Insurance Services at BASIX

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Presentation transcript:

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 BASIX Risks to Crops Risks to Life Death Disease Disability Risks to Livestock Risks to Enterprises

Business Partners BASIX With AVIVA Since:2002 In Life Insurance Royal Sundaram In Health, Livestock and Enterprise Insurance ICICI Lombard Since:2003 In Weather Index insurance BASIX Equity for Equity

Inputs for products and processes Business Model Offer products Distribute Insurance Insurer BASIX Rural Customer Inputs for products and processes Feedback on needs

Lives/ Assets under cover as on Outreach Products Lives/ Assets under cover as on 31-MAR-09 Life 1,079,539 Health 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 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 Go to Contents

Extending Reach To Difficult And Remote Geographies States : 15 Districts : 172 Villages : 18,119 HR : 4,063

Claims facilitation Claim event (or) e-mail Prepare report and send BASIX field staff or Branch Inform by Claim event Customer informs e-mail (or) Rural BPO Visit location and investigate Inform by Field Facilitator (and) e-mail

Thank you