Guidelines for Market Research on the Demand for Microinsurance
The demand for microinsurance grows out of the risks and risk management strategies of low-income households. Understanding the critical gaps in managing risks is a starting point for identifying microinsurance products for the poor. From here, the challenge becomes how to zero in on insurable risks and design products that are feasible, acceptable, and affordable.
The immediate audience for Guidelines for Market Research on the Demand for Microinsurance includes donors interested in funding the development of the microinsurance sector and practitioners responding to the demands of customers for risk management products. The guidelines are framed around four key questions:
- Why do market research on the demand for microinsurance?
- Who should support the market research?
- What topics should a microinsurance demand study address?
- What qualitative research tools can be used?
Market research is seen as a valuable tool for assessing both the microinsurance market and product offerings. Market research can inform decisions about whether to enter the market, what type of product to introduce, and what market segments to target. Once a general product concept has been identified, market research can help to identify specific product attributes that match the needs, preferences, cash flow patterns, and other capacities of the target market.
Guidelines for Market Research on the Demand for Microinsurance emphasizes the use of qualitative market research on the demand for microinsurance. Qualitative market research can play an important role in developing appropriate microinsurance products for the poor.