Insights and perspectives

This blog provides a platform for sharing insights and perspectives on topical issues in microinsurance. If there is a topic you would like to write about, please contact the Network secretariat.

African countries’ experiences and perspectives from the 6th Consultative Forum

The second day of the 6th Consultative Forum on “Innovative products for the emerging consumer”, in Marrakesh, was organised into two breakout sessions, for regulators and industry participants to present insights and propose recommendations for microinsurance innovative product development.
 
Product design
Microinsurance products need to be designed in a way that is socially responsible and adds value to the end consumer.

Microinsurance is InsurTech and there is more to come

For many years the FinTech buzz was primarily focused on banking. Last year that all changed when 2015 was labelled the year of InsurTech. Last year InsurTech start-up funding exceeded $2.5 billion. This trend continued in the first quarter of 2016, with 45 InsurTech deals generating over $650 million, according to CB Insights data. 
 
It’s hard to say exactly how many InsurTech companies exist today, but some trackers report well over 500. This includes innovations ranging from product development to distribution to claims, and everything in between.

Cracking the distribution challenge in Africa

The third and final module, which concluded the Microinsurance in Africa Expert Forum series took place in April with around 40 participants joining facilitator Brandon Mathews, of Stonestep and topic expert Michael J. McCord, Chair of the Microinsurance Network and President of the MicroInsurance Centre in an interactive discussion centred on distribution and innovation in Africa.

Disruption: Friend or foe?

In a challenging economic environment, the insurance industry is always looking for new opportunities to maintain growth. Market consolidation, enhancing the customer experience, innovative uses of digital technology as well as expansion into new markets are all being explored as methods to adapt to the rapid changes of the industry. 

Getting the data right

“Getting the data right” was one of the key messages at the Paris 2015 Global Index Insurance Conference that took place on the 14th and 15th of September 2015. Information on past production yields, natural disasters and historical weather data is crucial for insurers to price the product premiums. In many countries, this information is neither available nor accurate enough for insurers. Climate change is causing increasingly harsh weather anomalies throughout the globe.

The Nokia 1100 model of health insurance for the poor - Ready to catch the wave?

As part of his work in Kenya and Nigeria, Thierry van Bastelaer had the opportunity to work closely with private health insurers who are committed to finding affordable solutions to increase poor families' access to health care.  These insurers are keenly aware that this requires finding a myriad ways to cut costs everywhere possible, despite the fact that they are viewed with suspicion by development practitioners who perceive them as either avoiding the low-income market or trying to make huge profits from it.

Could reward schemes, such as the Vitality programme, help drive microinsurance uptake and improve health outcomes?

Meet Susan, a member of Discovery Health’s Vitality programme, a reward-based scheme bundled with her life insurance policy. When Susan’s health activity is recorded (for example, if she goes to the gym), she earns points that determine her Vitality status.  As her Vitality status improves, she can access increasing discounts for leisure and travel activities.

Technology, social inclusion and regulatory innovations in the insurance industry in Europe

The Microinsurance Network attended the 2017 FARAD Finance Forum which took place in Luxembourg earlier this month. Organised by FARAD International, an independent insurance broker specialised in the Private Life Insurance sector, the event was held as a full-day forum for the first time, and brought together players of the three pillars of the financial industry: the banking sector, the insurance industry and investment funds.

Microinsurance innovators and The Financial Inclusion Challenge

While microcredit and savings have historically dominated the financial-inclusion conversation, there is growing recognition for the innovative ways that microinsurers are bringing services to the people who need them most.

“The Financial Inclusion Challenge” competition, run by The Wall Street Journal, showcases nonprofit and for-profit enterprises that are solving problems of financial access for the poor in the Asia-Pacific region.

7 things I learned from the Microinsurance Network field trip and workshop on microinsurance distribution

What if you could simply swipe your card every time you wanted to pay for a minibus taxi ride? That might be more convenient than carrying the right change in cash... But what about if you are automatically insured for the trip you’re about to take, as a result of using that card? Now that’s an incentive, isn’t it?

African countries’ experiences and perspectives from the 6th Consultative Forum

The second day of the 6th Consultative Forum on “Innovative products for the emerging consumer”, in Marrakesh, was organised into two breakout sessions, for regulators and industry participants to present insights and propose recommendations for microinsurance innovative product development.
 
Product design
Microinsurance products need to be designed in a way that is socially responsible and adds value to the end consumer.
No wikis have been added to this group.