06ne-4545 Reinforcement of mutual micro-insurance program
| budget |
€ 53.134,45 |
status |
finished |
| start date |
01-01-2006 |
date end |
31-12-2006 |
| location |
|
country |
nepal |
| financer |
Agriterra |
| executor |
Nepal Federation of Savings and Credit Cooperative Unions |
intervention level |
|
| Programmes |
|
| description |
Based on its strategic plan and a feasibility study on micro-mutual insurance service, NEFSCUN proposed a new 5 years project partnership with Agriterra with a focus on diversifying its financial services through offering a micro-insurance service to its members.
Agriterra will take for its account the real costs of the first (...more...) |
| description |
Based on its strategic plan and a feasibility study on micro-mutual insurance service, NEFSCUN proposed a new 5 years project partnership with Agriterra with a focus on diversifying its financial services through offering a micro-insurance service to its members.
Agriterra will take for its account the real costs of the first two years of the project, this idea is the proposal for the second year. During the first year some difficulties were encountered, together with MIAN a follow-up/ fact finding mission was conducted in November 2005, based on the outcomes Agriterra and MIAN will determine together with MIAN how to proceed. Decisions are to be made jointly by MIAN - Agriterra and NEFSCUN in January 2006.
Het voorstel van de MF is dit idee op formuleren te zetten, zodat met NEFSCUN en MIAN kan worden gewerkt aan het nieuwe voorstel. Een aantal activiteiten zullen afhankelijk zijn van de beslissingen die worden genomen op basis van het missie-verslag van de missie Koning- Van Wingerden november 2005. Het voorstel is gericht op dienstverlening aan leden van de lid spaar en krediet cooperaties onder NEFSCUN in die zin sluit het voorstel aan bij de hoofd doelstelling van Agriterra.
Activities:
Development of the insurance unit at NEFSCUN and SACCOS
Training and other capacity building activities, awareness raising, financial management, strategic planning
Development and distribution of insurance policies and procedure
Development of hardware and software support
re-insurance (...less...) |
| results & observations |
ACTIVITIES
As planned in annual review and planning workshop, a micro study was undertaken on micro insurance products offered by other service providers. As per the decision of board of directors and based upon the analysis of other micro insurance products a new product with double accidental benefit (covering death risk (...more...) |
| final results & observations |
ACTIVITIES
As planned in annual review and planning workshop, a micro study was undertaken on micro insurance products offered by other service providers. As per the decision of board of directors and based upon the analysis of other micro insurance products a new product with double accidental benefit (covering death risk and at the same time capital insurance) was developed. In the introduction workshop, attended by NEFSCUN staffs, key leaders and staff of participating SACCOS, annual action plans were developed by each participating SACCOS. Based on program features, workshop out comes and advice of experts, new cover wordings, forms and documents used in the program was developed and sent to consultants for their feed back. Initially all documents were developed in English. Having obtained approval from consultants, they were then translated in Nepali. A high speed internet connection was installed.
Two delegates of NEFSCUN participated in the Second International Program on Micro Insurance that was organized by TATA DHAN Academy in Madurai, India. Lessons learned from the workshop were shared among the participating SACCOS and board of directors of NEFSCUN. During the month of December, one day awareness raising workshop was organized in each participating SACCOS. The workshops were facilitated by BODS and mutual manager of NEFSCUN. Additionally, NEFSCUN MAP subcommittee's meting had taken the decision to organize short introductory program in each SACCOS before selling the policy.
5 SACCOS organized information program’s for their members approximately 1.250 members attended these information meetings on insurance products.
After the completion of introductory workshop in each participating SACCOS, NEFSCUN started to sale the policy from the second week of December 2006 among the members of participating SACCOS. About 1.500 policies were issued at January 1st, 2007.
RESULTS
After the analysis it became clear that there is some competition from other micro insurance providers, but many of these providers of micro insurance have limited geographical coverage. The study also made it very clear that there is a large demand under the NEFSCUN SACCOS for a combined product death risk insurance combined with a savings component. For SACCOS and for members the nature of the product is clear now. At January 1st 2007 about 1500 policies (without savings component) were issued, it should however be noted that almost all applications received to this date are for the small cover amount (Rs.5000), as many of the applicants hope to change their policy into a policy for the combined product. Based upon the sales of the small cover policies question were raised un the sustainability on the long term. (...less...) |
| specialisms |
| Processing of agricultural products | Rural peoples organisations | |
PROPOSAL
| Agri-agency | Own contribution executor | Other parties | Total requested budget |
|---|
| Agriterra | NEFSCUN | | |
| € 0,00 + € 0,00 | € 0,00 | € 0,00 | € 0,00 |
GOALS
| Improved standard of living of members of SACCOS |
| Improved financial security and stability of members |
| Offer micro-mutual insurance products and services |
| Increased sustainability of NEFSCUN and SACCOS |
