Individual farmers can trust that the QUIIC stamp represents a basic level of transparency for complicated insurance products that are not regulated in any country. QUIIC certification is the only means farmers have to tell the difference between an index insurance contract that offers real value from one that doesn’t. However, the benefits of QUIIC go far beyond individual farmers.
Private-sector insurance companies benefit from QUIIC branding as a competitive advantage over companies who have no way to prove their contracts work as intended. This shift to quality will build a more loyal customer base beyond just the first season or two when farmers tend to discontinue their policies after a contract fails. For the relatively low cost of certification, QUIIC can improve overall market success.
National governments are in a powerful position to request QUIIC certification for all agricultural index insurance products they subsidize or purchase outright to protect farmers. QUIIC works for all index insurance products at all scales. It ensures that national investments in index insurance as a tool to mitigate disaster risk are worthwhile and will produce the intended outcomes.
Donor organizations that have driven much of the scaling of agricultural index insurance worldwide have in QUIIC an opportunity to further expand the reach of this innovative tool while ensuring it truly benefits rural families. QUIIC certifies index insurance products at any stage, whether they are already in the field or in the development stages.
The QUIIC team is available now to test existing and planned insurance products for eastern and southern Africa. To begin the process of getting a product certified, contact QUIIC project manager Tara Chiu at firstname.lastname@example.org.