Financial Literacy Roadshow: A vehicle for stakeholder ... · Pre-departure Orientation Seminar (PDOs) of departing overseas Filipino Workers . Microinsurance is included as one of

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Financial Literacy Roadshow: A vehicle for stakeholder-tailored

education in Inclusive Risk Protection

21/11/2013

Dr. Antonis Malagardis, Program Director GIZ - RFPI Asia program

(Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia)

9th International Microinsurance Conference 12-14 November / Jakarta, Indonesia

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Outline

Financial Literacy on Microinsurance – The Philippine experience 21/11/2013

• Roadmap to Financial Literacy on Microinsurance (MI) - a public-private sector collaboration

• A 9-stakeholder approach • Implementing the roadmap • Financial Literacy roadshows • Key advocacy messages • Roles of advocates • Feedback from the advocates • Case examples – institutionalization of MI literacy

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From literacy to advocacy


• Financial Literacy is educating, not marketing

• Advocacy is convincing, not selling

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Roadmap to Financial Literacy on MI


Drafted jointly by the Department of Finance, Insurance Commission and the associations of insurance companies, MBAs, cooperative insurance societies and financial intermediaries, development organizations and other stakeholders.

Launched in Jan 2011 which aims to: help the low-income sector protect

their financial assets and manage their resources for risk and social protection.

build capacities of stakeholders become proactive in the provision and promotion of Microinsurance.

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The 9-stakeholder approach


The ADVOCACY: building the capacities of stakeholders to become proactive in the provision and promotion of Microinsurance

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Implementing the roadmap...


1. Developed the modules and tools.

2. Trained Speakers’ Bureau (master trainers) on Microinsurance from different stakeholders.

3. Conducted Financial literacy roadshows nationwide.

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Advocacy tools

Financial Literacy on Microinsurance – The Philippine experience

brochures

Flipchart

Videos, jingle

poster

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1. Training of MI Advocates (TOMA) from different stakeholders.

2. Public seminar on MI.

3. Microinsurance information exhibits from insurance providers and intermediaries.

4. Press conferences

Financial literacy roadshows (4 days program)

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MI advocacy messages to stakeholders


For Government Agencies

For Insurance providers

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MI advocacy messages to stakeholders


For Donors/Devt. Agencies

For Clients

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Roles of Microinsurance advocates


1. Organize trainings, seminars, meetings and other venues to communicate the importance of Microinsurance and key messages to superiors, colleagues, friends and partners.

2. Initiate “call to actions” in respective organizations by institutionalizing Microinsurance activities in projects and programs (examples: literacy campaign, product development, issuance of circulars, set up “help/information desks”, research)

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TOMA graduates’ use of learning

Shared info with family and friends Shared info with work colleagues and networks

Conducted microinsurance training Created MI communication materials

Asked for activity advice from other MI stakeholders Have not used TOMA learning

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Institutionalization of MI literacy – National Government Agency


Overseas Workers Welfare Administration (OWWA)/ Commission on Filipinos Overseas (CFO)

Integration of Microinsurance topic in the Pre-departure Orientation Seminar (PDOs) of departing

overseas Filipino Workers

Microinsurance is included as one of the modules in the seminar that is mandatory to be completed by all departing Overseas Filipino Workers (OFWs).

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Institutionalization of MI literacy – Local Government Unit


Quezon City Local Government Unit (LGU) Provision of Microinsurance to temporary labour

The LGU passed a city ordinance providing additional insurance coverage to temporary employees such as the street sweepers, village peace-keepers and health workers.

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Institutionalization of MI literacy –Support Institution


Insurance Institute for Asia and the Pacific (IIAP) Microinsurance seminar as a regular course offering

IIAP is conducting a regular 2-day seminar on Microinsurance. Participants are staff of commercial insurance companies, agents and insurance stakeholders from other countries.

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Institutionalization of MI literacy –Insurance Intermediary


Cebuana Lhuillier Insurance Solutions (CLIS) Microinsurance on Wheels (MoWs) CLIS is using MoWs to promote Microinsurance in hard-to-reach villages. Each MoW is equipped with audio-visual and Microinsurance videos. CLIS also promotes Microinsurance in TVs and radios.

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Lessons learned

21/11/2013

• A unified perspective towards insuring the low-income sector is required to shorten the gap between the public and private sectors.

• A stakeholder-tailored approach supports financial inclusion in design and content delivery, educating each distinct stakeholder group on their roles and opportunities in promoting microinsurance.

• A Fin Lit roadshow is an evolving strategy, whereby each roadshow is an opportunity to discover lessons for quality management of all involved.

• Such an initiative can be replicated by any country in line with its policy and regulatory environment and current or planned activities on microinsurance education.


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Thank you


Contact us: www.inclusiveinsuranceasia.com

http://www.inclusiveinsuranceasia.com/

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Financial Literacy Roadshow: A vehicle for stakeholder ... · Pre-departure Orientation Seminar (PDOs) of departing overseas Filipino Workers . Microinsurance is included as one of