A2ii Newsletter 01/23
Welcome! In this newsletter, we provide you with updates on the work of the A2ii, events and publications, and experiences and learning on inclusive insurance regulation and supervision across jurisdictions over the past month.
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A Message from Hannah Grant
After over eight years with the Access to Insurance Initiative, I stepped down from my role as Head of the Secretariat at the beginning of the year. It has been a rollercoaster journey which I have thoroughly enjoyed. I am proud of everything we achieved and feel very fortunate to have been accompanied by a great team every step of the way.
When I joined the A2ii, it was a team of four people with some great ideas but limited resources. Over the last eight years we have transformed the project into a well-known brand with high demand from supervisors for our support and partners for our engagement. In the early days everyone in the team did everything – newsletter, consultation calls etc – which is a far cry from where the A2ii is now with its own e-learning platform, flagship trainings, iii-lab, overseas regional coordinators and specialist functions.
However, the thing I am most proud of is that although the A2ii tripled in size we never lost the innovative start-up mentality and team spirit. This is what made it fun for me ‘to come to work’ every day.
It has been exciting to see how the A2ii’s regulatory world map has completely transformed from just a small group of pioneer countries to now over 50 where supervisors have made specific efforts to support financial inclusion in their country.
I remain passionate about the A2ii’s important mission, however due to GIZ’s internal staffing rotation policy for senior staff it is time for me to move on. Every ending is a new beginning and I look forward to what the future will hold. Inclusive insurance is a topic close to my heart, so I hope to remain in the sector.
I would also like to take the opportunity to congratulate my long-term colleague Janina Voss who will be taking over as Interim Head of the Secretariat. The position will shortly be advertised, so I encourage people to keep their eyes peeled on the A2ii website for an exciting opportunity to work with a great team. In the interim I will also continue to provide strategic advice on the A2ii sustainability process.
The A2ii is hiring for a new Advisor, ideally with experience in an insurance supervisory authority or a related field. The deadline is 12 March 2023 – see our website for more details.
A2ii has published two case studies on gender and inclusive insurance.
Innovating for inclusive insurance targeting women customers - involving insurance supervisors in the process
This case study addresses the need for involving supervisors in the development of new, innovative products and business models of inclusive insurance that try to target women customers, taking into account the particularities that women face when accessing insurance.
Women Leaders in Insurance Supervisory Organisations - Catalysts for Women's Access to Insurance
This case study explores the way that Argentina’s insurance supervisor originated the ‘women and insurance’ initiative, an awareness raising and a women-centric approach to product and services development. The initiative was an output of women leaders at SSN benefiting from opportunities to build on their leadership skills and drive women-centric solutions.
IAIS-IMF Workshop on Risk-based supervision is now available as a learning module
The IAIS-IMF Round Table on Risk-based supervision (RBS) took place in November 2022 hosted by Peter Windsor, International Monetary Fund, and Suzette Vogelsang, Prudential Authority, South Africa. The recording of the presentations and the follow-up discussion are now available on A2ii's learning platform Connect.A2ii.
In this learning resource, supervisors will find case study presentations from Kenya, Mexico and South Africa, as well as the Q&A that followed. The case studies feature:
• Drivers for moving from a compliance-based to a risk-based framework with a supportive regulatory framework
• The overview of the transition journey and the implementation results
• Associated challenges and key takeaways.
All insurance supervisors are welcome to register on the Connect.A2ii platform to get free access to this learning resource.
GCAF Seminar in Rabat | 26-27 January 2023
At the end of January, the French-speaking supervisor’s group GCAF (Groupes des contrôleurs d'assurance francophones) organised a seminar in Rabat, Morocco. The two-day seminar provided an opportunity to exchange best practices on the topics of insurance guarantee funds and inclusive insurance. It was an opportunity to discuss the latest developments in insurance supervision, and to examine ways to foster channels of cooperation and exchange of expertise among GCAF members. For more information on the meeting visit the GCAF website.
IAIS-A2ii-UNCDF Public Dialogue on Index insurance best practices | 28 February
Insurance regulators have a crucial role to play for the development and implementation of viable index insurance products. A sound regulatory framework that enables the necessary market conditions, while at the same time ensuring consumer protection is necessary for the success of index insurance based products.
In partnership with the UNCDF, the next A2ii-IAIS Public Dialogue will present the key insights from the joint A2ii-UNCDF paper on “Index insurance best practices for insurance regulators and practitioners in the Pacific Island countries” including regulatory guidelines for regulators on index insurance-based solutions.
This webinar will take place on 28 February, from 13:00 to 14:15 CET and will be open to the public. The platform used will be Webex and there will be simultaneous interpretation in French and Spanish. Registration is available here.
Webinar on Digitalisation in Inclusive Insurance: The Role of Supervisors in Meeting the Digital Challenge | 1 March
In Asia, the use of mobile insurance as well as other technologies is rapidly increasing thereby improving access to and uptake of insurance for households and Micro Small and Medium Enterprises (MSMEs).
Innovation and technology have and continue to contribute to enhancing financial inclusion, including providing more convenient and accessible financial services to consumers. Consumers are not the only ones benefiting from greater digitalisation, as insurance supervisors increasingly use innovative technologies to support their work. However, with the fast pace of digital advancements, insurance supervisors increasingly need to enhance their capacities to cope with the intricacies of digitalisation. Improper regulation may lead to financial exclusion, erosion of trust and even harm the industry’s reputation. To fully realise the opportunities and benefits that digital innovation can offer, supportive regulatory frameworks are needed that will contribute to the development of insurance markets while at the same time protecting consumers.
Against this background, Access to Insurance Initiative (A2ii) and the ASEAN Insurance Training and Research (AITRI) will be hosting a webinar in support of the continuous development of ASEAN insurance markets on 1 March 2023, 15:00 to 17:00 Kuala Lumpur time (08:00 CET). Registration will close on 27 February 2023.
Attendance is complementary for AITRI members and USD 50 for non-members.
Click here for more information and to register.
The InsuResilience Centre of Excellence on Gender-smart Solutions (CoE) together with Access to Insurance Initiative (A2ii), are once again jointly sponsoring the participation of an insurance supervisor and a high-potential woman leader in the Leadership and Diversity Program for Regulators 2023. The programme is taught by Women’s World Banking and Faculty from Oxford University’s Saïd Business School and implemented together with the Alliance for Financial Inclusion (AFI).
The deadline has been extended until 28 February 2023 – click here to find out more on our website.
Innovating for financial inclusion – the role of insurance supervisors
To be able to provide well-designed insurance solutions that address the needs of the low-income and excluded customers in a manner that is customer friendly but also economically sustainable calls for innovation.
The Inclusive Insurance Innovation Lab (iii-lab) makes the insurance supervisor a key stakeholder and participant of the customer centric innovation process. In each of its three iterations, A2ii has organised the lab in four different countries, with their insurance supervisors being the anchors and convenors of the multi-stakeholder teams in each of the countries. Read more…
Useful Tools on Our Website
Insurance and the Sustainable Development Goals (SDGs)
The SDG pages include resources on the importance and the role of insurance across nine SDGs: 01 No Poverty, 10 Reduced Inequalities, 02 Zero Hunger, 03 Good Health and Well-being, 05 Gender Equality, 08 Decent Work and Economic Growth, 09 Industry Innovation and Infrastructure, 13 Climate Change and 17 Partnerships for the Goals.
Supervisory KPIs Lexicon
Interactive, searchable directory of KPIs for insurance supervisors across four pillars: prudential soundness, market conduct, insurance market development and the Sustainable Development Goals, with four accompanying handbooks.
Inclusive Insurance Regulations Map
The interactive map incorporates data about regulation and regulation which supports inclusive insurance sourced through A2ii's research, work and interaction with supervisory authorities worldwide. The map is by no means exhaustive and the information within is continuously updated to the best of A2ii's knowledge. A2ii welcomes supervisory input to the map; please send your comments, questions or interventions to email@example.com.
ICP Self-assessment Tool
The tool is intended to help supervisors assess the level of observance of the Insurance Core Principles (ICPs).