Access to Insurance Initiative Newsletter: December 2013

Welcome to the sixth issue of our monthly newsletter, where we update insurance regulators and supervisors on the work of the Initiative, inform you about events and publications, and share experiences and learning across jurisdictions.

This month we kick off our shoes to get into the festive spirit: we look back over 2013, introduce our team to you and take a peek into what you can expect for 2014.

Do you have anything to share?
Please send us feedback, information or tips for the next issue.

- Access to Insurance Initiative Secretariat team

Season’s greetings from our chairman

It’s that time of the year again: rushing to wrap up work and looking forward to a well-deserved break. In the midst of it all, it’s good to take a step back and consider the year behind us. It was a watershed year for the Initiative. In May, our Governing Board approved a new strategy and we moved to a new governance structure. This marked the end of the first phase of our existence, which focused on knowledge gathering and awareness creation in financial inclusion in insurance. The second phase, we start as implementation arm of the IAIS, with an increased focus on supervisory capacity building.
 
This new focus is already bearing fruit, as many of you who participated in our events would attest to. However, much work remains and the 2014 work plan is jam-packed to bring you direct opportunities for sharing, to implement the training module on inclusion, build capacity and support implementation of regulatory change towards inclusive insurance markets. We’ll also increasingly move towards a regional focus to supervisory capacity building.
 
In the new year, we’ll continue to use this newsletter to update you on events and outputs relevant to you. We appreciate your feedback and suggestions.
 
All the best for the festive season and a prosperous 2014!
 
Jonathan Dixon

Deputy Executive Officer: Insurance, South Africa, Chair of the Governing Board of the Access to Insurance Initiative, Chair of the IAIS Implementation Committee and the IAIS Regional Coordinator for the Sub-Saharan Africa region

Looking back

The Secretariat is closing the year with a great sense of accomplishment. Amongst others:

• We connected to over 200 supervisors by organizing or participating in over 15 events.
• We successfully hosted a panel on the path towards increased access to insurance during the 20th IAIS Annual Conference, the biggest event in the IAIS annual calendar.
• Our Latin America Caribbean project with the Inter-American Development Bank (IADB) is in full swing, with a first draft Diagnostic report and ICP-assessment completed for Peru. Country missions and project inception workshops for Jamaica and Colombia took place in November and October respectively. The findings and recommendations will assist insurance supervisors with the implementation of their regulatory roadmaps.
• Another big milestone was the launch of the IAIS-A2ii self-assessment and peer review on financial inclusion. The A2ii and IAIS Secretariats together with the Expert Team are currently completing the 46 country reports, which will be followed by a cross-country aggregate report. 
• Together with the IAIS, we have concluded the development of a training module on financial inclusion, based on the Application Paper on Regulation and Supervision Supporting Inclusive Insurance Markets and the ICPs. We held two test seminars to validate and review the module. It is now undergoing IAIS endorsement, before being launched on an online platform.
• We finalised three synthesis notes drawing together cross-country learning on emerging inclusive business models and the regulatory and supervisory implications thereof. Two of the notes will be circulated for consultation via the IAIS shortly, with the third delivered as input to the forthcoming IAIS Issues Paper on Market Conduct, Distribution and Consumer Protection.

Looking ahead

In 2014 we shall step up our role as implementation arm of the IAIS, meaning an even greater focus on supervisory support and capacity building. This will see an expansion of services offered through the A2ii/ IAIS partnership and cooperation with the IAIS to expand on innovative capacity building tools and methods, promote peer dialogue, support learning developed by supervisors for supervisors, strengthen regional coordination, synthesize good practices and measure regulatory impact within IAIS member jurisdictions.

Key activity areas on the 2014 work plan include:

• The development of regional plans for supervisory capacity building.
• Training on and dissemination of key A2ii and IAIS tools, notably the financial inclusion training module and cross-country synthesis notes.
• Developing a methodology for assessing impact of regulation and supervision supporting inclusive insurance markets.
• Drafting of policy notes on financial inclusion to support IAIS standard setting work and provide inputs to the G20 Global Partnership on Financial Inclusion.
• Developing a mechanism to match demand for technical assistance or support from supervisors with funding and high quality expertise.
• Conducting a feasibility study for a supervisory support facility.
• Implementation of regulatory Roadmaps in Latin America and the Caribbean.

Newsletter sneak preview

In the new year, we’ll introduce a regional focus. Each month, we’ll feature a regional insurance supervisory body – recognising the important role that they play in their respective regions and the need for more in depth regional cooperation towards inclusive insurance markets.

Erratum:

The editors of the “Initiative informs” – Issue November 2013 apologize for the error in the supervisor’s corner: the photo shows Mr Daniel Fola, Commissioner for Insurance, National Insurance Commission (NAICOM) Nigeria and not Mr Gregory Eyo, Corporate Strategy, National Insurance Commission (NAICOM) Nigeria.

Meet the secretariat team

Leader of the pack...

In our first issue, we introduced you to our acting Executive Director, Marike Brady.

Having been at the helm now for almost a year, Marike is an expert at navigating all A2ii matters. But did you know that she has been connected to the IAIS for over 10 years: first as supervisory member, then as industry observer and now as implementation partner!

In her spare time, Marike enjoys making jewlery.

The front line...

Many of you will recognize Stefanie Zinsmeyer from her recent presentation at the Consultative Forum in Jakarta. Stefanie’s responsibilities include the further development of instruments for supervisory support and development of an impact methodology. But it’s not all work. When she gets the chance, Stefanie can be found on the coast as she enjoys sailing. She also likes hiking in the mountains.

Patricia Inga Falcon is the project manager for the IADB/A2ii Latin America project. Based in Lima, she spends much of her time making sure that the project leads to meaningful results. Patricia has a strong background in microfinance and co-authored a book on history of microfinance in Peru. In her spare time, she enjoys to learn typical dances from around the world.

Onur Azcan is the secretariat team member behind the Self-Assessment and Peer Review Mechanism, the inclusive insurance training module and various other projects. He’s also the one making sure that the website is up to date. Onur is passionate about travelling and taking care of his garden and cats.

Behind the scenes...

Barbara Zimmermann-Posamentier is the team member taking care of the financials in the Initiative. In her free time she is singing in a choir and breeding rare tomato varieties.

Miguel Zamudio is the administrative assistant for the IADB/A2ii Latin America Project. In this role he is in charge of making sure that all procedures are adjusted to IADB and A2ii rules. When he is out office, he loves to spend time with his 2 years-old son.  

You may not see her, but her work speaks for itself. We are sad to say goodbye to our intern, Edith Fiedor, this month. She has been a real mainstay and we wish her all the best.

Sina Andratschke is the latest addition to our team. As office manager, she is the one making sure that all logistics run smoothly, which is important when working with a global team. Her hobby? Running after her colleagues!

Christine Hougaard is a part-time team member. Based in South Africa, she supports the secretariat team on behalf of A2ii partner FinMark Trust. She is responsible for this newsletter – so blame her for any mistakes!

An interesting read

This month we deviate from our usual focus to feature an interesting read for the Christmas stocking:

Thinking, Fast and Slow by Daniel Kahnemann

Food for thought. This book looks at how our minds work and how we often make decisions based on error and prejudice, even when we think we’re being logical. It gives some practical techniques for slower, smarter thinking – something we can all aspire to for the new year.