'VidaAgrícola' is a composite insurance product, which includes protection for agriculture, life, and property; its cornerstone is linked with technical assistance for non financial risk management. The project will actively involve prospective clients to identify priorities and to provide input during the design and scaling-up of the product.
The project will be implemented in 3 phases, each one will last one year. During the first year, PROFIN and its partner Nacional Vida/ Latina Seguros will complete the product design, consolidate public-private partnerships with regional governments to grant their participation in subsidizing part of the agricultural premium, select distribution channels and partners, train relevant stakeholders such as government institutions and distribution channels, in order to finally launch the promotional campaign.
During the second year, PROFIN and its partners will implement a pilot, and prepare to scale up the product. In the third year, the product will then be launched nationwide.
From its inception, Nacional Vida Seguros de Personas S.A has quickly become a leading life insurance company and the fastest growing insurer in Bolivia, providing a range of life, personal accident and funeral insurance products to commercial and low income market segments. It also offers access to an international health insurance network.
Latina Seguros Patrimoniales S.A. is one of the four companies that integrate the Nacional Vida corporate group.
Both, Nacional and Latina have been interested in developing microinsurance products due to the growing demand in the country, and Nacional has shown its leadership launching their first life and property micro products, having subscribed 50’000 policies in the first year.
Small scale farmers are the most vulnerable economic sector in the country. Their economic activity is exposed to a series of adverse weather and climate conditions. The project focuses on small producers, of whom 68% own and cultivate an average of 1.5 hectares of land.
Consumer demand and value
Supply
Education
Public-private partnerships
The PROFIN Foundation develops, promotes and facilitates financial innovation, linking them with non-financial services in cooperation with public and private institutions. Its aim is to provide micro, small, and medium size rural and urban agricultural producers access to appropriate, equitable, and comprehensive financial services. As a leading centre of expertise and knowledge, PROFIN has been supporting economic development in Bolivia through innovative solutions on financial and risk management, as well as advocating supportive and consistent public policy. For the last 5 years, PROFIN has worked on the development of microinsurance in Bolivia, focusing on generating experiences and learning about microinsurance in the rural area.