TOP FIVE tips to build a successful microinsurance partnership
As highlighted in a webinar on Managing Partnerships in Microinsurance:
- A successful partnership requires a clear understanding of the business problem that a distribution partner has and how insurance is going to fix it. Financial incentives such as commissions may not be sufficient (see Emerging Insight 32). Will insurance help partners manage internal risk, attract new customers, or retain existing customers?
- An alignment of vision and interest is critical. An assessment questionnaire or a third-party facilitator can help partners have a genuine dialogue and identify potential issues upfront.
- Trust and commitment are crucial and are required from both the executive and operational teams. Working through issues and challenges together is a necessary part of developing trust and commitment.
- Clear expectations of what the partnership can achieve are needed. Developing a joint business plan helps. The business plan need not be comprehensive, but it should be realistic and created collaboratively.
- Partnerships get harder to manage as initial excitement wears out. Setting learning objectives and measuring progress against them can help retain commitment.