{"id":465059,"date":"2019-03-08T13:57:08","date_gmt":"2019-03-08T12:57:08","guid":{"rendered":"https:\/\/en.financialafrik.com\/?p=465059"},"modified":"2019-03-08T13:57:08","modified_gmt":"2019-03-08T12:57:08","slug":"fall-of-life-insurance-policies-specific-case-of-the-cima-zone","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/","title":{"rendered":"Fall of Life Insurance policies: specific case of the CIMA zone"},"content":{"rendered":"
<\/div>

By Blaise Kendah<\/strong>
\nThe number of policies in a life insurance company is subject to natural erosion such as deaths and maturities, in addition to this natural erosion, we observe in our market another type of erosion not insignificant, it is policy falls prematurely, these policy falls are generally observed during
\nfirst years of the life of the contract.<\/p>\n

By definition, we are talking about a fall in the life insurance policy when we observe a stoppage of contribution payments after observing a grace period of at least 40 days in our market.<\/p>\n

According to article 73 of the CIMA Insurance Code, the insurer must inform the contractor by registered letter, by which he informs that at the end of a period of forty days from the sending of this letter failure to pay results in either the termination of the contract in the event of non-existence or insufficiency of the redemption value, or the reduction of the
\ncontract.<\/p>\n

A contract is entitled to a surrender value if the insured pays at least 24 months of contributions or 15% of the total contributions of the contract (Article 74 of the CIMA Insurance Code). It is important to note that the insured has the option to reinstate his \/ her contract after being notified by the insurer of the cessation of contributions. The reinstatement policy
\ndepends on the underwriting policy of each insurer.<\/p>\n

We note three types of font fall:<\/p>\n

    \n
  1. Falls of type I policies, these are the falls of policies recorded in the first year of contributions, that is to say, 1st month in the 12th month; (Most observed type on the market)<\/li>\n
  2. Type II policy falls, these are the types of contributions recorded between the 13th month and the 23rd month of contributions;<\/li>\n
  3. Falling type III policies, these are bought-back contracts.<\/li>\n<\/ol>\n

    NB: Cancellations \/ refunds are not considered as falling fonts.<\/p>\n

    \"\"
    Graphic illustrating the Police Falls of the Annuity Education (10 year term) of a portfolio of a company’s life market.<\/figcaption><\/figure>\n

    The impact of falling fonts<\/strong>
    \nThe main actors in the marketing of a life insurance product are: the insured, the insurer (the company) and the intermediaries, for various reasons. The primary role of the insured is the payment of contributions in order to benefit from future benefits,
    \nthe role of the insurer is to guarantee the payment of future benefits while the role of the intermediary is to bring the prospect \/ insured to the insurer.
    \nA little further down, we will present the reasons why we believe that policy falls have a major impact on the key players mentioned above.
    \nHowever, there are factors that are also impacted by the drop in policies, this is the company in general, the government and the tariff parameters such as the acquisition and management fees, the mortality and the death rate. ‘interest.<\/p>\n

    Below, the different reasons why these actors or factors are impacted by the falls of the policies.<\/p>\n

    The insured<\/strong>
    \na. Loss of valuable protection:<\/strong> With the cessation of payment of contributions, the insured loses all the guarantees subscribed. Because according to Article 73 of CA CIMA, when a premium or a fraction of premium is not paid within ten days of its expiry, the insurer sends the contractor a registered letter, informing him that at the end of a period of forty days from the sending of this letter the lack of payment entails the termination of the contract in case of non-existence or insufficiency
    \nof the surrender value, or the reduction of the contract.<\/p>\n

    b. Loss of initial premiums:<\/strong> When policies fall, initial premiums are lost if there is no or insufficient cash value.<\/p>\n

    c. Loss of Savings:<\/strong> Section 73 of CA CIMA mentioned above states that in the event of a policy crash we have two options, that is, the policy is terminated as a result of the loss of the original premiums (ie Savings) or the contract is reduced, and in this case the insured receives only a fraction of the contributions to date.<\/p>\n

    The insurer<\/strong>
    \na. Braking future profits:<\/strong> The fall in policies leads to the reduction of contributions and consequently the reduction of the mathematical reserves which leads to a brake on future returns on investment.<\/p>\n

    b. Loss of initial subscription expenses:<\/strong> Costs incurred by life insurance companies when subscribing to new business are generally very high, including commissions, administrative expenses, communication, marketing, etc., and therefore premature and abusive falls in policies usually result in the insurer not recovering these expenses.<\/p>\n

    c. Unproductive Efforts:<\/strong> The insurer makes a lot of effort on new business that dies before it has the opportunity to recover the original expenses or charges.<\/p>\n

    d. Poor image due to bad publicity by disgruntled policyholders<\/strong>: The majority of policyholders who do not receive a cash surrender value following the termination of their contract, generally accuses insurers of unduly benefiting from their initial contributions. And therefore discourages their entourage to subscribe to a life insurance policy.<\/p>\n

    e. Work organization:<\/strong> The fall of life insurance policies in life companies usually leads to a new organization of work, either by creating a new collection service, or by setting up new subscription procedures etc ….<\/p>\n

    Intermediate<\/strong>
    \na. Declining revenues<\/strong>: The fall in policies leads to a fall in production and consequently lower commissions (income) for intermediaries.
    \nb. Unproductive Efforts: Intermediaries provide a lot of energy for unstable business and therefore are not always rewarded for their efforts.<\/p>\n

    The society<\/strong>
    \nDependence on financial assistance from friends or relatives: The fall of policies leads to the loss of collateral as mentioned above and therefore, in case of disasters, people who have lost their insurance coverage or their beneficiaries are literally dependent on friends or family.<\/p>\n

    The economy<\/strong>
    \nFinancing the economy: the fall in policies leads to the reduction of the turnover of life companies as well as the reduction of their provision and consequently reduces their contribution in the financing of financial structures and the economy in general.<\/p>\n

    Falling fonts: The causes<\/strong>
    \nIn our presentation, we identified several causes of premature falls in life insurance policies. There are external causes and internal causes.<\/p>\n

    External Causes<\/strong><\/p>\n

      \n
    1. Socio-economic class of the insured<\/li>\n
    2. Availability of other investment options<\/li>\n
    3. Specific characters of the insured
      \n\u2756 Wealth and savings
      \n\u2756 Education
      \n\u2756 Age
      \n\u2756 Gender (less for women)
      \n\u2756 Urban or rural rental (More in rural areas)
      \n\u2756 Available capital (More for low capital insured)
      \nMacroeconomic factors
      \n\u2756 Available income
      \n\u2756 Government policies on taxes
      \n\u2756 Economic development of the country.
      \nAll of these factors are beyond the control and influence of life insurance companies. But the internal factors below are controllable and influential by them.<\/li>\n<\/ol>\n

      Internal causes<\/strong><\/p>\n

        \n
      1. Insurance product design
        \n\u2756 Types of products (More drop on mixed products)
        \n\u2756 Frequency of contributions (No more drops for monthly contributions)
        \n\u2756 Contract durations (More falls for long duration products)
        \n\u2756 Method of payment (no more drop in cash contributions).<\/li>\n
      2. Marketing and personal strategies
        \n\u2756 Activity planning
        \n\u2756 Education of the commercial team (commercial agent, commercial executives,
        \nmarketing, career profile …)
        \n\u2756 Customer Education
        \n\u2756 Market study
        \n\u2756 Recruitment, training and mode of remuneration of commercial<\/li>\n<\/ol>\n

        Falling fonts: Costs<\/strong>
        \nIn some companies in the market, there are policy falls on some products of around 50% over the first two years of contributions. Applying this drop rate on a large scale inevitably leads to huge financial losses for our market.<\/p>\n

        \"\"
        Above, different graphs representing the different types of policy falls for different products of a market portfolio.<\/figcaption><\/figure>\n

        These rates are very high compared to international standards that are less than 10% in the first year.<\/p>\n

        \"\"
        Above an illustration of the financial losses of a life company following the fall of<\/figcaption><\/figure>\n

        fonts<\/strong>
        \nThis table illustrates the fact that this company lost half a billion in 5 years on the production of new business of the year N.<\/p>\n

        Conclusion \/ Suggestions
        \nThe premature massive erosion of life insurance contracts combined with the high cost of acquiring underwriting contracts is a drag on the growth and stability of life companies in our CIMA sub-region.
        \nIn this document, we have limited ourselves to observations and real facts of a general nature and our experience in the management of the different portfolios. A deeper analysis should be conducted on the exact cost of policy falls and the actual impact on the various factors \/ actors involved in the management of a contract, in order to allow us to answer the questions below:
        \n\u2756 The impact on the profitability of a life insurance company following the fall of the policies
        \n\u2756 The impact of the fall of the policies on the rate in life insurance
        \n\u2756 The emergence of profits following the fall of the fonts
        \n\u2756 Falling fonts
        \n\u2022 Cumulative annual loss of contributions in the CIMA zone
        \n\u2022 Annual unrecoverable costs in the CIMA zone
        \n\u2022 Lost opportunities and financial losses in the CIMA zone.
        \nBelow are some general suggestions to improve the persistence of life insurance policies.
        \n\u2756 Education of populations on the importance of insurance (Insurance Companies and Government)
        \n\u2756 Avoid mass recruitment of agents
        \n\u2756 Continue the relationship with the insured after the sale and after the services
        \n\u2756 Know your client, understand their needs
        \n\u2756 Design products tailored to the needs of insureds
        \n\u2756 Pre-recruitment training followed by a test and interview for salespeople (career profit).
        \nWe all have an important role to play in the persistence of insurance policies:
        \nInsurers, Intermediaries, Fanaf, CIMA and governments (Via DNA).<\/p>\n

        <\/div>","protected":false},"excerpt":{"rendered":"

        By Blaise Kendah The number of policies in a life insurance company is subject to natural erosion such as deaths and maturities, in addition to this natural erosion, we observe in our market another type of erosion not insignificant, it is policy falls prematurely, these policy falls are generally observed during first years of the<\/p>\n","protected":false},"author":527180,"featured_media":465061,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12000,12591,11996],"tags":[15872,14309],"class_list":{"0":"post-465059","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-banks-insurance","8":"category-feature","9":"category-finance-en","10":"tag-blaise-j-kendah","11":"tag-cima-zone","12":"post_format-post-format-aside","13":"pmpro-has-access"},"yoast_head":"\nFall of Life Insurance policies: specific case of the CIMA zone - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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He holds a degree in Mathematics from the University of Buea in Cameroon, a MPhil (Master of Philosophy in Statistics, Applied in Finance) from the University of Newcastle (Great Britain) and a Postgraduate diploma in Actuarial Science at Herriot Watt University in Scotland. 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We aspire to neutrality, but we assume our subjectivity","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/","og_locale":"en_US","og_type":"article","og_title":"Fall of Life Insurance policies: specific case of the CIMA zone","og_description":"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. We aspire to neutrality, but we assume our subjectivity","og_url":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/","og_site_name":"Financial Afrik","article_publisher":"https:\/\/www.facebook.com\/FinancialAfrik\/","article_author":"https:\/\/www.facebook.com\/pages\/Financial-Afrik\/150840631757446?fref=ts","article_published_time":"2019-03-08T12:57:08+00:00","og_image":[{"width":696,"height":522,"url":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2019\/03\/Blasie-Photo-696x522.jpg","type":"image\/jpeg"}],"author":"Editor","twitter_card":"summary_large_image","twitter_creator":"@Financialafrik","twitter_site":"@Financialafrik","twitter_misc":{"Written by":"Editor","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/#article","isPartOf":{"@id":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/"},"author":{"name":"Editor","@id":"https:\/\/www.financialafrik.com\/en\/#\/schema\/person\/80f802fd6db958ac83d55076c6c93692"},"headline":"Fall of Life Insurance policies: specific case of the CIMA zone","datePublished":"2019-03-08T12:57:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/"},"wordCount":1559,"commentCount":0,"publisher":{"@id":"https:\/\/www.financialafrik.com\/en\/#organization"},"image":{"@id":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/#primaryimage"},"thumbnailUrl":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2019\/03\/Blasie-Photo-696x522.jpg","keywords":["Blaise J Kendah","CIMA zone"],"articleSection":["Banks & Insurance","Featured","Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/","url":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/","name":"Fall of Life Insurance policies: specific case of the CIMA zone - Financial Afrik","isPartOf":{"@id":"https:\/\/www.financialafrik.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/#primaryimage"},"image":{"@id":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/#primaryimage"},"thumbnailUrl":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2019\/03\/Blasie-Photo-696x522.jpg","datePublished":"2019-03-08T12:57:08+00:00","description":"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. We aspire to neutrality, but we assume our subjectivity","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.financialafrik.com\/en\/2019\/03\/08\/fall-of-life-insurance-policies-specific-case-of-the-cima-zone\/#primaryimage","url":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2019\/03\/Blasie-Photo-696x522.jpg","contentUrl":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2019\/03\/Blasie-Photo-696x522.jpg","width":696,"height":522,"caption":"Blaise J Kendah Actuary Graduate, former President of the House of Actuaries of Cameroon, is Commercial Director of Saham Life Insurance Cameroon. He holds a degree in Mathematics from the University of Buea in Cameroon, a MPhil (Master of Philosophy in Statistics, Applied in Finance) from the University of Newcastle (Great Britain) and a Postgraduate diploma in Actuarial Science at Herriot Watt University in Scotland. Blaise has ten years of life insurance experience in the CIMA zone."},{"@type":"WebSite","@id":"https:\/\/www.financialafrik.com\/en\/#website","url":"https:\/\/www.financialafrik.com\/en\/","name":"Kapital Afrik","description":"All African finance","publisher":{"@id":"https:\/\/www.financialafrik.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.financialafrik.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.financialafrik.com\/en\/#organization","name":"Kapital Afrik | All African finance","url":"https:\/\/www.financialafrik.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.financialafrik.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.kapitalafrik.com\/wp-content\/uploads\/2020\/06\/logo-430x76-kapital-afrik-.png","contentUrl":"https:\/\/www.kapitalafrik.com\/wp-content\/uploads\/2020\/06\/logo-430x76-kapital-afrik-.png","width":1740,"height":266,"caption":"Kapital Afrik | All African finance"},"image":{"@id":"https:\/\/www.financialafrik.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/FinancialAfrik\/","https:\/\/x.com\/Financialafrik","https:\/\/www.instagram.com\/financialafrikbusiness\/","https:\/\/www.linkedin.com\/in\/financial-afrik\/","https:\/\/www.youtube.com\/channel\/UCSeoXcgLHLSVaKqMP7cQaJQ\/"]},{"@type":"Person","@id":"https:\/\/www.financialafrik.com\/en\/#\/schema\/person\/80f802fd6db958ac83d55076c6c93692","name":"Editor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c96a10dd5744a16de1cf5f4a5f23907a6d913e6ec3825c7447bb7a86e51e0a6d?s=96&d=blank&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c96a10dd5744a16de1cf5f4a5f23907a6d913e6ec3825c7447bb7a86e51e0a6d?s=96&d=blank&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c96a10dd5744a16de1cf5f4a5f23907a6d913e6ec3825c7447bb7a86e51e0a6d?s=96&d=blank&r=g","caption":"Editor"},"description":"Kapital Afrik intends to deliver strategic financial information to executives and managers, through a daily newsletter and a website that covers all African finance.","sameAs":["http:\/\/financialafrik.com","https:\/\/www.facebook.com\/pages\/Financial-Afrik\/150840631757446?fref=ts"],"url":"https:\/\/www.financialafrik.com\/en\/author\/admincfa\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2019\/03\/Blasie-Photo-696x522.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/posts\/465059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/users\/527180"}],"replies":[{"embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/comments?post=465059"}],"version-history":[{"count":0,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/posts\/465059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/media\/465061"}],"wp:attachment":[{"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/media?parent=465059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/categories?post=465059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/tags?post=465059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}