Training opportunities

28- 29
Understanding the microinsurance business model

Tuesday, August 28, 2018 to Wednesday, August 29, 2018

Inclusive insurance is the provision of insurance products to new client segments. A vast majority of the population in Nigeria work in the informal or agricultural sectors and do not have access to insurance. They represent a new business opportunity to the insurance industry. Research has shown that, though there is a very low level of insurance usage in Nigeria, there exists a huge market potential for the insurance industry . There are many potential distribution channels that can be employed by the insurance industry to provide insurance services to the unserved huge market. If adequately employed, the future growth of the Nigerian insurance industry may be largely driven by new insurance business models. The College is therefore organising this workshop with the objective of helping participants:

1. Understand what microinsurance (inclusive insurance is and what role it plays in the lives of emerging consumers

2. Understand key characteristics of emerging consumers and how good insurance products can address their risk management needs

3. Explore different types of products for emerging consumers and the models used to deliver them (alternative distribution channels)

4. Compare options for structuring a new business model

5. Identify success factors and challenges in making alternative distribution viable

6. Understand the relationship between client value and financial viability

7.Understand the legal framework for microinsurance in Nigeria.