Development of a Marketing Strategy Toolkit for Providers to Facilitate Take-up of Microinsurance

The Microinsurance Innovation Facility (MIF), housed within the Social Finance Programme of the International Labour Organization, is a leader in investigating microinsurance as a solution to protecting low-income households against unexpected financial loss. The MIF consolidates and shares emerging knowledge and best practices within the microinsurance sector. The Capstone team was employed to research and examine linkages between the principles of behavioral economics and actual sector practice in the process areas of marketing, product design, enrollment, and claims. The team completed a comprehensive literature review and findings were synthesized into a process framework with recommended marketing strategies. The team also conducted interviews with practitioners and industry experts to validate the created strategies. The final output, a marketing toolkit, recommended select strategies for implementation, providing a point of reference for practitioners worldwide to promote the take-up of microinsurance among low-income populations.