RESPONSIBLE BUNDLING OF MICROFINANCE SERVICES 3.3.1. A video tool to standardize sales and support loan officers A brief video on the crop insurance was developed through a collaboration among Crezcamos, Mapfre, and our research team. This video was installed on loan officers’ company-provided smartphones. It was shown to clients as part of the insurance offer with the aim of standardizing the way the product was offered and aiding loan officers in explaining a complex new product to their clients. This video of approximately three minutes explains the terms of the insurance product in a simple and highly visual manner and includes a brief testimonial from a claimant (see Box 2 for an overview of the video content). The video was designed to serve both consumer protection and marketing functions: to inform clients of how the insurance product works (explaining the price, coverage, government subsidy, and benefit amount) and to convince them of the product’s value by showing how it helped a claimant recover from damage to his crop. While the video’s content addressed both of these functions, Top: Crezcamos loan officer watches a it placed more emphasis on informing than on marketing. This video explaining the crop insurance with choice was made on the assumption that loan officers are adept a client and her family. at finding creative ways to sell products, appealing to their clients Bottom: Crezcamos loan officers practice at an individual level. However, because they are not insurance calculating the insurance premium and experts and because their primary focus is often on sales, they may benefit during a training session. not always be adept at explaining the details of a relatively complex insurance product. 3.3.2. Feedback on the sales protocol and tools “He showed me the video, and The sales guide (including the four key points about the insurance then I saw that, yes, I could really product) was remembered and used by loan officers. In particular, benefit from this insurance.” loan officers who felt nervous about explaining a complicated —Client, describing his reaction to product appreciated the support this guide offered them to focus seeing the video when the insurance on the most important details of the product. was offered The video was very well received by both clients and loan officers. Crezcamos has updated and is continuing to use the video after “The video is very didactic, and completing the fieldwork and is considering creating similar tools it gives clients more confidence for other products. Our qualitative interviews suggest that product about the product.” details explained in the video were more likely to be understood and —Loan officer, reflecting on how the remembered by clients than when this information was relayed by video supports sales the loan officer (see Section 5). Although some loan officers preferred not to use the video for all clients, there was general agreement that it offered a clear “Clients like the video and it helps explanation of the product, which was useful to support an informed them understand the product, but purchase decision. Some Crezcamos staff felt that the video would they don’t really pay attention to be more effective if it conveyed a more powerful emotional message the calculations.” about the consequences of not having insurance protection. Others, —Loan officer, explaining how the however, appreciated that the video did not make a “hard” sell. video supports client understanding Several noted that it was a good way to introduce prospective clients (vs. other tools) showing to Crezcamos, by them a new and unexpected product and explaining it clearly. 11