An IIP Report On Risk Profile and Perception on Insurance in a Defined rural geography-A Study A project conducted at Yugantar, hyderabad,

Andhra Pradesh, India

Submitted in partial fulfillment of the requirement for the degree of Post Graduate Diploma in Management

Submitted by A.Rajashekar Reddy

Roll No. 2b1-42, Biffas 2nd Shift

2010- 2012

Siva Sivani Institute of Management, Kompally, Secunderabad- 500014

Company certificate

DECLARATION
I hereby declare that the project work RISK PROFILE AND PERCEPTION ON INSURANCE IN A DEFINED RURAL GEOGRAPHY-A STUDY submitted to Siva Sivani Institute of Management, is a record of an original work done by me under the guidance of V.Jayalakshmi., Asst Professor, Siva Sivani Institute of Management, Secunderabad and this project work is submitted in the partial fulfillment of the requirement for the award of the degree of Post Graduate Diploma in Management. The results embodied in this thesis have not been submitted to any other University or Institute for the award of any degree or diploma.

Place: Date:

A.Rajashekar Reddy 2B1-42

Institute certifgicate

ACKNOWLEDGEMENTS

First and foremost, I sincerely thank to my industry guide Ms.Vandana thottoli, Progam Coordinater, Yugantar, and Mr.Vijay Burgula, project head, Yugantar, Hyderabad, Andhra Pradesh for their guidance and encouragement in carrying out this project work.

I would like to show my deep sense of gratitude to internal project guide,, V Jayalakshmi., Assistant professor,, Siva Sivani Institute of Management for her constant encouragement and support throughout this project, especially for the useful suggestions given during the course of the project period. She inspired and motivated me tremendously whenever I had any hesitation.

Besides, I am also grateful to faculty members of Siva Sivani Institute of Management for their assistance in data collection.

I take this opportunity to extend my appreciation to my family and friends, for all that they meant to me during the crucial times of the completion of my project.

Apart from my efforts, the success of my project depends largely on the encouragement and guidance of many others. I take this opportunity to express my gratitude to all the people who have been instrumental in the successful completion of this project.

Place: Date:

A.Rajashekar Reddy 2B1-42

Table of Contents

1.INTRODUCTION .................................................................................................................................... 7 2.Objective of the study........................................................................................................................... 8 3.Scope of the study ................................................................................................................................ 9 4.Literature Review ............................................................................................................................... 10 4.1IRDA Regulations Governing Micro Insurance and its Distribution ............................................... 12 5.INDUSTRY PROFILE ............................................................................................................................. 17 6.COMPANY PROFILE ............................................................................................................................. 18 6.1History .......................................................................................................................................... 18 6.2Work............................................................................................................................................. 19 6.3Department details ....................................................................................................................... 21 7.Research methodology ....................................................................................................................... 22 7.1Sample Profile............................................................................................................................... 22 7.2Methodology ................................................................................................................................ 23 7.3Differing perception of insurance in the defined geography........................................................... 23 7.4Study of existing insurance products in the defined geography ..................................................... 23 8.Risks in the defined geography ........................................................................................................... 27 9.Data collected..................................................................................................................................... 28 10.Data interpretation and findings ....................................................................................................... 29 11.Conclusion ........................................................................................................................................ 37 12.Questionnaire ................................................................................................................................... 38 13.References........................................................................................................................................ 43

INTRODUCTION This is a IRDA founded project taken up by Yugantar, which is a joint project of PURAprovision of urban amenities for the rural people. The objective of this project is to research on risk profile the perception of the rural people, designing a product which will be suitable for the rural people so that a report can be given to IRDA to take a action for providing insurance for rural people. Six years has elapsed since the introduction of the Micro-Insurance regulation in 2005. However, only 14 million adults are covered by life micro-insurance in India (Micro Credit Ratings International Limited March 2008 case study on Micro Insurance regulation in the Indian Financial Landscape). In a country with some 120 million families living on less than $2 a day, this is a very small proportion of the potential micro-insurance market. Further, in the study commissioned by the United Nations Development Programme (UNDP) titled Building Security for the Poor: Potential and Prospects for Micro Insurance in India, it is stated that 90% of the Indian population are not covered by insurance and this signifies an untapped market of nearly US$2 billion.

Otaviano Canuto writes in RGE Monitor that in a world where economic integration of poor people has been dynamic in many regions and has started to attract attention of opportunitystripped traditional financial institutions, micro-insurance is still lagging behind. According to Martin Buehler, from International Finance Corporation (IFC), Micro-insurance is now where microfinance was about eight to 10 years ago. Microfinance now is a multibillion dollar industry. Micro-insurance is probably not yet in the billion dollar premium area.

IRDA has taken many measures to improve the penetration of micro-insurance. The rural and social obligations imposed by IRDA have forced insurance companies to look seriously at the bottom of the pyramid market as a quid pro quo for being allowed to function in the commercial/urban insurance market. The micro insurance regulation introduced new distribution channels - MFIs, NGOs and Self-Help Groups. In response, some attention has started to be focused on micro-insurance services that are growing in terms of the numbers of individual policy holders but which continue to be minuscule both in terms of the proportion of population covered and the overall premiums collected.

Objective of the study

The objective of the pilot is to study how to y y y y y y Stratify the rural populace within a Mandal to better understand the dynamics of the rural communities and design customized products Educate and train the Mandal officers Contain transaction costs and management expenses Control Claims Capture adequate data in terms of pricing Bring the processes, leadership, technology and resources to successfully implement customized insurance schemes through the Mandal Parishads.

Scope of the study

Perception of insurance plays a very important part in the penetration of insurance in any market. Many employed persons consider insurance as a tax benefit, while others consider it as a bonus with saving. The benefit of saving in an insurance scheme versus saving in a bank account should be understood by the people. Moreover, perception of insurance differs from people who are educated or are employed in government organizations, to those who work on a farm or are not educated. Insurance can thus be correlated to education, caste, economic status, gender, etc. In our study, we will identify the various attributes that insurance can be correlated to and also study the level of awareness of insurance in Parvathagiri Mandal and the public perception about insurance. Understand the differing perception of insurance in the defined geography and identifying the variables that insurance can be correlated to like, education, caste, economic status, gender, etc.,  Study the existing insurance products in the defined geography :  the existing awareness creation process used by the insurance companies  the delivery mechanisms used and the role of agents in increasing insurance penetration  the role of the contract document  the language and structure of the contract  claims experience - claims reporting, claims processing, claim rejections, claim success and pending claims; and its effect on insurance expansion renewal of insurance contracts  Identify the risks in the defined geography severity of the risks and frequency of occurrence  Calculate the savings potential and disposable income in the area  Identify a cost effective distribution channel identify other products that are being sold in the area that use various distribution channels and find the most feasible distribution channel

Literature Review
Micro-insurance is a term increasingly used to refer to insurance characterized by low premium and low caps or low coverage limits, designed to service low-income people and businesses not served by typical social or commercial insurance schemes. Micro refers to the small financial transaction that each insurance policy generates. It is a financial arrangement to protect low-income people against specific perils in exchange for regular premium payments proportionate to the likelihood and cost of the risk involved. A review of literature has revealed the dynamics of the micro-insurance system that exists in India and around the world and the access of the poor to those systems. For purposes of clarity, the review of literature has been broadly categorized under five themes. Micro-insurance as a protective mechanism for the poor: Several papers have highlighted the need for micro-insurance amongst the poor. Elaborating on it further, the report The Landscape of Micro-insurance in Worlds 100 Poorest Countries (Roth, Mc Cord et al., 2007) states how the poor tend to experience greater hardship and financial crises when unexpected events befall them and in such a scenario, even small sums insured can ensure protection for them. The detailed quantitative study identified 357 micro-insurance products (that were separate from Social Security measures), 116 Social Security Schemes, 246 micro-insurers (separate from Government providers of Social Security) and 78 million people in the chosen sample were found to have micro-insurance cover. Types of Risk Carriers: Various types of risk carriers or insurers have been identified while describing the supply chain of Micro-insurance, although four types emerge quite significantly, namely, Commercial (for profit), Cooperative/Mutuals, NGOs and CBOs. Commercial Insurers are for-profit entities that are regulated and licensed under insurance law. Although newcomers to the micro-insurance market, they provide the largest share of products, covering at least 38 million people in the 100 poorest countries. By and large commercial insurers have focused on life insurance products that are less risky, easier to manage, and, thus, more likely to generate a profit (Chandani, 2009). In a detailed quantitative study done on Microinsurance in the worlds 100 poorest countries, it was seen that Mutuals covered 2.5 million people (Roth, Mc Cord et al., 2007). NGOs include development organizations, trade unions, federation of groups and microfinance

institutions. They are close to the people and are hence close to the market of microinsurance. They were found to cover 9.8 million people. Closeness to the market makes them a good delivery channel (Roth, Mc Cord et al., 2007).

Effective Delivery Channels: Though both NGOs and CBOs have inherent flaws in terms of their structure and management, their location within the community and thereby, their closeness to the individuals, make them an effective delivery channel (Roth et al., 2007; Chandani, 2009). For Microinsurance to be a success amongst the targeted population, it has been suggested by many that, innovative ways of penetrating into the market has to be explored. Citing an example from the Indian context, the report The Landscape of Microinsurance in Worlds 100 Poorest Countries (Roth, Mc Cord et al., 2007) shows how novel means of advancing microinsurance has achieved much success. . Iffco-Tokios Sankat Haran Policy that is sold in India (perhaps the worlds largest microinsurance product as measured by number of policy holders at 25 million in 2005) provides accidental death and disability cover, which is automatically obtained when a client buys a 50kg fertilizer bag of the Iffco or India Potash brands. The amount of cover is USD 90 in the event of an accidental death and USD 45 for certain categories of dismemberment and disability.

Pricing of the Product: Penetration of the product into the market is shaped not only by the effectiveness of the delivery channels but also significantly by the pricing of the product. The study by Gaurav et al., 2008 in Kalahandi, revealed that the average premium for a product that the people were willing to pay emerged at Rs.100/- per annum amongst the rural populace and Rs.360/- per annum amongst the urban populace. According to Ahsan (2009), microinsurance can be successful if the pricing of the product is consistent with the Willingness to Pay (WTP) criterion as well as being proportional to the likelihood and costs of risks involved. With regards to Health Insurance, Mukherjee (2010)s paper Trends of Microinsurance in India asserts that in the field of health, most low income people are willing to pay on an average 1.35% of their annual income for health insurance, this often does not translate into demand due to poor health service coverage and imperfect implementation plans.

IRDA Regulations Governing Micro Insurance and its Distribution

Insurance service is governed by the Insurance Act, 1938. Under the provisions of the Act, an institution of the Controller of Insurance was set up to act as a strong and powerful supervisory and regulatory authority. After the nationalization of the life insurance industry in 1956 and the general insurance industry in 1972, the role of the Controller of Insurance had diminished in significance. But, when the Government policy to open up the insurance sector was announced in the Budget Speech in 1998, in order to provide better insurance coverage to the citizens and to augment the flow of long term resources for financing infrastructure, the government decided to establish a Statutory Regulatory Authority. Subsequently, the Insurance Regulatory and Development Authority (IRDA) was established after passing of the Insurance Regulatory and Development Act, 1999, to protect the interests of insurance policy holders and to regulate, promote and ensure orderly growth of the insurance industry. IRDA (exercising the powers conferred by section 32C read with section 32B of the Insurance Act, 1938, (4 of 1938)), in consultation with the Insurance Advisory Committee, established the Insurance Regulatory and Development Authority (Obligations of Insurers to Rural Social Sectors) Regulations, 2000 to promote the insurance business in the rural and social sectors. This regulation was substituted by the Insurance Regulatory and Development Authority (Obligations of Insurers to Rural Social Sectors) Regulations, 2002. 32B. Every insurer shall, after the commencement of the Insurance Regulatory and Development Authority Act, 1999, undertake such percentages of life insurance business and general insurance business in the rural or social sector, as may be specified, in the Official Gazette by the Authority, in this behalf. Obligations of insurer in respect of rural or unorganized sector and backward classes 32C. Every insurer shall, after the commencement of the Insurance Regulatory and Development Authority act, 1999 discharge the obligations specified under section 32B to provide life insurance or general insurance policies to the persons residing in the rural sector, workers in the unorganized or informal sector or for economically vulnerable or backward classes of the society and other categories of persons as may be specified by

regulations made by the Authority and such insurance policies shall include insurance for crops.

The obligations of the insurers according to the Insurance Regulatory and Development Authority (Obligations of Insurers to Rural Social Sectors) Regulations, 2002, is given as follows: Sec. 3: Obligations.--- Every insurer, who begins to carry on insurance business after the commencement of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), shall, for the purposes of sections 32B and 32C of the Act, ensure that he undertakes the following obligations, during the first five financial years, pertaining to the persons in--(a) rural sector, (i) in respect of a life insurer, -(I) seven per cent in the first financial year; (II) nine per cent in the second financial year; (III) (IV) (V) Twelve per cent in the third financial year; Fourteen per cent in the fourth financial year; Sixteen per cent in the fifth year;

of total policies written direct in that year; (ii) in respect of a general insurer,-(I) two per cent in the first financial year; (II) three per cent in the second financial year; (III) five per cent there after, of total gross premium income written direct in that year. (b) social sector, in respect of all insurers, -(I) (II) (III) (IV) (V) five thousand lives in the first financial year; seven thousand five hundred lives in the second financial year; ten thousand lives in the third financial year; fifteen thousand lives in the fourth financial year; twenty thousand lives in the fifth year;

Provided that in the first financial year, where the period of operation is less than twelve months, proportionate percentage or number of lives, as the case may be, shall be undertaken. Provided further that, in case of a general insurer, the obligations specified shall include insurance for crops provided further that the Authority may normally, once in every five years, prescribe or revise the obligations as specified in this Regulation. The distribution of the insurance policies is done through insurance agents, corporate agents or brokers licensed under the Act. The insurance agents are governed by Section 42 of the Insurance Act, 1938. 42. (1) The Authority or an officer authorized by him in this behalf shall, in the manner determined by the regulations made by it and on payment of the fee which shall not be determined by the regulations, which shall not be more than two hundred and fifty rupees, issue to any person making any application in the manner determined by the regulations, a license to act as an insurance agent for the purpose of soliciting or procuring insurance business: Provided that (i) in the case of an individual, he does not suffer from any of the disqualification mentioned in sub section (4); and (ii) in the case of a company or firm, any of its directors or partners does not suffer from any of the said disqualifications:

Licensing of the insurance corporate agents is governed by the Insurance Regulatory and Development Authority (Licensing of Corporate Agents) regulations, 2002. This Act envisaged the panchayat or a local authority to be a corporate agent. The Mandal Parishad can obtain a license to act as a corporate agent under this regulation. (f) Corporate Agent means any person specified in clause (k) and licensed to act as such; (k) Person means i. ii. iii. a firm; or a company formed under the Companies Act, 1956 (1 of 1956); or a banking company as defined in clause (4A) of section 2 of the Act; or

iv. a corresponding new bank as defined under clause (d(a)) of sub-section (1) of section 5 of the Banking Companies Act, 1949 (10 of 1949); or v. a regional rural bank established under section 3 of the Regional Rural Banks Act, 1976 (21 of 1976); or vi. a co-operative society including a co-operative bank, registered under the Co-operative Societies Act, 1912 or under any law for the registration of cooperative societies; or vii. a panchayat or a local authority; or

viii. a Non-Governmental organization or a micro lending finance covered under the Co-operative Societies Act, 1912 or a Non Banking Financial Company registered with the Reserve Bank of India; or ix. any other institution or organization which on an application to the Authority is specifically approved by the Authority.

In spite of having various distribution channels, the private insurers were not able to fulfill their rural and social sector obligations, since few insurance covers were affordable to the poor. Therefore, IRDA introduced the IRDA (Micro-Insurance) Regulations, 2005 to cater to the insurance needs of the poor. Under this regulation, the obligations to rural and social sectors is given as: Sec. 15. Obligations to Rural and Social Sectors: (1) All micro-insurance policies may be reckoned for the purposes of fulfillment of social obligations by an insurer pursuant to the provisions of the Act and the regulations made there under. (2) Where a micro-insurance policy is issued in a rural area and falls under the definition of social sector, such policy may be reckoned for both under rural and social obligations separately. IRDA (Micro-Insurance) Regulations, 2005 states that micro-insurance products can be distributed through an insurance agent, corporate agent, broker or micro-insurance agents. Sec. 4. Distribution of micro-insurance products.- In addition to an insurance agent or corporate agent or broker licensed under the Act, read with the regulations concerned made by the Authority for licensing of individual or corporate agents, or insurance brokers, as the case may be, micro-insurance products may be distributed through the micro-insurance agents:

Provided that a micro-insurance agent shall not distribute any product other than a microinsurance product.

This regulation envisaged the use of Micro Finance Institutes, Self Help Groups and NonGovernment Organizations to be a distribution channel for micro-insurance products. 2. f ) "micro-insurance agent" means.- (i) a Non-Government Organisation (NGO); or (ii) a Self Help Group (SHG); or (iii) a Micro-Finance Institution (MFI), who is appointed by an insurer to act as a micro-insurance agent for distribution of micro-insurance products. Explanation: - For the purposes of these regulations. (I) Non Government Organization means a non-profit organization registered as a society under any law, and has been working at least for three years with marginalized groups, with proven track record, clearly stated aims and objectives, transparency, and accountability as outlined in its memorandum, rules, by-laws or regulations, as the case may be, and demonstrates involvement of committed people. (II) Self Help Group (SHG) means any informal group consisting of ten to twenty or more persons and has been working at least for three years with marginalized groups, with proven track record, clearly stated aims and objectives, transparency, and accountability as outlined in its memorandum, rules, by-laws or regulations, as the case may be, and demonstrates involvement of committed people. (III) Micro-Finance Institution means any institution or entity or association registered under any law for the registration of societies or co-operative societies, as the case may be, inter cilia, for sanctioning loan finance to its members.

INDUSTRY PROFILE
A non-governmental organization (NGO) is basically a legally constituted organization which is operated by legal persons who act independently from any government. In those cases where the NGOs are funded partially or completely by governments, the NGO barred the government representatives from any membership in the organization in order to sustain its nongovernmental status. The term is used for those organizations which have wider social target with political aspects. However, any NGO cannot be blatantly political organizations. The term non-governmental organization has no agreed legal definition and these are termed as civil society organizations in many jurisdictions. Across the world, the number of internationally operating NGOs is around 40,000. The number of national NGO in countries is even higher with around 1-2 million NGOs in India and 277,000 NGOs in Russia. The remodelling processes of the welfare state have led to the rapid development of the non-governmental sector in western countries. With increasing globalization, the intensity of such processes has increased further. In the 20th century, the Globalization makes the people understand the importance of NGOs. The NGOs can be classified into various types on the basis of different factors like orientation or level of cooperation. NGO type by orientation can be grouped into y y y y Charitable orientation; Service orientation; Participatory orientation; Empowering orientation.

NGO type by level of co-operation can be grouped into y y y y Community- Based Organization; City Wide Organization; National NGOs; International NGOs;

COMPANY PROFILE
Yugantar is a 30 year old not-for profit organization with offices in Hyderabad and Bangalore that engages in advocacy, research and outreach. Yugantars vision is to play a role in creating a just and equitable India, inclusive of plural traditions, individual freedoms and diverse communities. Mission: Yugantar engages with all aspects of the policy life cycle in relation to problems and opportunities in its focus areas through in-depth research which generates new perspectives and influences policy projects based on appropriate technologies and cutting-edge approaches working directly with communities to produce counter narratives and advocate corrective measures in the planning and developmental processes.

Yugantar is led by a group of researchers with a track record of extraordinary achievement. It fosters a climate of openness, and endeavors to transfer skills and values to the next generation of researchers.

History:
Yugantar was established in 1980 under the Karnataka Societies Registration Act, 1960. It was formed as a resource group to develop and provide communication material for creating awareness and for capacity building in the development sector.The founding members were, M.S. Sathyu, Deepa Dhanraj, Amukta Apparao, Shama Zaidi, Gowri Shankar, Pervez Merwanji, and Manohar Prabhu. From 1981-83, Yugantar established a film production centre and produced a number of films for use by NGOs. Since 1984, the organizations activities were scaled-down as a result of the relocation of several core members to other cities. In 1990, ThinkSoft was established in Hyderabad as a consultancy, for-profit organization that worked on a variety of development issues. The core team in Thinksoft included a set of individuals who were committed to working on issues of development and democracy. There were several collaborations between Yugantar and ThinkSoft on areas of common interest during this period. Over the years, there was a need felt among the core group members of ThinkSoft to engage more actively in not-for-profit research and advocacy projects, and move away from for profit consultancy.

In 2004, the informal relationship between Yugantar and ThinkSoft was formalized. Several individuals from the core group of ThinkSoft joined Yugantar leading to the revival of Yugantar and expansion of its activities. A new Board was constituted with Ms Dhanraj continuing as Secretary and Dr Vithal Rajan was nominated President. In 2009, the Board appointed 3 young women Ms. Diia Rajan, Ms. Triveni Goswami and Ms. Vandana Thottoli as Executive Committee Members. The Executive Committee undertakes project management and project reviews, and also help in the day-to-day administration.

Work:
Focusing primarily on research and advocacy towards impacting policy, Yugantar works in the areas of Food Security Health-Care Systems Quality Education Processes Local Governance and Economic Development Democratic Citizenship and Social Justice, Gender, Development Communications, and Innovative Technologies are the cross-cutting thematics Yugantar works with on a consistent basis.

Food Security: Though India reached self-sufficiency in food grain production over a decade ago, hunger stalks the land and significant sections of the population are undernourished. The Right to Food Campaign has developed into a major movement and has had a noteworthy impact on welfare policy. There is a need to monitor and provide evidence based feedback on the implementation of these programmes in regard to marginal and vulnerable populations. Apart from humanitarian concerns, Food Security is crucial for political stability and economic growth and is therefore an important area for research. It will continue to be so over the next few years given the inequitable growth pattern in India. Health-Care Systems: The paradox of the Indian health sector is that while India has made remarkable advances in developing the knowledge-base and institutions to deliver affordable world-class health care, the vast majority of the Indian people are yet to enjoy the benefits of this progress. A significant amount of work has gone into understanding models for sustainable delivery of quality health care and Yugantar will join platforms for efficiently harnessing the learnings and evaluation from experience which will contribute to the robust design of intervention strategies. Quality Education Processes: Quality Education has assumed crucial significance in the present context, with the proposed The Right of Children to Free and Compulsory Education Act 2009. Yugantar works towards this objective by making efforts to

y y y

Influence classroom practice Making the principles of NCF 2005 accessible to teachers, parents, education officials, Panchayat Raj Institutions, civil society Creating space for these strategies to be used for teacher education/orientation programs both for in-service and pre-service courses.

Local Governance and Economic Development: The constitution of India clearly demarcates jurisdictions for local governments through the 73rd and 74th Amendments. Strategies for impacting policy at the national level depend on our ability to influence decision-makers in the Municipalities and Tahsils (rural administrative units) across a wide swathe of the country. Yugantar undertakes pilot projects to develop Proof of Concepts on subjects of national importance falling within the mandate of local governments. Democratic Citizenship and Social Justice: The complex socio-political landscape in India encompasses issues of caste, community, religion, language and region and presents a fertile ground for dissent and debate that sometimes degenerate into conflict. The discourse on Social Justice has increasingly gained prominence in todays context of the ever-changing processes of assimilation to dominant cultural narratives. The notion of democratic citizenship encompasses elements of recognition, redistribution and equity and provides the framework within which we can re-think and re-work our understanding of inter-community relations. Yugantars repertoire of research and advocacy, ranging from field to knowledge building, has generated ground breaking perspectives which have had a considerable impact on policy interventions. It has been collaborating with institutions/organizations at the local, regional, national as well as international levels to further its research goals. Communities are the primary users of Yugantars work alongside research institutes, policy makers and development organizations. Yugantars collaborations include (but are not limited to) undertaking pioneering research, creation of knowledge base, and dissemination of research outputs through dialogues, debates, production of audio-visual media, conducting seminars and workshops, preparing policy briefs etc. The research institutes and bodies we collaborate with comprise of cross-disciplinary multifocal institutes. Yugantar also offers its expertise to organizations seeking capacity building, organizational development, and impact assessment services.

Department details
Name Board of Directors Ms. Deepa Dhanraj Dr. K. Lalita Mr. M. Sashi Kumar Dr. Vithal Rajan Mr. Madan Mohan Rao Mr. Navroze Contractor Mr. Narayanswamy Executive Committee Ms. Diia Rajan Ms. Triveni Goswami Ms. Vandana Thottoli Research Associates Mr. Vijay Burgula Mr. K. Havish Mr. Raoof Mir Ms. Bagmi Priyadarshini Mr. P. Raghavendra Mr. Sayed Nayeem Interns Mr. P. Akileshwara Mr. Rajashekar Reddy Administration Mr. G.Omkar Mr. Pothuraju Morsa Ms. R. Mamatha Designation Age Gender Education Profession

President Secretary Treasurer Member Member Member Member

58 58 59 74 57 68 50

Female Female Male Male Male Male Male

Bachelor of Journalism Phd Political Science MA Applied Economics Phd International Relations MA Economics Cinematography Bachelor of Engineering

Film Maker Development Professional Management Professional Development Professional Development Professional Cinematographer Development Professional

Research Associate Research Associate Program Coordinator

31 30 29

Female Female Female

MA Literary and Cultural Studies Phd Scholar Political Science PG. in Business Administration

Researcher Researcher Management Professional

Research Associate Research Associate Jr. Research Associate Jr. Research Associate Jr. Research Associate Field Associate

48 25 27 25 25 41

Male Male Male Female Male Male

MA Political Science Bachelor of Technology M.Phil Regional Studies M.Phil Social Exclusion & Inclusive Policy Phd. Scholar, Sociology High School

Development Consultant Researcher Researcher Researcher Researcher Researcher

Intern Intern

22 23

Male Male

PG in Management (Pursuing) PG in Management (Pursuing)

Management Graduate Management Graduate

Office Manager Finance Manager Office Assistant

32 42 20

Male Male Female

BA Economics Bachelor of Commerce Bachelor of Commerce

Administration Accountant Accountant

Research methodology
Sample Profile

The study was taken in Parvathagiri Mandal of Warangal District. The Mandal has been chosen from one extreme of the Mandal Hierarchy. It is categorized the Mandals in Andhra Pradesh as follows: y y y y Category I: Urban Mandals Mandals that are close to the Cities Category II: Erstwhile Taluka Headquarters that became Mandal Headquarters Category III: Mandal Headquarters that are on the National Highway or Railway Line Category IV: Mandal Headquarters that are not on the National Highway or Railway Line

Parvathagiri Mandal represents those Mandals that are away from the National Highways or railway lines and are very under-developed. With a population of 44639 (6306 SCs and 12,705 STs), as per the 2001 census, Parvathagiri Mandal is one the compact Mandals with the lowest population (if we do not consider those that come under forest areas). Therefore, the cost of covering the entire population works out to be lesser than conducting the same survey in other Mandals. The Mandal consists of 19 villages and Parvathagiri is the Mandal Headquarters. The villages in the Mandal are as follows. 1-Anantharam 2-Annaram Sharif 3-Chinta Nekkonda 4-Chowtapalli 5-Daulat Nagar 6-Enugallu 7-Gopanapalli 8-Jamalpuram 9-Konkapaka 10-Narayanpur 11-Pedda Thanda 12-Ravoor 13-Rollakal 14-Somaram 15-Wadlakonda 16- Burgumalla 17 Kalleda 18- Parvathagiri 19- Srinagar.

Methodology

y y y

Understand the differing perception of insurance in the defined geography and identifying the variables that insurance can be correlated to like, education, caste, economic status, gender, etc., Study the existing insurance products in the defined geography : o the existing awareness creation process used by the insurance companies o the delivery mechanisms used and the role of agents in increasing insurance penetration o the role of the contract document o the language and structure of the contract o claims experience - claims reporting, claims processing, claim rejections, claim success and pending claims; and its effect on insurance expansion o renewal of insurance contracts Identify the risks in the defined geography severity of the risks and frequency of occurrence Calculate the savings potential and disposable income in the area Identify a cost effective distribution channel identify other products that are being sold in the area that use various distribution channels and find the most feasible distribution channel

Differing perception of insurance in the defined geography Perception of insurance plays a very important part in the penetration of insurance in any market. Many employed persons consider insurance as a tax benefit, while others consider it as a bonus with saving. The benefit of saving in an insurance scheme versus saving in a bank account should be understood by the people. Moreover, perception of insurance differs from people who are educated or are employed in government organizations, to those who work on a farm or are not educated. Insurance can thus be correlated to education, caste, economic status, gender, etc. In our study, we will identify the various attributes that insurance can be correlated to and also study the level of awareness of insurance in Parvathagiri Mandal and the public perception about insurance. Study of existing insurance products in the defined geography In India, by law there is a dichotomy between the life and non- life insurance business. Life insurance business has performed better than the general insurance business and is approximately four times the size of the latter. In its India 2010 Vision report, Lloyds notes that non-life penetration levels in India remain extremely low at just 0.6%. The Indian position falls well below that expected by Sigmas S-Curve, which links non-life penetration to income per capita.

In Parvathagiri Mandal, we would seek to explore the performance of life and non-life insurance products and the underlying reasons for their good or bad performance. This information would be very useful in designing new products as product defects that lead to low off take can be avoided. Study the existing awareness creation process Low penetration of insurance in India, as else where, has varied explanations, both economic and sociological. One basic factor that puts a brake on growth is low propensity to consume: low propensity for insurance, not necessarily because of considerations of affordability nor because of inadequate range of insurance products and services. The major determining factor is lack of awareness of insurance per se. And this phenomenon is not confined to rural and semi rural segments of society: it pervades urban populace as well. Consumer awareness is the mainspring of demand creation which runs the wheels of the insurance industry. To this demand curve, suppliers and service providers respond, by making available to consumers what they want, meeting their needs and expectations. This is the way two usages customer needs and customer satisfaction emerged. And these later travelled to domains of customer delight and customer ecstasy. For insurance companies to penetrate significantly and forge ahead in the emerging market, enhancing consumer awareness, thus, becomes the prime focus of all activities. We would therefore need to identify the level of consumer awareness for insurance in the Mandal and also the various strategies used by the insurance companies to improve awareness in that area.

Study the delivery mechanisms used and the role of agents in increasing insurance penetration It is an acknowledged fact that Insurance, especially in India, is more sold than bought. Distribution, therefore, becomes the key link in the chain of activities in the business of insurance. In a country like India, distribution, which essentially means carrying the message of insurance through the last but toughest mile, acquires even greater pre-eminence. In view of the sensitive nature of the business by virtue of its being in the financial domain and the key role played by distribution, insurance selling, worldwide, is a tightly regulated activity. Coming to India, the Insurance Act, 1938 has laid out clear cut provisions on the following issues pertaining to distribution of insurance: y y y y Licensing of Insurance Agents Conditions/ceilings on payment of commission Privileges of Agents Code of conduct for agents

There was no change in the above provisions so long as the insurance industry was a monopoly during which distribution of insurance was largely confined to the tied agency channel. With the notification of the IRDA Act, 1999 and the pursuant opening up of the sector to private players, distribution of insurance has witnessed a flurry of activities shown below: y y y y y Specification of minimum educational qualification for agents and intermediaries Mandatory pre-license training and examination Issue of License by IRDA Elaborate regulation prescribing the code of conduct for all intermediaries Issue of regulations allowing/regulating corporate agencies, brokers and referrals

The above initiatives have completely changed the complexion of insurance distribution in the country. The raised level of qualifications at entry, pre-license training, qualifying examination and tightening of the code of conduct for the intermediaries over the last few years have all contributed to improvement in the quality of distribution in the insurance sector. The advent of new channels such as Corporate Agents including, Bancassurances, Brokers and Referrals has helped in the massive expansion that the insurance sector witnessed in India in the recent past. These channels have not only helped the sector to leverage on their clientele but also facilitated institutionalization of distribution of insurance. It has however been the experience in the sector that while the new channels have contributed to the business expansion, the expected decline in the distribution costs which was one of the objectives of allowing them to operate did not materialize to the desired extent. On the contrary, the widespread perception in the sector points to an increase in overall distribution costs. It is observed that huge distribution expenses are incurred under heads other than commission towards items such as reimbursement of agents expenses, lead generation, infrastructure, performance based incentives, competition prizes etc. It is also learnt that inordinate amounts are being paid towards references/leads obtained from referral entities as well as third parties. In addition to commissions and other pay outs, many other issues such as barriers at entry level for corporate agents, tie-ups with multiple insurers for corporate agents and referrals, streamlining of procedures in direct marketing have been coming up from time to time in the sector. While the sector has witnessed a massive expansion of the number of agents, it is a fact that the turnover of agents has also been proportionately high resulting in a large number of orphan policies which did not enjoy the servicing support of the intermediaries.

Micro insurance, the fledgling portfolio created through the intervention of IRDA with the aim of covering the low income groups was envisaged to be distributed predominantly through the channels operating among these segments - the Non-Government Organizations (NGOs), Micro Finance Institutions (MFIs) & Self Help Groups (SHGs). It was felt in many quarters that there is scope to expand the channels through the inclusion of other institutions which have an equal standing and presence in these markets. Our study would focus on the existing distribution and marketing channels used in the Parvathagiri Mandal to see if there is a scope to expand the channels and to also explore the possibility of using the local government as a channel of distribution. The role of the contract document the language and structure of the contract In the mainstream insurance sector, insurance companies have become skilful at drawing up contracts. Coverage attorneys regularly incorporate new case law into policies and regularly rewrite their contracts. In rural areas however, the market penetration is small and the target population is not very familiar with the concept of insurance. Thus it is important to ensure that genuine claims are honored and the poor are not at a disadvantage due to their weak bargaining position.

Claims experience and its effect on insurance expansion Rapid claims processing is a major factor in inducing people to purchase insurance. However, today, more than 30 percent of the health insurance claims are being rejected on the basis of preexisting disease. There is a need to know whether the policy holder suppresses such information during the purchase of the insurance policy or if the insurance agents suppress the information since the premiums would increase because of the same. We will study the correlation between speed with which claims are processed and subsequent renewals or purchase of insurance policies by using focused group discussions. For this, we would need to study the number of claims reported, number of claims processed, claim rejections, claim success and pending claims; and its effect on insurance expansion. Renewal of insurance contracts Renewals of insurance policies show that people understand the benefits of insurance. Our study will see if the people in the Mandal have renewed their existing policies, thus understanding whether insurance is being accepted by the people.

Risks in the defined geography

Risks in the Mandal need to be identified to design products based on them or even to identify which insurance product would suit the needs of the local area. For example, in rural areas, apart from health risks, weather risk is of primary concern, as more than 60 to 80 percent of crop yield depends on the adequate quantity and proper distribution of rainfall. In the past decade, farmers have faced many issues arising from climate change, including a decline in annual rainfall, late onset and early withdrawal of monsoon, a change in dry spell patterns and breaches of tanks as a result of piping action. The consequences of these changes can be dramatic and include frequent crop losses (and associated loss of income), migration and change of vocation. Therefore an insurance product for a Mandal might have to cover weather risks and other risks like livestock, earth quakes, electrocution, scorpion and snake bites, and fire. Our study will therefore identify the various risks that the people in the local area face and help to identify the products that are tailor made for them. One of the identified barriers for providing Micro-insurance in rural areas is the high transaction costs per unit of value. displays in stark form those features that make microfinance a challenge: high transaction costs per unit of value, constraints to enforceability of contracts and use of collaterals etc. Furthermore, in order to succeed, micro-insurance needs to face the following requisites:

(i) it has to reach massive market penetration, with contracts sold to vast numbers of people at very low rates and providing coverage against relatively small losses;

(ii) it has to display simple and direct underwriting methods;

(iii) its commercialization methods have to adapt to an environment in which there is no previous accumulated experience with the product by clients; and

(iv) it must be offered with coverage of multiple events, in a combined fashion.

Data collected
The house hold data of all villages in parvathagiri mandal was collected at the time of pura project . the types of calamities the households faced are also taken. Calamities like health, death, live stock and it is also considered failure of bore wells, burning of starters and dowry for daughters as calamities. Actually for rural people agricultural loss due to weather, borewells and burning of starters are major problems. From this total 11735 households a random selection of 377 households was done. This random samples are distributed among 19 villages. For this random sample survey a standard questionnaire was prepared. And the answers are entered in answer sheet. And 14 villages are selected for case studies. From this 14 villages 25 households are selected for case studies through interview method to understand the problems they facing and what kind of security they want from insurance.

Data interpretation and findings

Still the project is in process, as up to the time the findings are  From the random sample survey

People having different the sources of income like cultivation, agricultural& daily wage& NREGS labor, taddy tapping, and artisanal work and live stock. In calamities the death and health are not much problem for them but calamities like weather, burning of starters, failure of bore wells are the major calamities because due to this calamities their economic conditions becoming worsened. The other major calamity is dowry for this they borrowing money from different sources with interest and its taking years to repay the money. To face the calamities they are borrowing money from sources like money lenders, SHGs, friends and relatives but none of them taken loans in banks for calamities. More than 90% of people have heard of insurance. But they know insurance is for health and death and a very few of them know about vehicle, crop/weather and live stock. It is found that more than 50% of people have insurance and 40% of peoples policies are lapsed and remaining 10% dont have insurance policies. The policies are lapsed for different reasons the main due to they cannot afford the premium rates because of poor income levels. And some other reasons are they forgot to pay, lack of information from the agents. Almost all the rural people have taken the insurance policy by the influence of the agent very few are influenced by the relatives and friends. The people are not well informed by the agent the discontinuation of premium payment will leads to the lapse of the policy. And they not got any amount of money when the policy lapsed. The people are having good opinion about insurance. More than 85% of people are willing to buy the insurance product which is in questionnaire. The SHGs are working very well in rural areas, every women is a member of the SHGs.

Findings from case studies

Case studies are conducted for understanding the insurance in human dimension prospective. The case studies are done through interview method. From this it can be easy to interact with the people to understand the present problems and needs. All the people having ration cards like AAY, ANNAPURNA and BPL. People having land not more than 5 acres .For people having 5 acres or more than this land the source of income is cultivation. The major people dont have not more than 2 or 3 acres. This people cultivate their land and works as daily wage & NREGS& agricultural labour. The income levels of the people are very low. Out of 25 cases there are only 5 cases are improved economic conditions and 6 worsened cases and remaining 11 are having same economic condition for last five years. The agricultural people have faced agricultural loss for 2 times in past 5 years. But governments have not provided any compensation for the loss. There are 20% of people are taddy tappers, the people having a membership in taddytapper association(TTA), the registration fee for the member ship is 5000rs and to get earnings from palm trees they have to pay 60rs monthly as premium. They have automated insurance from TTA. The interesting fact came to know is all the rural people have known about LIC but they dont know about insurance. Rural people dont have awareness that LIC is one of the insurance company. The perception about insurance is they can get money if any sudden calamity happens and some thinks insurance as savings and some other think it is a group of people helping a person who having calamity. Most of the rural people are having LIC policies of sum assured 1 lakh-2 lakh policies. the premium rates are 2500rs to 30000rs with annual mode. Some of the policy holders are not known the sum assured and what happens when the discontinuation of payment of premiums happened. 60% of people have not known how to do death claims. They thought the sum assured can be given after the completion of the term period. From this it is known that the agents have not provided the basic information about insurance. The major calamity for people who having daughters is dowry. It is the major problem they facing. For giving dowry they borrow money from friends or relatives or money lenders with interest. To repay this money with interest they have sold their properties like land which is the major source of income from this they will lost the source of income and the economic condition will decrease regularly. All the people have good perception about insurance as it is a security for life but because of poor economic conditions they cannot afford premiums.

The population details of the parvathgiri villages are shown below.

Population

Rollakal Jamalpuram 2% 1% Srinagar Anantharam Narayanpur 1% 2% 3% Choutupally 6%

Annaram Sharif 4%

Chintanekkonda 14%

Vadlakonda 5%

Parvathagiri 13%

Daulatnagar 7% Ravoor 3%

Kalleda 6%

Enugallu 14%

Burgumadla 4% Pedda thanda Somaram 3% 4%

Konkapaka 6%

Gopanapalli 3%

Figure (1)

The risk profile in all the parvathagiri villages are shown in below bar graph

3000

2500

deaths 2000 Failure of Wells Diseases / Deaths of Livestock 1500 Fire Calamities Fires - Pump Sets Dowry for daughters / Divorce 1000 Thefts / Robberies Alcoholism others 500

0 calamities

Figure(2)

The sub categories in calamities: Failure of bore wells y y Borewells

Open wells

Diseases/deaths of livestock y Diseases / deaths of animals y Diseases / deaths of sheep y Deaths of pigs y Death of poultry Fire calamities y House fires y Fodder / Crop fires y Hotel fire y Fire in animal shed/pen Fire pumpsets y Burning of starters - low voltage y Burning of motors - low voltage Dowry for daughters y Borrowing y Sale of Land y Sale of other assets y Divorce settlement Thefts and robbers y Agricultural Equipment y Theft of cattle y House burglary Others y Disputes / Displacement y Migration y Floods y Crop failures y Effect of pesticide spraying on health y Attempted Suicides y Distress sales of land

The response for the question have u heard of insurance was collected from both random sample survey (RSS) and case studies and shown in below graph

400 350 300 250 200 150 100 50 0 RSS case studies yes no

Figure (3)

From RSS it is known that up to 85% of people are aware of insurance remaining 15% are not known about insurance But strongly from case studies it is observed that most of the people know LIC, but they dont think LIC as insurance.

The number of people having insurance which was known from RSS and case studies is shown below chart

350 300 250 200 yes 150 100 50 0 RSS case studies no

Figure (4)

The comparison between the policy holders who continuing the policy and lapsed, is shown in below chart
300

250

200

150

policies inforce lapsed

100

50

0 Category 1

Figure (5)

Conclusion
This study says that to increase the penetration in rural areas the first one have to do is to create complete awareness on insurance, because lot of rural people dont know the importance of insurance. Proper training have to be given to the insurance agents. The major calamities they facing are y y y y y y Agricultural loss Diseases/ deaths of live stock Failure of bore wells Burning of starters Dowry for daughters deaths

From the figure (2) it clearly shown that the priorities are respectively y y y Diseases/ deaths of live stock Failure of bore wells Burning of starters and pumpsets

IRDA have to take a decision to design a insurance product to cover multiple risks with low premium rates so that they can take the policy and can continue the policy without fail. And government have to take necessary action to increase the living standards & economic conditions. This study can give much better observations& findings at the completion of this project. As this report is for two months duration of the complete project, it has some limitations .

Questionnaire
YUGANTAR RANDOM SAMPLE SURVEY INSURANCE STUDY FOR IRDA S. No 1.1 2.1 3.1 3.2 4.1 4.2 4.3 5.1 Question PART 1 House No. Name of Respondent Gender of Respondent Male / Female Age of Respondent Name of the Household (HH) Head (IF respondent is NOT HH head) Gender of HH Head Male / Female Age of HH Head No. of working people /earning members in the family Sources of Income INSTRUCTIONS 1. Enter the following codes for the sources mentioned 2. Separate each code by a comma Agricultural labour Daily wage labour Cultivation Toddy tapping Artisanal work Salaried NREGS Dairy / Livestock Other PART 2 How has your familys economic condition changed over the last 5 years? (IMPROVED / WORSENED / SAME) (Recall Aid: Last Panchayat elections held in 2006) INSTRUCTIONS Response Codes

Number Text M/F Number Text M/F Number Number

6.1

A B C D E F H I J

7.1

I/W/S

7.2

8.1

9.1

1. If IMPROVED, go to Question 11 2. If SAME, go to Question 11 3. If WORSENED, go to Question 7.2 If it has worsened, has it worsened: LITTLE / SOMEWHAT / VERY What were the reasons for this worsening situation? INSTRUCTIONS 1. Enter the following codes 2. Separate each code by a comma Deaths of Income Earning Members Operations / Surgeries Major Ailments / Illnesses Major Chronic Health Issues Major Disabilities Accidents Failure of Wells Diseases / Deaths of Livestock Fire Calamities Fires - Pump Sets Dowry for daughters / Divorce Thefts / Robberies Alcoholism Crop Failure Losses in Business Educational Loans Others If your situation has WORSENED, then how did you face it? INSTRUCTIONS 1. Enter the following codes 2. Separate each code by a comma 3. If Others is the category, record the category in your notes. Borrowed money from relatives Borrowed money from friends Borrowed money from landlord / employer Borrowed money from moneylenders Borrowed money from banks Borrowed money from SHGs Borrowed money from MFIs Borrowed money from Chit Funds Pawned jewellery / household items Sale of land / assets

L/S/V

A B C D E F G H I J K L M N O P Q

A B C D E F G H I J

10.1

10.2

Mortgaging land / assets / ration cards or other entitlements Govt schemes / programs Charitable organisations / NGOs Insurance Other (Specify) Advances from Contractors Migrated for work PART 3 Have you heard of insurance? Yes / No If Yes, then what types? INSTRUCTIONS 1. Enter the following codes 2. Separate each code with a comma Life Insurance Health Insurance Vehicle Insurance Crop/weather insurance Livestock Other Have you ever taken an insurance policy? Yes / No INSTRUCTIONS IF NO, GO TO 11.1 IF YES, Go to 11.2 If NO, what were the reasons for not taking insurance? INSTRUCTIONS 1. Enter the following codes 2. Separate each code with a comma Could not afford premiums Could not understand insurance policies / forms Accessing insurance agents is difficult Could not see any benefits from it I heard that you never get your money back IF YES, then identify the type of insurance taken. INSTRUCTIONS 1. Enter the following codes 2. Separate each code with a comma Life

K L M N O P Q Y/N

A B C D E F Y/N

11.1

11.2

A B C D E

11.3

Health Vehicle Insurance Crop/weather insurance Livestock Other INSTRUCTIONS 1. Enter the following codes 2. Separate each code with a comma MFIs Agents Relatives Friends Tax deductibles Savings TV / Radio SHGs Rythu Mithra Is your policy continuing still? (CONTINUING / LAPSED / TERM COMPLETED) If Lapsed, What was the reason for your Policy Lapsing? INSTRUCTIONS 1. Enter the following codes 2. Separate each code with a comma Could not afford premium Did not remember when to pay Agent did not remind me Did not bother to continue payments due to loan set off If your Policy has Lapsed, did you get your money back? Yes / No If NO, why didnt you get it back? 12.4 Dont know Agent said that no payments are due If NO, at the time of taking the policy, were you aware or informed that non-payment of premium would result in forfeiting the policy and the payments made so far? Yes / No

B C D E F

Who or what encouraged you to choose the policy ticked in the previous question?

11.4

A B C D E F G H I C / L / TC

12.1

12.2

A B C D Y/N

12.3

INSTRUCTIONS Enter one of the following codes A B

12.5

Y/N

13.1

What has been your experience in dealing with the insurance company? G/B/I (GOOD / BAD / NO OPINION OR INDIFFERENT) INSTRUCTIONS If GOOD / BAD, Record the statements in your note book. PART 4 Ask the Respondents if they will be interested in purchasing the Insurance Package described below. Tell the respondents that the Annual Premium will not be returned / paid back. Insurance Package: 1) Annual Premium : Rs. 1,000/2) Death due to natural causes: Rs. 60,000/- (Covers the main income earner) 3) Death due to accident: Rs. 1,50,000/- (Covers the main income earner) 4) Total disability due to accident: Rs. 1,50,000/- (Covers the main income earner) 5) Partial disability due to accident: Rs. 75,000/- (Covers the main income earner) 6) Hospitalization: Rs. 60,000/- (Covers the main income earner, spouse and two children or elderly parents) 7) Scholarship: Rs. 100 / month for 2 children who are studying in 9th to 12th grades

Will you be willing to buy an insurance policy that covers the above events? YES / NO PART 5 Do you have any bank loans? 15.1 Yes / No INSTRUCTIONS If Yes, answer the following questions. If No, Go to Question 16. 15.2 Are you servicing the loan? 15.3 Has your loan been waived? 15.4 Have you defaulted on the loan repayment? 16.1 Do you have a Ration Card? APL BPL 16.2 Annapurna AAY Is anyone in your family a member of SHGs? 17.1 (YES / NO / DON'T KNOW) Is anyone in your family a member of Rythu Mithra groups? 18.1 YES / NO / DONT KNOW 14.1 YES / NO / DONT KNOW

Y/N

Y/N

Y/N Y/N Y/N Y/N A B C D Y/N/D

Y/N/D

References
Roth, J, Mc Cord, M.J and Liber, D (2007) The Landscape of Microinsurance in Worlds 100 Poorest Countries, The MicroInsurance Centre, LLC
1 1

Gaurav, S, Acosta, A.P.G and Ballesteros, L.F. (2008) Innovating at the BoP: Delivering Microinsurance in Kalahandi, and Beyond, IMFR
1

Ahsan, S.M. (2009) Microinsurance, Poverty and Vulnerability: A Concept Paper, Concordia University, Montreal, CESifo, Munich and Institute of Microfinance, Dhaka Chandani, T (2009) Microinsurance Business Models, Primer Series on Insurance, Issue 3,

11

April 2009, www.worldbank.org/nbfi Roth, J, Mc Cord, M.J and Liber, D (2007) The Landscape of Microinsurance in Worlds 100 Poorest Countries, The MicroInsurance Centre, LLC
1 1

Ibid Roth, J, Mc Cord, M.J and Liber, D (2007) The Landscape of Microinsurance in Worlds 100

Poorest Countries, The MicroInsurance Centre, LLC and Chandani, T (2009) Microinsurance Business Models, Primer Series on Insurance, Issue 3, April 2009, www.worldbank.org/nbfi Roth, J, Mc Cord, M.J and Liber, D (2007) The Landscape of Microinsurance in Worlds 100 Poorest Countries, The MicroInsurance Centre, LLC Gaurav, S, Acosta, A.P.G and Ballesteros, L.F. (2008) Innovating at the BoP: Delivering Microinsurance in Kalahandi, and Beyond, IMFR
1 1 1

Ahsan, S.M. (2009) Microinsurance, Poverty and Vulnerability: A Concept Paper, Concordia University, Montreal, CESifo, Munich and Institute of Microfinance, Dhaka Mukherjee, P (2010) Trends of Microinsurance in India, MicroSave India Focus Note 49