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Three Keys to Unlocking Microinsurance’s Potential: The sector is growing – here’s how it can grow faster
Although microinsurance has grown in the shadow of flagship microfinance products like microcredit, it has slowly established itself as a dominant figure in inclusive finance. Yet it is still far from achieving its full potential, with challenges ranging from low coverage rates to lack of customer trust and limited cash-flows. Lisa Chassin of MicroSave outlines key practices that could boost the sector’s growth.
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Improving Everyday Financial Decisions: Brief, specific and targeted education could help the poor make better choices
In Uganda, nearly half of surveyed adults were unable to correctly answer a basic question about interest rates, according to a recent study. What is the best way to address this kind of financial capability gap? Research from IPA and others suggests some mechanisms through which financial education might be delivered in Uganda and around the world.
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- Education
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150 Million Bank Accounts – Is That Enough?: Infrastructure is only one part of designing an inclusive financial system in India
Indian prime minister Modi recently announced an ambitious new plan for financial inclusion for all Indians. The plan focuses on the estimated half of the country’s population that does not use a bank, providing them with debit cards and insurance policies (among other things). But IPA points out that creating an inclusive financial system will require more than ATM cards.
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Global Insulin Market Worth $47.54 Billion by 2020 Research Report Available Online
Key industry participants include Sanofi, Novo Nordisk, Eli Lilly, Novartis, Biocon, Oramed Pharmaceuticals, Bristol-Myers Squibb, Takeda Pharmaceuticals, Dongbao Enterprise Group Co., Ltd. and others.
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- Health Care
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New White Paper: The Case for Using Behavioral Economics in the Financial Inclusion Space
It’s no secret that saving money is a good idea. But time and time again we see people failing to save for the future, despite their best intentions. A new ideas42 white paper shows the important role that behavioral economics can play in increasing savings rates among the poor.
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The Implications of Scarcity for Microfinance: Grameen Foundation’s Alex Counts, on how understanding scarcity’s impact can improve microfinance practices
Behavioral economics could transform international development, says Grameen Foundation CEO Alex Counts. In some cases, it may reaffirm current practice. In others, it could suggest that these “best practices” are counter-productive. In this thought-provoking post, Counts explores the implications of scarcity for microfinance, when looked at through a behavioral economics lens.
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- Education
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The Power of Heuristics: New white paper from ideas42
In a new paper by ideas42, Antoinette Schoar and Saugato Datta argue that using heuristics (effective rules of thumb) can “enable people to make ‘reasonably good’ decisions without needing to understand all the complex nuances of the situation.” ideas42 is building on their findings to develop financial heuristics programs for microentrepreneurs around the globe.
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- Education
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Ask the Right Question: ideas42 on using behavioral economics for MFI product design
CARD Bank seemed to have a problem increasing uptake on new savings accounts. But when ideas42 dug into the data, they saw that people were opening plenty of new accounts - they just weren’t using them. The lesson: it’s important to ask the right question when solving design problems. Louis Potok uses this case to illustrate how behavioral economics insights can improve product design.
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