Research Market And Develop Micro-Insurance Products For Microfinance Fund In Haiphong

Established in 2004 by Vietnam Urban Upgrading Project which was funded by World Bank, microfinance fund in Haiphong mainly focused on providing credit for housing improvement to the poor through 2 microcredit and savings products. Because the borrowers almost were poor and low income people, they were under financial pressure. So, they were very vulnerable when there would be any risk happening to their families. To limit the risk, microfinance fund in Haiphong was in conjunction with Air Insurance Company to provide them with micro-insurance product named “Overall health human insurance” which helped the poor and the fund responded and limited risks. However, although the product had been deployed more than 1 year, it was bought by borrowers compulsorily and couldn’t expand to others.

Therefore, MACDI was invited to conduct a market research through surveys to assess the satisfaction of clients about micro-insurance product and find out the effective methods to improve the conditions of the product to get more clients.

The results of the research analyzed the advantages and disadvantages of current products and recommended some improvements to suit clients’ needs. The result of research report has got very high practices and highly appreciated from both Haiphong microfinance fund and Air insurance company. Both of them follow up the recommendation of research and brought back high success to their business operation