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Micro Insurance Agency_Essay

Micro Insurance Agency_Essay - AEM 442 Emerging Markets...

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AEM 442 Emerging Markets Micro Insurance Agency: Helping the Poor Manage Risk (Case Study Response) Problem Identification Richard Leftley, the President of Micro Insurance Agency (MIA) is currently facing a number of very important questions that will ultimately determine the future of MIA and its subsidiaries. MIA is a micro insurance company dedicated to providing both health and non- health insurance to those deemed to be in chronic poverty and could not afford insurance otherwise. MIA must provide this insurance while keeping under the umbrella of its owner Opportunity, a faith based NGO with a mission to “provide opportunities for people in chronic poverty to transform their lives by creating jobs, stimulating small businesses and strengthening poor communities.” Leftley will be meeting with the Advisory Council (AC) of MIA in January of 2007 to determine the direction of the company. Currently there are a number of conflicting decisions that must be made before Leftley will be able to make such a recommendation to the Council. First off, there appears to be a conflict between innovation and growth. Should MIA look into developing new insurance products to help differentiate them from the competition with the ultimate goal of increased market share? Or, Should they try to expand into new markets? Moreover, if they were to expand, how and where should they do it? Is it better to penetrate deeper into their existing markets by working outside of the Micro Finance Institutions (MFI) they currently partner with, or should they venture into new countries and try to establish relationships with new MFIs. They must also deal with the problem of finding the right people to employ. Micro Insurance is a relatively new market, despite the recent competition, and there are only a few people with the
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skills to run the business successfully. And lastly, MIA at the end of the day is a business, and a business must turn a profit. Leftley has to figure out a way for this to be done while staying true the mission of providing affordable insurance to the poor. There appear to be a number of important decisions to be made, but when you get down to it, the major problem Leftley will have to address is innovation and penetration vs. expansion abroad.
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