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The Role of the Insurance I ndustry in Financial I nclusion

The Role of the Insurance I ndustry in Financial I nclusion. Financial Inclusion Conference | 17 June 2014 | Cairo Elena Butarova, Managing Director and Deputy Chairman, MetLife Alico Egypt. Current State of Financial Inclusion in the Region

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The Role of the Insurance I ndustry in Financial I nclusion

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  1. The Role of the Insurance Industry in Financial Inclusion Financial Inclusion Conference | 17 June 2014 | Cairo Elena Butarova, Managing Director and Deputy Chairman, MetLife Alico Egypt

  2. Current State of Financial Inclusion in the Region • The Role of Insurance in Financial Inclusion • Challenges and Opportunities • MetLife and MetLifeFoundation • Questions and Answers

  3. What is financial inclusion? Financial inclusion means that households and businesses haveconvenientaccess to a full suiteof quality, affordable financial services, delivered by trustworthy providers with respect for the customer. These services allow improved management of incomes and assets, ultimately contributing to greater self-sufficiency and the ability to pursue more out of life.

  4. Half the world excluded from formal jobs and finance What about Egypt? 40+% below $2/day ~50% with informal jobs 50+% w/out formal financial account 80+% w/out formal financial account

  5. Financial access is lowest in MENA region

  6. Financial inclusion opportunities remain significant MENA Penetration Rates (estimates) 99% 241 m 55% 105 m 84% 18 m MICROCREDIT Source: CGAP, 2011 (1) Current microcredit borrowers divided by Sanabel estimate for potential demand for microenterprise credit (22 million) (2) Current commercial and postal depositors for Egypt, Algeria, Jordan, Morocco, Tunisia and Yemen divided by their total population (3) World Insurance Forum White Paper estimate of insurance penetration divided by MENA adult population

  7. Current State of Financial Inclusion in the Region • The Role of Insurance in Financial Inclusion • Challenges and Opportunities • MetLife and MetLifeFoundation • Questions and Answers

  8. The role of insurance in financialinclusion SAFETY Security, stability, protection BASIC NEEDS PHYSIOLOGICAL Food, water, shelter

  9. Current State of Financial Inclusion in the Region • The Role of Insurance in Financial Inclusion • Challenges and Opportunities • MetLife and MetLifeFoundation • Questions and Answers

  10. Challenges For the customer For the Insurer • Understanding customer needs • Underwriting / scoring experience with low-income segments • Distribution cost per policy • Reliability of payment mechanisms • Trust in financial institutions • Insurance awareness and peers’ referrals • Reachability • Ease and convenience of payment

  11. Opportunities • Gam’iyatculture • Mobile technologyiseverywhere • Limited competition as the opportunity is huge • Collaboration neededamongstakeholders (industries, NGOs, governments)

  12. Current State of Financial Inclusion in the Region • The Role of Insurance in Financial Inclusion • Challenges and Opportunities • MetLife and MetLifeFoundation • Questions and Answers

  13. Helping people pursue more from Life

  14. Some figures • Established in 1868 • 90+ million customers • Top 5 position in severalemergingmarkets • Operating in Egypt since 1997 • First life insurance company to enter the Egyptian market with a major foreign shareholding structure

  15. MetLifeFoundation

  16. Current State of Financial Inclusion in the Region • The Role of Insurance in Financial Inclusion • Challenges and Opportunities • Helping People pursue more from Life • Questions and Answers

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