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The Three Musketeers team from the Indian Institute of Management Kozhikode proposes a plan to provide rural insurance and banking services in Pune district, India. Their plan involves setting up low-cost kiosks equipped with biometric scanners in clusters of 10 villages to provide account opening, payments, inquiries and application submission. Services will also be accessible through mobile phones and partnerships with local organizations. They estimate the total initial cost to be approximately 32 lakh rupees to cover equipment, training, salaries and commissions. Risks will be managed through self-help groups, cooperative systems and state social security.
The Three Musketeers team from the Indian Institute of Management Kozhikode proposes a plan to provide rural insurance and banking services in Pune district, India. Their plan involves setting up low-cost kiosks equipped with biometric scanners in clusters of 10 villages to provide account opening, payments, inquiries and application submission. Services will also be accessible through mobile phones and partnerships with local organizations. They estimate the total initial cost to be approximately 32 lakh rupees to cover equipment, training, salaries and commissions. Risks will be managed through self-help groups, cooperative systems and state social security.
The Three Musketeers team from the Indian Institute of Management Kozhikode proposes a plan to provide rural insurance and banking services in Pune district, India. Their plan involves setting up low-cost kiosks equipped with biometric scanners in clusters of 10 villages to provide account opening, payments, inquiries and application submission. Services will also be accessible through mobile phones and partnerships with local organizations. They estimate the total initial cost to be approximately 32 lakh rupees to cover equipment, training, salaries and commissions. Risks will be managed through self-help groups, cooperative systems and state social security.
Institute: Indian Institute of Management, Kozhikode
IIMK Campus P. O., Kozhikode, Kerala, India, PIN - 673 570 ABHISHEK LAHIRI PGP/14/062 +919048174853 Abhishekl14@iimk.ac.in Coverage needed by a rural person for: Damage or uncertainty to crop Life Insurance Health Insurance Cattle Insurance Insurance against regular income Accident Insurance Calamity insurance Floods, draught, etc. The New proposed product is a bundling of all of the above Coverage Access to diversified products and services Infrastructure Financial management support Delivery model Language Barriers Financial illiteracy Policy requirements 90% of employment in India is in un-organized sector Transaction costs for small loans and deposits, using technology
OPERATIONS PRIMARY CHANNELS
Account Opening Document Collection Educating People Public Relations as a representative INSURANCE CORRESPONDENT Tie ups to exploit the vast distribution network Exploit the goodwill and already established practice of forming and assistance Help increase spread, reach and penetration FMCG DISTRIBUTORS/ SELF HELP GROUPS SHGs formalize the procedure for taking plans and help increase the penetration of insurance products in poorly connected areas
Self Help Groups and bank linkages facilitated the increase in sales of insurance products by approximately 2 times over the previous year (consistently over the last five years) A local correspondent appointed by the Bank Slowly take over the role of the Insurance Correspondent Facilitate the operations of an extension counter in the long run Help extend the reach and penetration of the products and services VILLAGE CORRESPONDENT SECONDARY CHANNELS
Features of the programme: Education and training of the staff and village occupants by the machine developer Provision for 9 hours battery backup and continuous charge through solar panels Setup Kiosks supported by computerized machines (Vortex Gramateller Duo with BiometricScanner and Voice Feedback in local language)
Provision for: 1. Premium payment 2. Remittance 3. Enquiry (FAQs) 4. Sending micro-insurance applications/queries BIOMETRIC IDENTIFICATION Mobile services have greater penetration progressing at a faster pace than the required rate of growth of banked penetration This technological edge can be leveraged successfully The same has been successfully implemented in many countries as a tool to implement Financial Inclusion projects like WIZZIT Banking in South Africa, MPESA in Kenya and other instances in South East Asia Money transfer, premium payment reminders or request for additional services Query addressal via customer care and application for supplementary financial services and products MOBILE ACCESS Activities can be carried out through Customer-Care Call Centers through security pins This service would be available in local language so as to reach more number of people This would help increase the penetration amongst the non-included, especially those who are illiterate TOLL FREE NUMBERS Strategic tie-ups with institutions like India Post etc. as a cash dispensing partner It can be used as a gateway for as minimal transactions as Cash Withdrawal/ Cash Deposits CASH DISPENSING PARTNER LOANS/ MICROFINANCE SCHEMES Tie- ups with Self Help Groups FIXED DEPOSITS Bank Tie-ups NREGA SAVINGS ACCOUNT Bank Tie-ups A/C TRANSFERS REMMITANCES PAYMENTS RECIEPTS UTILITY BILL PAYMENT Bundling of products with Utility bills like Electricity, Telephone, etc. Tie-ups with FMCG retailers and dealers for sale and penetration insurance products Provision of knowledge and assistance on crops and farming along with products Educating the rural inhabitants through: Organizing Special Sessions at frequent intervals of time Through the Panchayat Broadcasting benefits on Television and radio Create Opinion leaders to help in penetration of the product No. of Tehsils/ Talukas Population Population Division (Per cent in 2001) 1991 2001 Rural Urban 14 5,532,532 7,224,224 3,026,950 41.9 4240619 58.7 353 78,937,187 96,752,247 55,729,294 57.6 41022952 42.4 Taluka Name No. of Villages (sq. Km) Headquarter Pune City 184 Pune Khed 1,400 Rajgurunagar Ambegaon 1,043 Ambegaon Junnar 1,385 Junnar Shirur 1,557 Shirur Daund 1,290 Daund Indapur 1,468 Indapur Baramati 1,337 Baramati Purandhar 1,104 Sasvad Haveli 1,337 Pune Bhor 892 Bhor Velhe 497 Velhe Mulshi 1,039 Paud Maval 1,131 Wadgaon Total 15,642 Total Villages (Population>2000) 424 Total Unnbanked Villages (Population>2000) 280 Choice of Pune district for pilot 280 unbanked villages with population of over 2000 Proximity to PBoIs regional office in Nashik added advantage City of Pune would provide ideal location for supervising roll-out and performance Low-cost Kiosks installed for cluster of 10 villages 1 ATM for approximately 25000 people 5 insurance officers in charge of 50 villages Each officer will visit 2 villages per day to carry out banking transactions Mobile services and facilities will be activated on customer request Tie-ups with India Post and Kirana stores will act as distribution nodes for application forms and dissemination of information ITEM UNIT COST NUMBER TOTAL SMART CARD AND HARDWARE COST Customized Computerized kiosks 175000 5 875000 Smart Card 60 20000 1200000 Hand Held Device for transactions having (POS): Card Reader Biometric or finger print device Connectivity Printer For Muster Roll data collection from Job site 75000 5 375000 Hand Held Device with Mobile handset for connectivity 5000 5 25000 Laptop 30000 5 150000 CONSUMABLES AND MAINTAINANCE Printer Cartridge, Connectivity charges, Stationary. 5000 5000 IT IT Infrastructure 500000 500000 TRAINING Training including preparation of training material 5000 5 25000 ADDITIONAL COST Commission @ 2% of deposits 56000 Salary 6000 5 30000 TOTAL COST Rupees thirty two lakh forty one thousand 3241000 Strategies to manage risks Following mechanisms may be used to manage social risks: Informal individual mechanisms and self -help groups Informal and semi-formal cooperative systems Formal private systems State social security schemes The Three Musketeers Indian Institute of Management, Kozhikode