Microinsurance Innovation Facility – Highlights on the recently conducted webinar on Managing Partnerships in Microinsurance:
- A successful partnership requires a clear understanding of the business problem that a distribution partner has and how insurance is going to fix it. Financial incentives such as commissions may not be sufficient (see Emerging Insights #32). Will insurance help partners manage internal risk, attract new customers, or retain existing customers?
- An alignment of vision and interest is critical. An assessment questionnaire or a third-party facilitator can help partners have a genuine dialogue and identify potential issues upfront.
- Trust and commitment are crucial and are required from both the executive and operational teams. Working through issues and challenges together is a necessary part of developing trust and commitment.
- Clear expectations of what the partnership can achieve are needed. Developing a joint business plan helps. The business plan need not be comprehensive, but it should