Insurance Policy for Low-income Market Segment in Ghana

This product guide aims to facilitate the step-by-step implementation of a microinsurance product by interested practitioners in Ghana and other countries. The paper elaborates on the different stages and process of implementation of microinsurance product, which was partner-agent model.

The following are the tasks, processes and activities:

• Setting-up of Advisory Committee as the project was designed roles and duties of the Advisory Committee were laid down for better project management and monitoring;
• Invitation to expression of interest expression of interest was circulated for potential project partners, mainly the rural banks and insurance companies;
• Study of personal insurance sector the project studies the personal insurance sector of Ghana with special focus on insurance sector and MFI sector;
• Stakeholders workshop this drew representation from all potential study partners to discuss various parameters and issues pertaining to the study and facilitated in outlining the processes.
• Market research both qualitative and quantitative market studies were conducted to better understand the new rural areas of Ghana;
• Design of product prototype the product prototype was designed to cover as many components as possible within the chosen plan;
• Selection of MFIs selection of MFIs was based on client base, number and location of branch, financial performance, infrastructure and participation in other microfinance programs;
• Selection of insurance company project team floated a tender to select insurance companies;
• Addressing regulatory issues and contractual arrangementsregulatory authorities were required to set-up partner-agent model and agreement among the Life Insurance Company, CARE, and MFIs;
• Development of MIS software and training of participants selection of regular MIS system by the Life Insurance Company and training to program participants were conducted;
• Development of marketing materials brochures, posters, advertising text for product promotion was developed.
• Pilot test pilot testing was conducted to ensure that the product was designed to its maximum efficiency.