The list of IRIS metrics below represent those that align with the Microinsurance Network Social and Financial Performance Indicators, with market-based feedback provided by LeapFrog Investments through their FIIRM framework. For more detail on the Microinsurance Network Performance Indicators, their alignment with IRIS metrics, and the rationale for their inclusion, click here.

The Microinsurance Network promotes the development and delivery of effective insurance services for low-income people by encouraging shared learning, facilitating knowledge generation and dissemination, and providing a multi-stakeholder platform. The Network, established in 2002 as the CGAP Working Group on Microinsurance, has over 70 institutional members representing over 200 microinsurance experts in 12 different working and discussion groups. The Microinsurance Network’s Performance Working Group defined a set of financial key performance indicators in 2006, complemented in 2012 by a set of social performance indicators. The key performance indicators (KPIs) were established by a diverse group of microinsurance practitioners, and are applicable to microinsurance providers, irrespective of legal structure, environment, organizational setup and type of microinsurance product offered, although there may be some differences in performance and interpretation.

LeapFrog Investments is a leading profit with purpose investor and a founding member of the GIIN Investors Council.  LeapFrog invests in high-growth companies in Africa and Asia that serve emerging consumers with insurance, and related financial tools such as savings and pensions.  LeapFrog uses profit with purpose performance indicators to drive financial and social outcomes through its in-house performance measurement system, FIIRM.  For more detail on LeapFrog’s FIIRM framework, click here. As a member of the GIIN Investors Council, and a participating member of the Microinsurance Network, LeapFrog has championed the creation of microinsurance metrics within IRIS since the outset, and provided critical leadership and guidance on the practical implementation and interpretation of these metrics.   

As with all IRIS metrics, it is important to state that interpretation of these metrics must be complemented with an analysis of other aspects of a company's context, and can change over time. In the case of insurance, stand-alone numbers cannot by themselves indicate positive or negative performance, or necessarily be compared across companies or products.  A low Incurred Claims Ratio, for example, could indicate that clients are paying for something they don’t know about or use, or it could reflect a reasonable outcome for life insurance product at a certain stage of maturity, or a catastrophe insurance product. Overall, these metrics help organizations ask a series of important questions about the social impact of insurance, which together with a deep understanding of the context, provide a more complete picture of social performance.