Client Perceptions of the Value of Microinsurance: Evidence from Southern Ghana

The uptake of microinsurance in developing countries falls short of projections, which has recently made stakeholders focus on client value. This article investigates when and why clients of a micro life insurance product in Ghana perceive value, using data from focus group discussions. We show that value depends not only on costs and monetary benefits but also on the service quality, emotions and social benefits that are associated with the product. Perceptions of high or low value can be explained by how expectations compare with actual experiences with the insurance as well as the specific client context. Peers strongly influence each other in their value perceptions. Copyright © 2015 John Wiley & Sons, Ltd.