The power of peer exchange
Exchanging information with peers can be an effective way to spread knowledge and promote learning among microinsurance clients. Can the same principle apply to microinsurance practitioners?
To test the extent to which practitioners can learn from each other, in August 2012 the Facility convened a peer exchange with 16 individuals from 10 organizations in Centane, South Africa. The purpose of the exchange was to help the host, Old Mutual (a South African insurer), evaluate the client value of two microinsurance products.
Peers joined Old Mutual staff in analyzing four dimensions of the products using the PACE tool. They spent three intense days in the field, visiting distribution points, such as funeral parlours and retail outlets, studying the competition, and interacting with existing and potential clients. The group shared key findings and recommendations with Old Mutual, including how to position the products, and improve enrollment and claims processes. Old Mutual gained valuable insights from these findings: “We knew about many [issues], but doing a holistic overview helped to reprioritize and identify those that needed immediate action.”
The success of this peer exchange illustrates that gathering practitioners and asking them to find solutions together can yield impressive results within a very short time. Collaborating with peers who face similar challenges helps expose practitioners normally focused on daily operations to a different, yet relevant perspective, and to view the bigger picture. Peer exchanges should be considered by microinsurance practitioners as a tool to build their capacity through learning in an interactive, cross-learning environment where the host and visiting peers benefit from each other.
To learn more about the peer exchange visit hosted by Old Mutual, see Coming together on client value.