, distribution and their regulatory"

more
1 day

Kick-off workshop for country mission in Jamaica, November 4, 2013, Kingston

more
2 days

Kick-off workshops for country mission in Colombia, October 17-18, 2013, Bogotá

more
2 days

Responsible Finance Forum IV – Consumer Protection in Emerging Insurance Markets

more
2 days

Seminar on Microinsurance Regulation for Supervisory Authorities

more
2 days

Regional Workshop for Supervisors from Latin America and the Caribbean

more
1 day

Policy Seminar on Access to Insurance, Tanzania

more
1 day

Workshop for regional regulators to make insurance work for the poor, Fiji

more
2 days

High – Level seminar on Micro-insurance Regulation for Supervisory Authorities

more
3 days

Policy Seminar on Access to Insurance for Supervisors, Regulators and Policy Makers

more
1 day

Regulators’ Workshop on Microinsurance

more
1 day

Policy Seminar on Access to Insurance for Regulators and Supervisors

more
3 days

Meeting on Microinsurance - Promoting Successful Regulatory and Supervisory Approaches for Increased Access to Insurance

more
1 day

Expert Round Table on the “G20 Financial Financial Inclusion Process"

more
2 days

International Conference: Enabling Microinsurance Markets "Overcoming the challenges for the insurance industry, regulators and supervisors"

more