Microinsurance Consultant

Job Description

Purpose:

The UKaid Sakchyam Access to Finance Programme (Sakchyam) is planning to review products and processes of a microinsurance project supported by the program and help them reengineer the insurance products, underwriting and claim settlement process.

Background:

Sakchyam is an initiative funded by the UK Department of International Development (DFID) as part of a bilateral agreement with the Governments of Nepal and the UK. It is implemented by Louis Berger in partnership with local and international firms. The programme will work with the public and private sectors to leverage access and facilitate financial sector development in Nepal for small and medium enterprises (SMEs) and for poor people with a focus on the Province 5, 6 & 7.

To do so, the programme will focus on three main outputs: i) Improved SME Finance as banks and other financial institutions provide more and better products and services to these enterprises; ii) Strengthened capacity of microfinance financial institutions (MFIs) as well as other formal and semiformal financial institutions to provide services in selected districts, and, iii) Improved financial capability of enterprises and households in priority districts. Sakchyam has been working with different financial service providers including Banks, MFIs, Insurance Companies and other stakeholders to expand the reach of financial services in previously unserved and underserved areas.

Sakchyam has recently partnered with an association of insurance companies in Nepal to upscale microinsurance in Nepal. The Association has been working with the insurance and microfinance industries in Nepal to distribute ranges of microinsurance products.

The association has formed a pool of non-life insurance companies working in Nepal. The association chooses an insurance company as a pool manager to every year to collaborate with association to sell the insurance products. A management team at the association and the pool manager will coordinate with MFIs and other insurance companies to distribute insurance products.

The association is conducting different awareness campaigns and capacitating MFI staff to sell microinsurance products. As of July 15, a total of 18 MFIs have received agency license while other MFIs are in the process of getting agency. The association has trained more than 500 MFI branches staff while sold more than 5,000 microinsurance policies.

Scope of Work:

Sakchyam is seeking experienced consultants for a short-term (18 working days) consultancy services to support the association in reviewing existing microinsurance product offering through the Microfinance Institutions (MFIs), examine and evaluate the underwriting process and claim settlement to improve the reach of the project. Following are the key areas of assignment that the consultants need to work on:

1 .Work with the association to identify the gaps in the existing microinsurance products offered.

1. Work with licensed MFIs to undertake a thorough review of the microinsurance product(s) marketed through these MFIs. This will include, but not limited to:
2. assessing the license model between the association and MFIs including commission scheme;
3. the product design and its features, including pricing;
4. incentive scheme for MFI including branches/branch manager, loan officers, etc.;
5. marketing strategy by the association and MFIs;
6. the institutional arrangements adopted by the partner/licensed MFIs; and
7. capacity enhancement needs for the association/MFI staff, particularly loan officers.
8. Review the process of underwriting insurance products.
9. Review the process of settling insurance claim.
10. Review existing technologies/software used by the association and its licensed MFIs.
11. Suggest key areas of revision in insurance products, insurance underwriting and claim settlement and technology.

Qualifications:

• Minimum 10 years of direct experiences in helping (design, pilot, launch and improve) introduce/implement Microinsurance products in developing countries.
• Experience and familiarity with the design and implementation of technology-based microinsurance products.
• Experience in working with MFIs/Cooperatives to design and introduce microinsurance products as distribution channel for insurance companies or as a direct product by the MFIs
• Training, certification and other related licensing in Microinsurance (such as actuary).

About the Organization

The Louis Berger Group, Inc. is an internationally recognized consulting firm that provides engineering, architecture, program and construction management, environmental planning and science, and economic development services. We are a devoted and trusted partner to federal, state, and local government agencies; multilateral institutions; and commercial industry. To this diverse client base we bring strategic vision and an entrepreneurial spirit, developing innovative solutions to some of the world’s most challenging problems. Integrated Development (ID), a division within Louis Berger, offers a multi-disciplinary approach to international development.