The second panel session on microinsurance during the RBAP-MABS roundtable highlighted the perspectives of rural banks and insurance companies in various strategies to address microinsurance as both groups gear up to work together to offer these services nationwide.

Dinah Verallo of FAIR Bank discussed her keys to successfully implementing a microinsurance strategy. The fear of the unknown that comes with all significant changes can be mitigated by a disciplined research phase, where both the external market and the internal operations of the organization must be studied. A key step in this phase is researching a microinsurance provider partner. The focus of the implementation phase is on the infrastructure lay-out, training and developing the microinsurance partnership. The infrastructure lay-out includes detailed plans for product development, communications and information systems. Ms. Verallo explains that internal training is also a key component in managing change, ensuring that employees are well-prepared for the new claims procedures and they understand the microinsurance regulatory environment. Additionally, finding the right microinsurance partner that endorses the bank’s value proposition and is willing to support all the promotional campaigns of the bank, Ms. Verallo noted, is an important part of a successful partnership.