By Mazen Ayham Nimri, Deputy Basic Supervisor, Life & Medical Division, Jordan Insurance coverage Firm
When the Jordan-based Microfund for Ladies (MFW) first approached my workforce at Jordan Insurance coverage Firm (JIC) and proposed that we collaborate on an insurance coverage product for low-income debtors, my colleagues and I suspected {that a} venture like this may by no means succeed. We assumed insurance coverage would by no means be accepted by the low-income sector, because of a scarcity of insurance coverage schooling in addition to spiritual boundaries. To our shock, the overwhelming majority of MFW’s low-income purchasers indicated their curiosity in insurance coverage and supported the concept by means of many focus teams and surveys. The idea gained much more floor as soon as we began the cost of claims, in fact, and shortly the word-of-mouth started to unfold extra extensively. Within the low-income sector, insurance coverage began creating a optimistic picture as an essential supply of help for households who’ve suffered a loss.
[Tweet “What factors contributed to Jordan Insurance Company and @JordanMicrofund microinsurance success?”]Our partnership with Microfund for Ladies began in 2006, when MFW was searching for to supply life insurance coverage to their debtors. We began with a easy credit score life insurance coverage product that paid off the debt of the borrower upon her demise, then the product developed over time to incorporate extra advantages similar to:
- Further sums paid to beneficiaries upon the borrower’s demise
- Life insurance coverage for the partner
- Hospital money for the borrower
- Hospital money for the borrower’s dependents
The insurance coverage product we collaborated on with MFW began with a small portfolio of round 3,000 members in 2006 has now reached 200,000 as of 2015. We anticipate the quantity to extend to 500,000 in the course of the subsequent two years. We’re additionally very proud to be the main firm on the planet to have developed the hospital money profit on the microinsurance stage.
What elements have contributed to the great success of our microinsurance enterprise?
- First, we now have listened to the wants of our purchasers and finished no matter it takes to cater to them.
- We’ve additionally saved the product and procedures easy, and
- we’ve been keen to regulate them to adapt to the altering wants of our purchasers. Merchandise that labored beforehand will not be appropriate in subsequent years.
- However above all, we now have maintained a real partnership with MFW. Our relationship is constructed on transparency, dedication and most essential of all our shared ardour for offering superior and sensible options for our microinsurance purchasers. The success story of our microinsurance product is the best testomony to that partnership.
As Deputy Basic Supervisor for Life and Medical Insurance coverage at JIC, I’m proud to work for an organization that believes in giving all sectors of society the chance to have some type of insurance coverage protection tailor-made to their wants. JIC, which was established in 1951 and maintains headquarters in Jordan with department workplaces in Kuwait and the United Arab Emirates has a historical past of taking the initiative to enterprise into new and totally different traces of insurance coverage. We’re a composite insurer dealing with each life and non-life traces of insurance coverage, and we have been the primary insurance coverage firm within the Center East and North Africa area to develop and launch a number of microinsurance merchandise. Since these merchandise launched 10 years in the past, they’ve helped many households to maintain their requirements of dwelling. We stay dedicated to uplifting and defending high quality of life for all sectors of society, and to constructing on our observe file of success.
We’re very proud to be companions with each MFW and Ladies’s World Banking. It has been gratifying to witness the evolution and success of microinsurance over the previous 10 years, and we wish to prolong our expertise with microinsurance to any entity wishing to discover and study from our experience.
