WORKING PAPER Lack of recall may also diminish the product’s value in another way: one of the main sources of value that agricultural insurance is intended to promote comes through incentivizing farmers to make more profitable investments in their crops. When farmers do not remember the insurance coverage they have purchased, it is unlikely to translate to these positive incentives. The slightly better recall by clients who were offered the insurance jointly with their loan suggests that efforts to make the product more relevant, for example, by selling it at a time when clients are focused on their crop investment plans, may help clients to retain more information. However, even in this group recall of necessary information was very low, suggesting that ongoing post-sales support is needed and that reminders of coverage may be useful. Understanding the most appropriate content and channel for reminders is critical. They should be designed carefully and implemented judiciously. Too frequent or indiscriminate SMS or phone reminders may not be appreciated or may confuse clients. Rural clients are often not near their phones, and often don’t have cell phone signals for hours at a time. Reminders that are both contextually to be appreciated and useful. Feedback appropriate and delivered at appropriate times are most likely from Crezcamos staff suggests that reminders will be well-received only if they are targeted, individualized, and extremely salient (e.g., if combined with the forecast for an upcoming weather event or news about a recent payout on the insurance policy). Loan officers and branch staff may also play a role in reminding clients of coverage when they may be eligible to make a claim or to renew before their policy expires. 6.4. Implications for financial service providers bundling other products and services Our study hypothesized that there might be important pitfalls and constraints associated with bundling crop insurance, in terms of client understanding and/or purchase decisions. By contrast, our findings suggest that bundling may, in some contexts, create valuable opportunities rather than constraints. From the supply side, it reduces the cost of delivery, which is particularly important in rural areas where loan officers travel large distances to visit clients. From the demand side, rather than impeding comprehension, our study supports a cautious suggestion that selling insurance at a time when farmers are thinking about their investments in their crops (during the loan application) may help increase the perceived relevance of the product and lead to greater understanding and recall. We consider the insights from this study into the opportunities and pitfalls of bundling financial products and services for low-income clients beyond the specific context of Crezcamos and its crop insurance. Many strategies financial service providers in developing countries have developed cross-selling and bundling aimed at offering clients a more diverse and relevant set of services, and increasing the marginal gain from costly service delivery. Credit clients might be offered savings accounts, debit cards, or insurance services. Remittance clients are offered deposit accounts or insurance. Borrowers are often provided with nonfinancial services such as health education and business services. Our study shows that bundling does not necessarily reduce the relevance or understanding of “secondary” services, nor must it place excessive pressure on clients’ cognitive load. We find that clients can pay attention and understand their options even in a bundled offer, making informed choices. Standardizing the tools available to loan officers to explain and sell products can help ensure that the information offered is complete and consistent, particularly when loan officers themselves may feel pressure to explain a service that they are not yet confident about. The greatest pitfall to the sale of a relevant and affordable secondary product, whether offered jointly with a “lead” product or separately, appears to be low recall of product details (assuming the product is otherwise relevant, affordable, and understood). Crop insurance, in particular, is a complex product with multiple salient characteristics: the covered event, damage required, covered crops, deductible, premium, benefit amount, claims process, etc. Clients are unlikely to remember all of these details for very long. This is not necessarily a problem, because they are not called on to do so in their daily life. However, there will be moments where remembering the salient characteristics of a secondary product is crucial. For crop insurance, damage from weather events will trigger this need. Greater simplicity in product design can help 30