Emerging Practices in Consumer Education on Risk Management and Insurance

Abstract

Consumer education is often considered an integral part of microinsurance schemes; a win-win solution that benefits both microinsurance practitioners and their clients. It is supposed to help low-income households make sound choices and practitioners stimulate demand. The current lack of academic and business research, however, makes it difficult to prove whether consumer education can keep to its promise.

We highlight key design features for content and delivery of the education and provide examples of organizations that have successfully implemented them, as well as review the challenges of sustainability and monitoring and evaluation that are especially relevant for practitioners who want to integrate education into their business models.

Keywords: microinsurance, insurance education, risk management, consumer education

JEL Classification: D00, I10, I11, D10