Making index insurance attractive to farmers |
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Authors: | Anthony Patt Nicole Peterson Michael Carter Maria Velez Ulrich Hess Pablo Suarez |
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Institution: | 1. International Institute for Applied Systems Analysis, Schlo?platz 1, Laxenburg, 2361, Austria 2. Columbia University, New York, USA 3. University of Wisconsin, Madison, USA 4. Columbia University, New York, USA 5. World Food Programme, Rome, Italy 6. Red Cross Climate Centre, The Hague, The Netherlands
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Abstract: | There are several factors that influence whether people will want to participate in index insurance programs. A number of
these influence their attractiveness on economic grounds, including both the size and timing of the premium and potential
payouts, and the degree of risk aversion of the potential customers. Other factors make programs attractive for reasons that
are not economic, but no less valid. These have to do with the trust that people have in the insurance product and the organizations
involved in selling and managing it. Indeed, data from India, Africa, and South America show that these factors may be more
important than the economic ones in influencing demand. Index insurance pilot projects, in order to estimate demand for alternative
products, have typically involved a great deal of interaction with potential customers. It is important to recognize that
such interaction is crucial not just as a research tool, but also as a means to build understanding and trust in the products.
When scaling up from isolated pilots to operational programs, it is vital to recognize this trust building function by replicating
participation efforts in every community. In this paper, we examine the role of field games in establishing and building trust
in three important aspects of these projects for participants: trust in the insurance product, trust in the participating
organizations, and trust in their own ability to make good decisions. While games have previously been used as a way to gauge
interest in the product and to identify design features, we argue that these games are also valuable tools for constructing
these kinds of trust. |
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