India?s apex development bank NABARD (National Bank for Agriculture and Rural Development) affirmed its commitment towards supporting microinsurance in India by announcing its sponsorship support of the Indian Microinsurance: What Works? organized by Microfinance Insights, IFMR Foundation and the Centre for Insurance and Risk Management (CIRM).
Microinsurance refers to insurance products for low-income individuals not served by typical insurance schemes. Currently, only two percent of the global microinsurance market has been tapped. Unfortunately, dissemination and product education are difficult?many poor people do not see a need for insurance, or trust the companies that offer it. Microfinance institutions can serve as a distributor, educator and advisor to potential microinsurance customers. In the context of rural financial inclusion, the microinsurance sector is vital, as financial inclusion aims to provide savings, credit, remittance and insurance services to the weaker and vulnerable sections of the country at affordable cost.
Microfinance Insights, IFMR Foundation and CIRM are dedicated to strengthening knowledge and networks within the greater microfinance sector and the microinsurance sub-sector. Microfinance Insights (www.microfinanceinsights.com) is an international print magazine published to serve the knowledge needs of the growing microfinance sector. The magazine regularly hosts events and participates in relevant conferences around the world.
IFMR Foundation and CIRM are dedicated to supporting development of the microinsurance space. Rupalee Ruchismita, Executive Director, CIRM said, ?Micro Insurance will graduate from being a development intervention to a mainstream market based service, with insurers competing to offer products that are diverse, actuarially priced and offered through varied, accessible and permanent delivery channels, providing comprehensive safety nets for the poor.?
NABARD, the lead sponsor of the event, will involve its senior staff as speakers and discussants during the event. Speaking in support of the event, Mr. A Ramanathan, Chief General Manager, NABARD said, ?NABARD is constantly looking for new initiatives to take the sector further. Microfinance Insights is a unique knowledge generator and network builder in the sector. NABARD has decided to support Indian Microinsurance: What Works? to help encourage the development of microinsurance initiatives.”
Through events like Indian Microinsurance: What Works?, Microfinance Insights aims to bring in new voices to the microfinance sector, and build networks within microfinance. ?NABARD?s support of the Indian Microinsurance: What Works? is the first step in a relationship that we hope will go a long way in supporting knowledge generation about microinsurance in India, said Lindsay Clinton, Managing Editor at Microfinance Insights, welcoming NABARD?s support.
The event will see over 100 participants and several distinguished panelists including Vikram Akula, CEO of SKS; Manish Khera, CEO of FINO; and C.V. Prakash, CEO of Gradatim. Participation is expected from national and international insurance agencies, intermediates, community-based organizations, practitioners, policymakers and other interested stakeholders.
Indian Microinsurance: What Works? is also supported by Associate Sponsors Financial Information Network & Operations (FINO) and the Life Insurance Corporation of India (LIC), and Media Partner CGAP?s Microfinance Gateway.