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Vimo SEWA – Asset Insurance

SEWA. VIMOSEWA. Vimo SEWA – Asset Insurance. The Need. Evolved in response to the needs and demands of its members House is not only a roof over the head often it is the place of employment for home based workers

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Vimo SEWA – Asset Insurance

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  1. SEWA VIMOSEWA Vimo SEWA – Asset Insurance

  2. The Need • Evolved in response to the needs and demands of its members • House is not only a roof over the head often it is the place of employment for home based workers • There was also a need to protect the work equipments in case of a damage to the house

  3. The Product • Offers reimbursement for losses suffered due to natural calamities like earthquake, fire etc. • Also covers man made calamities like riots, arson etc. • Limits for coverage are up to Rs.10,000 to Rs. 20,000, as per schemes chosen

  4. Evolution of Asset Insurance • 1992 -1997 – We partnered with UIIC and NIA for assets insurance • 1998 -2001- SEWA retained the assets portfolio as a mutual, but then the earthquake happened • 2002 onwards we have partnered with different insurance companies like ICICI Lombard, New India Assurance and NIC • 2006 – Floods in Anand • 2007 – Floods in Bihar

  5. Claim Processing • Claim Intimation – either directly by the member to the Vimo office or through Aagewaan • Registration -The claim is registered with documents – esp. a photo of the damaged house, a news report in a local news paper or an FIR • Survey of the affected area – To assess the extent of damage and survey of the house affected • All the documents and the visit report are put in front of the claims committee

  6. Claim Processing • Committee may approve, reject or ask for further details • If rejected – the member is intimated • If approved – the committee decides upon the amount of claim • The claim is settled with the member receiving the reimbursement.

  7. Loss Assessment • Trainings are arranged with insurance company for loss assessment capacity building of our staff. • Insurance company's surveyors accompany our aagewaans in field for loss assessment. • Training for photography arranged for Aagewaans • Criterions/indicators for claim settlement is set through a dialogue with the insurance company as well as with the local team members

  8. Claims data

  9. Challenges • Gujarat is risk prone area • Disasters, both natural and human, one after the other between 1999 to 2008 has lead to increase in premiums.(2 cyclones, 4 floods, 1 earth quake, 1 communal violence) • STFI had to be excluded. • Geographical concentration of members has exposed us to co-variate risks.

  10. Challenges • The documentation process is difficult as the insurance companies insist on news paper information or an FIR for the loss. • Assessment of losses is a challenge. • We have seen cases of fraudulent claims in case of a disaster/natural calamity

  11. New Features/Products • Stock in trade insurance: A lot of our members comprise of street vendors and their stock in trade is exposed to a lot of risks, we are looking at developing a product to safeguard their stock. • Livestock insurance: As we expand in Rajasthan, we have received a lot of demand for a livestock insurance products especially for goats.

  12. Thanks!

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