EA CONSULTANTS | SOCIAL PROTECTION AND MICROINSURANCE

Social
Protection &
Microinsurance

June 2013
EA CONSULTANTS | Access to Finance, Markets and Social Protection

MICROINSURANCE CENTRE: OCTOBER 2010

DECEMBER 2013
EA Consultants was contracted by the
MicroInsurance Centre to collaborate on
a major donors USD 2 million, threeyear project to provide clarity around
two key questions in the microinsurance
field Is there value for low income
people? and Is there a business case?.
The Microinsurance Learning and
Knowledge (MILK) project will study a
variety of microinsurance models and
products through quantitative and
qualitative research. It will seek to fill
some of the gaps in the current
understanding of client value and the
business case, while helping to bring
together the various parties involved in
microinsurance research.
CHALLENGES AND PRACTICES IN CONSUMER
PROTECTION. MICROINSURANCE NETWORK:
DECEMBER 2012 MARCH 2013
EA Consultants was contracted by the
Microinsurance Network to develop a
framework for understanding the main

challenges and practices in consumer

protection in microinsurance, with a
focus on identifying the key themes in
consumer protection in microinsurance.
The study was supported by two case
studies of consumer protection in
Colombia and the Philippines, as well as
examples of specific issues and
approaches drawn from outside these
two countries. The field-work included
extensive interviews with stakeholders
and client focus group interview to gain
insight into what are the effective
approaches to consumer protection. The
primary objective of this study was to
underline key lessons from the specific
practices in this relatively mature
microinsurance market.
ASEGURADORA RURAL: JANUARY 2012
DECEMBER 2012
EA Consultants has been contracted to
provide strategic guidance and coaching
to
Aseguradora
Rural
in
the
development of a basic low-cost health

EA Consultants, Tel:212-734-6461, e-mail: contactus@eac-global.com

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Our Approach
Low- and middle-income countries often lack
the resources to provide their citizens with
sufficient safety nets and social services to
protect them from the devastating effects of
external shocks. In the absence of these public
programs, microinsurance can help the poor
mitigate risk. Yet, microinsurance is not just
about small policies. It involves tailoring
products and processes to a new, low-income
target while taking into account the demands of
the market.
The private sector can play a role in facilitating
this access. However, EA Consultants
recognizes that innovation in this field does not
only emanate to the private sector. Whether
through social security, microinsurance or other
programs, governments, donors and other
stakeholders can play an important role in
helping to mitigate the risk of vulnerable
populations. EA Consultants provides advisory
and research services to these stakeholders to
develop sustainable markets for microinsurance
products.

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insurance product for low income
Guatemalans with a focus on microentrepreneurs and their families. The
project included a market study, product
design as well as marketing and sales
strategies with links to other banking
products.
MICROINSURANCE CENTRE: LANDSCAPE OF
MICROINSURANCE IN LATIN AMERICA.
FEBRUARY 2012 NOVEMBER 2012
EA Consultants mobilized a team of
local analysts to collect data of twentyone Latin American countries about the
availability of microinsurance products
in each country. The information
included an analysis of obstacles to
developing these markets as well as
current opportunities for the market. It
was part of an initiative with the
IADB/FMI to build their understanding of
the
opportunities
to
promote
microinsurance in the region.
MICROSERFIN: PANAMA. FEBRUARY 2012
OCTOBER 2012
EA
Consultants
worked
with
Microserfin, one of the largest
microfinance institutions in Panama and
part of the BBVA Development Group,
on developing a microinsurance strategy
and pilot project. The project included a
study of the market focused on the
evaluation of existing microfinance
opportunities and mechanisms for
overcoming the challenges low-income
clients of Microserfin may face. Such
challenges were determined through
background interviews with potential
clients. Furthermore, EA Consultants
reviewed the recent regulatory changes
in microinsurance to ensure that all
elements of the pilot project would be
feasible given the new restrictions and
regulations. Finally, our product design
integrated a branding strategy and the
commercialization of these products
across the existing agency infrastructure
through capacity building materials to

help and support

microinsurance.

2
the

sale

of

INISER NICARAGUA & INTERNATIONAL

LABOUR
ORGANIZATION
(ILO):
NICARAGUA. OCTOBER 2009 MARCH
2012
EA Consultants has been supporting
Nicaraguas largest insurance company
in conjunction with the ILO to develop
the first microinsurance program in
Nicaragua. The project involved an initial
feasibility study and the design of a
strategic program for microinsurance for
INISER. EA Consultants worked with
INISER to identify appropriate agent and
delivery channels, design an innovative
new product and assess the operational
and information systems needs of the
insurer and its potential agents. Our
team supported the roll out of the
product including the development of
marketing materials, training of loan
officers, operational backstopping and
the development of an IT interface. The
first insurance product in INISERs
portfolio included a strong gender
component, recognizing that women are
an important part of the microfinance
client portfolio, yet they are often most
vulnerable to adverse shocks.
CENTRAL
AMERICAN
MICROFINANCE
NETWORK (REDCAMIF): OCTOBER 2008
JULY 2011
EA Consultants partnered with the
Central American Microfinance Network
to design a microinsurance program for
the
networks
99
microfinance
institutions in the six countries where it
operates (Guatemala, El Salvador,
Honduras, Nicaragua, Costa Rica and
Panam). The initial activity involved a
diagnostic
mapping
of
existing
microinsurance programs in Central
America,
the
organization
and
leadership in a workshop for a
representative group of microfinance
institutions in the region and the

EA Consultants, Tel:212-734-6461, e-mail: contactus@eac-global.com

conceptual development and design of a

program.
EA
Consultants
also
supported REDCAMIF in its early stages
of seeking funding for the program as
well as in an effort to promote
awareness of microinsurance in the
region through network meetings and a
first annual Microinsurance Forum for
Central America.
FONDO DE SOLIDARIDAD E INVERSIN
SOCIAL (FOSIS) AND INTERNATIONAL
LABOUR ORGANIZATION/MICROINSURANCE
INNOVATION FACILITY (ILO/MIF): CHILE.
JUNE 2010 APRIL 2011
EA Consultants collaborated with
FOSIS with the support of the ILO/MIF in
the design of a support program for
microinsurance for micro and small
businesses in Chile. The project included
an analysis of current demand in the
country,
businesses
offering
microinsurance and a financial analysis.
Additionally, they conducted a study of
demand, consisting of analysis of
different segments of the target
population through mining data on the
current and potential microinsurance
clients, interviews with banking and
microfinance institutions, conducting
focus groups with micro and small
enterprises and surveys. The project
culminated in a product design and the
potential intervention of FOSIS in
helping assure the diffusion and
commercialization of this product.
INTERNATIONAL LABOUR ORGANIZATION,
MICROINSURANCE INNOVATION FACILITY
(ILO/MIIF): FOSIS, CHILE. JUNE 2010
MARCH 2011
EA Consultants led an ILO team project
to support FOSIS, a development
agency in Chile and the Ministry of
Planning of the Government of Chile to
develop a microinsurance program. The
project includes extensive market
analysis of urban low income and
unemployed workers in Chile to develop

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EA CONSULTANTS | SOCIAL PROTECTION AND MICROINSURANCE

a series of appropriate micro insurance
products for these segments. The
products were linked to cash transfers,
savings and small microcredit loans to
facilitate delivery as well as the trust of
the potential customers. The work
included a supply side analysis of
existing mass market insurance products
and micro insurance products for the low
income segment, an analysis of
potential delivery channels and a
demand side analysis of customer
preferences and needs.
ASEGURADORA RURAL, GUATEMALA:
DECEMBER 2010 JANUARY 2011
EA Consultants was contracted to
provide strategic guidance and coaching
to
Aseguradora
Rural
in
the
development of a basic low cost health
insurance product for low income
Guatemalans with a focus on low
income and women and homemakers
through the holding companys large
distribution network, Banrural. The
strategic support activities included a
market study, product design, liaising on
cost and regulatory issues, supporting
marketing and strategy development.
Additionally, sales staff was trained with
ongoing coaching. The result was the
development of a womens cancer
prevention and coverage insurance; Vivo
Segura.
MICROINSURANCE INNOVATION FACILITY
(ILO/MIIF): GLOBAL. MAY 2010
SEPTEMBER 2010
EA Consultants worked with the ILOs
Microinsurance Innovation Facility to
undertake a comprehensive mapping of
existing migrant linked microinsurance
products worldwide. The purpose of the
study was to inform the ILO/MIIF and
the microinsurance community on
existing models aimed at broadening
access to microinsurance services by
offering these to migrants as well as to

offer recommendations for expanding

this access.
INTER-AMERICAN
DEVELOPMENT
BANK/MULTILATERAL INVESTMENT FUND
(IADB/MIF): MARCH 2010 SEPTEMBER
2010
EA Consultants worked with the
IADB/MIF on a two-part assessment of
the feasibility of a cross border
microinsurance product between Mexico
and the US. The project involved an
assessment of the supply of existing
products, including worldwide models
that can be replicated; the demand for
such products, through a market study
with Mexican migrants in the New York
City area; and an assessment of the legal
and regulatory barriers to these
products. The study looked to gain a
greater understanding of the health
claims characteristics of the informal
sector in Nicaragua as well as the health
outcomes on children covered by health
insurance and the role of quantity in the
utilization and retention in health
insurance.
MICROINSURANCE
CENTRE:
GLOBAL.
JANUARY 2010 MAY 2010
EA Consultants was contracted by the
MicroInsurance Centre to collaborate on
an evaluation team for a major donors
US$70 million grants in microinsurance
in India, Pakistan, the Philippines,
Tanzania, and Uganda among other
countries. The work resulted in a set of
strategic recommendations for future
contributions of this donor in the field. In
particular, EA Consultants focused on
the lessons that have been generated
from the grants and to what extent
these have been effective in bringing
interest and further investment in
microinsurance.

EA Consultants, Tel:212-734-6461, e-mail: contactus@eac-global.com

3
GLOBAL
DEVELOPMENT
NETWORK:
JANUARY 2007 MARCH 2009
EA Consultants implemented an
experimental randomized evaluation of
a pilot program in Nicaragua that
extends social security health insurance
to the informal sector. Through this pilot
program, Nicaraguas Social Security
Institute (INSS) contracted three
microfinance institutions: ACODEP,
Banco Procredit, and Findesa to market
its health insurance to their clients
affiliate new subscribers and to collect
payment through MFI branch networks.
CENTRAL
AMERICAN
MICROFINANCE
NETWORK (REDCAMIF): 2008 2009
EA Consultants provided advisory
services to train the Central American
Microfinance Network and its members
to better understand the microinsurance
business model. The advisory services
also supported the implementation of a
series of workshops and one large
conference. Furthermore, we helped
build up and train a commission of
REDCAMIF member representatives
from the six countries in which it
operates (Guatemala, El Salvador,
Honduras, Nicaragua, Costa Rica and
Panama). As part of the advisory
services we rendered, we performed
diagnostic
mapping
of
existing
microinsurance programs in Central
America.
FINCA INTERNATIONAL (FINCA MXICO):
APRIL 2007 JULY 2008
EA Consultants developed a proposal
for FINCA Mxico to pilot a program to
offer non-financial services to clients.
The preparatory work included an
analysis of client demand through focus
group interviews in two states: Hidalgo
and Puebla. The review also included an
assessment of the current credit
methodology and its compatibility with
providing non-financial services through
interviews with loan officers, branch

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managers
and
FINCA
Mxico
management. It also included a review
of the public, private and NGO health
service infrastructure in two states that
drove the design of the pilot program
focused on demand generating activities
such as training in family health care. To
ensure the cost-effective delivery of
health training, EA Consultants
identified a specialized training institute,
IMIFAP and facilitated a strategic
partnership between them and FINCA
Mxico. The program was designed to
be self-sustaining over time, and will be
a part of the ongoing development of
financial products and services in health.
The pilot program will tie into FINCA
Mxicos ongoing efforts to develop new
client-focus products. EA Consultants is
assisting FINCA Mxico and FINCA
International in fundraising activities
related to the project.
FINCA UGANDA: APRIL 2007 JULY 2008
EA Consultants collaborated in the
design of an innovative financially
sustainable proposal to encourage a
strategic partnership between FINCA
Uganda and Microcare, a national health
insurance company in Uganda. This
provided micro-entrepreneurs at FINCA
Uganda with increased access to
healthcare.
NEW
YORK
UNIVERSITY-FORD
FOUNDATION: FEBRUARY 2007 MAY 2007
EA Consultants performed a rigorous
comprehensive strategic analysis of Pro
Mujer Nicaragua (PMN), a networked
microfinance institution that offers
financial and non-financial services to its
clients. The analysis focused on PMNs
provision of non-financial services.

EA Consultants, Tel:212-734-6461, e-mail: contactus@eac-global.com

www.eac-global.com