PARTNERSHIP WITH TELENOR, Easypaisa MOBILE NETWORK OPERATOR & BRANCHLESS BANK MEFIN PPD2, 14-16 March 2017 Hanoi, Vietnam
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PARTNERSHIP WITH TELENOR, Easypaisa
MOBILE NETWORK OPERATOR & BRANCHLESS BANK
MEFIN PPD2, 14-16 March 2017
Hanoi, Vietnam
I’m Mohammed Ali Ahmed
Chief Strategy Office, Executive Director EFU Life Assurance Ltd
You can call me Ali
I am here to share my experience of working on a micro life product with the Largest Branchless Banking
Platform and second Largest Mobile Operator in Pakistan
INSURANCE FOR MASSES Creating a wide ranging social impact
1
“ New Digital Technologies are irrevocably changing the way
companies engage and interact with consumers.
It’s time for Insurers to re-evaluate their business objectives and see where does
mass market/inclusive/microinsurance fit in their model.
Transformation
Shift to the middle of the Pyramid: - Change in mindset. - Focus attention on the much
larger middle segment of the pyramid.
- Understanding of the market which was unexplored previously.
- Use of technology , relaxed underwriting and revisiting the existing processes.
Stated vision for financial inclusion in Pakistan is that: “Individuals and firms can access and use a range of quality payments, savings, credit and insurance services which meet their needs with dignity and fairness” ⊡Insurance ⊡Awareness, trust, reach, affordability ⊡Social impact for underprivileged segment ⊡Telco's/Branchless banking have a major role in this strategy
National Financial Inclusion Strategy
Pakistan – Micro lives insured - 2015
10.5 million lives insured (Criteria: Max Annual Premium of USD 50)
Predominantly credit life, and also includes term life, living benefits
• Enable all-inclusive micro and mass market solutions to be financially sustainable and
commercially viable for the Company
• Develop and market financial solutions for life and health meeting the needs of the target
market with a keen focus on affordability. The solutions will include protection as well as savings.
• Collaboration with diverse intermediaries with country level and concentrated geographical
presence and reach. These include MicroFinance Institutions, MicroFinance Banks, Branchless Banks,
Non-Governmental Organizations, Telecommunication companies and any other intermediary.
• Technology to act as a catalyst for optimizing all aspects of the business model such as
customer acquisition, claims, awareness creation as well as enhancing the customer experience.
• Leveraging on the intermediary setup for creating mass level awareness for insurance benefits.
• Have close alignment with regulator on their efforts for development of this sector and regular
engagement to have a relevant contribution in charting the direction of the regulatory framework
EFU Life’s key pillars for Financial Inclusion strategy
Easypaisa Kamyab Mustakbil
(Successful Future)
Launched in November 2016
A successful strategy will meet the essential requirements/objectives of the 3 stakeholders:
Telenor
• Stickiness
• Increase in awareness.
• New customers
• Self Sufficiency.
EFU Life
• Insurer visibility
• Insurance Penetration
• Opportunities for upselling
• More Lives
Customer
• Protection
• Simple product
• Minimal exclusions
The 3 parties
Product details Kamyab Mustakbil Plan
Term 1 year
Annual
contribution USD 5 for USD 1,000 insurance cover; can go up to USD 50
Benefit amount
Minimum death benefit amount (1 unit): USD 1,000; can
go up to USD 10,000
On death of the covered member, the beneficiary has the
option of taking the lump sum amount, OR 12 equal
monthly instalments, in which case EFU Life will pay one
extra monthly instalment to the beneficiary.
Key exclusion Only one exclusion:
Suicide and self-inflicted injury
Waiting period For policies sold through Telesales: None
For policies sold through Retailers: 30 days
Free look period 30 days from date of enrolment
Nano-Term Takaful
36,174 units Sold In 4 months
22,000 lives insured
Enrollment Process
Current 1. Via Outbound Sales Channel
To be launched 1. Blast SMS 2. Other network service providers 3. Retailers
Enrollment
Outbound Agent calls the
customer
Product Pitch
Customer agrees
Agent sends a flash
message to customer to
make payment
Customer enters his
four digit pin
Payment gets
successfully debited
from customer’s
account
Basic product T & C’s sent
to the customer
Via Call center
By Easypaisa:
SMS 2: Easypaisa Kamyab Mustaqbil takaful is valid for one year from date of premium payment. Customer can request the cancellation of the product within 30 days of premium payment. For More details please visit www.easypaisa.com.pk. For any queries related to claims please dial 3737
Detailed T&C’s can be viewed on the website or a printed hard copy can be collected from sales centers of Telenor.
Product communication via SMS
SMS 1: Easypaisa Kamyab Mustaqbil is life Bema Takaful plan, where beneficiary will be paid coverage amount in case of customer's death. Death in case of suicide is not covered. Waiting period of 30 Days will apply only in case of self-registration
By EFUL:
Dear Customer, Your contribution payment for Easypaisa Kamyab Mustaqbil has been received, You are now covered up to Rs. Xxx during the member ship year from the date of subscription. For further information please dial 3737 or logon to www.easypaisa.com.pk
Product communication via SMS
Detailed T&C’s can be viewed on the website or a printed hard copy can be collected from sales centers of Telenor.
Select:
1. Insurance Type
2. Plan
Enter Beneficiary details
Select
1.Premium
2. Payment Method
On completion of premium
payment customer receives
gratification message
along with product
basic T&C
*786
#
Customer
Dials
Via Mobile USSD (self & retailers)
Selects
1. Get Insured
2.Insurance Type
3. Plan
Enter Beneficiary details
Select
1. Premium
2. Payment Method
On completion of premium payment customer receives
gratification message along with product basic
T&C
Via mobile app
Product & Processes approved by our Shariah Advisor.
Shariah Certificate available on website and can be emailed or posted to customer whenever requested.
Shariah Certificate
Claims Process
Beneficiary/Customer intimates the claim to EFUL through
•Helpline --021-111-EFU-111 (111-338-111) •Email •Postal Mail
Beneficiary/ Customer send the required documents to EFUL via
•E-mail •Postal Mail •Whatsapp •Courier •Google Docs, etc.
Claim is examined
within 48 Hours
Claim amount is disbursed into
customer/beneficiary’s account ,
or is paid via cheque.
Claims process
1 claim has been received - it’s early days for the product. To increase the claim awareness we are planning to carry out the following activities: 1. Blast SMS to all the policy holders to increase the awareness of claims
2. Sample customer satisfaction and claims awareness call to all the
clients.
Claims awareness
There is a great sense of urgency in Telcos
Buying Insurance should be as easy as buying a
mobile package.
Higher Management believe in the product at
both sides.
Insurance does not sell by itself.
Start with a radically simple product
Use of Technology & Process simplicity
Lessons learnt
⊡Change is inevitable
⊡There will always be an alternative that will cross the boundary into the mainstream
⊡Success - to adapt across the organization when this happens
Change…
“The secret of change is to focus all of your energy, not on fighting the old, but on building the new.”
- Socrates
Thank you for being a wonderful audience!
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