Invitation for Tenders: Selection of Insurance Company for the Marketing and Underwriting Of a New Microinsurance Product in Ghana

Publication Date: Sep 2006
Published by: CARE / MicroInsurance Centre
Document Type: Other (PDF)

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Selling microinsurance in Ghana

This document presents an ‘Invitation for Tenders’ that CARE developed with assistance from the ‘Microinsurance Centre’ for use in Ghana.

The document presents the project details:

• Project goal: to increase the availability and purchase of appropriate insurance products by low income rural households in Ghana.
• Strategy: to work with existing private sector insurance companies, to extend their product range at the low end of the market.
• Role of CARE: to act as a relationship broker to assist in the development and implementation of the new product to the target market.

The document presents details of the partnership arrangement between CARE, the insurance companies and the MFIs:

• CARE will promote the development of a sustainable and profitable business partnership between an insurance company and selected microfinance institutions (MFIs).
• The insurance company will determine the product coverage, limitations, eligibility requirements, and pricing of the new product.
• The MFIs will market the insurance product to their existing clientele, collect premiums, and provide client level servicing and assistance.

The document describes:

• Market research findings about the potential demand for and desirable features of the new microinsurance product;
• Product specifications;
• Benefits for the selected insurance companies;
• Terms of confidentiality;
• Details about the preparation and submission of the tender;
• Award criteria for the tender.

The document concludes by presenting a sample of the tender form.