Microinsurance KPIs Audit
Key performance indicators for microinsurance are designed by and developed for microinsurance practitioners to monitor, master and improve financial and social performance. Microfact provides enhanced support for the microinsurance key performance indicators by offering a KPIs Audit.
Be welcome to request this programme in order to obtain support in applying, implementing, reporting and analyzing the microinsurance key performance indicators.
- Apply and implement KPIs to identify potential areas for improvement in your microinsurance programme
- Report KPIs to master your institution’s efficiency and effectiveness
- Analyze KPIs to improve your clients’ satisfaction and product viability
KPIs Audit is a one week visit to the organization during which the Microfact experts (two financial specialists) together with the local partner go through the Microinsurance Factsheet. Each line item will be discussed and defined (eg. written premium, promptness of claims, number of claims denied, incurred and paid claims), allowing to receive an accurate snapshot of the strengths and weaknesses of the financial and operational performance (eg. processes) of the organization. This will be used as a basis to identify challenges in existing microinsurance products (min. 1 year) and agree on priorities in actions and technical assistance.
The programme requires preparation from the host organization (in terms of the preparation of reports) and a strong commitment during and especially after the workshop to accomplish the work plan that should result from the audit.
Typical outcomes include:
- identification of under-reserving or –capitalization,
- areas for improvement in claims handling process,
- set up of cost allocation system,
- interpretation of the KPIs results.
One week on-site visit would include a one day in house training on performance indicators for microinsurance and assistance with the capturing and calculating KPI’s.
KPIs Audit is also a very good way for a TA-provider to get a good snapshot of the organization and its management (are they on top of the issues, is there an agreement on the priorities, etc.). In that case, the assigned TA-provider would also be best placed to commit to the work plan.
Organizations will be selected based on their need, openness to share and motivation to prepare, receive and follow-up the work plan resulting from the KPIs Audit. This is an extra service to microfact.org, the performance indicators toolkit and existing training programme.
Please fill out the information form if you have further inquiries or wish to express your interest in the KPIs Audit programme.