insurance services at basix. basix vision in micro insurance all poor households, especially those...
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Insurance Services at BASIX
BASIX Vision in Micro Insurance
All poor households, especially those served by BASIX, will have access to risk-management services covering their lives and livelihoods, and insurance providers and BASIX will provide these services on a financially sustainable basis.
Risks covered by BASIXRisks to Life
DeathDiseaseDisability
Risks to Crops
Risks to Livestock Risks to Enterprises
Business Partners
BASIXEquity for Equity
•With •AVIVA
•Since:2002•In Life Insurance
•Royal Sundaram•Since:2002•In Health, Livestock and Enterprise Insurance
•ICICI Lombard•Since:2003•In Weather Index insurance
Business Model
Insurer BASIX Rural Customer
Offer products Distribute Insurance
Feedback on needsInputs for products and processes
Outreach
Products Lives/ Assets under cover as on
31-MAR-09
Life 1,079,539
Health 1,079,539
Livestock 67,440
Non Farm Enterprises 48,095
Weather Index –
for agriculture
8,894
Products
Insurance Cover Insurance Partner
Scope of Cover
1 Life Insurance AVIVA Group-Death of spouse and borrower(1.5 times loan amount)
Retail- Cover between 20k-100K
2 Health Insurance
Royal Sundaram
Hospitalisation(Rs.1.5K p.a)
Critical illness (Rs 10K p.a)
Accidental disability( Rs 25K p.a)
3 Livestock Insurance
Death- Cover from 5K – 20K
4 Enterprise Insurance
Cover against fire and other natural calamities 5K-200K
5 Weather Insurance
ICICI Lombard Deficit or excess rainfall and temperature
New Products
• NEW PRODUCTS:– Term Life– Term Life with premium return– Endowment– Health Retail policy– Motor Insurance– Micro Pension
Claims
Cumulative claims as on March 31,2009
Cumulative claims as on March 31,2008
Claims No of claims Settled amount
(in Rs. Million)
No of claims Settled amount
(in Rs. Million)
Life 5,620 85.90 2,975 44.46
Health 24,722 32.97 11,554 15.96
Livestock 2,362 18.47 1,411 11.09
Enterprise 101 0.87 25 0.26
Total 32,805 138.14 15,965 71.77
Weather Insurance
5,199 4.35 4,253 3.82
Grand Total
38,004 142.49 20,218 75.61
Challenges in Micro Insurance
• Cost effective distribution and servicing
• Institutional Capacity Building: for micro insurance distribution channels
• Awareness creation for the target population
• Regulatory Environment
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Extending Reach To Difficult And Remote Geographies
States : 15Districts : 172Villages : 18,119HR : 4,063
Claims facilitation
Claim eventCustomer
informs
BASIX field staff or Branch
Rural BPO
Inform by e-mail
Inform by
e-mailField Facilitator
(or)
(and)
Visit location and
investigate
Prepare report and send
Thank you