Microinsurance continues to be a major driver for innovation. The only way people in many parts of the world can afford insurance is if premiums are low (measured in cents not dollars), distribution costs are negligible and frictionless and claims handling is highly efficient. BIMA - a star of DIA Barcelona - are one of the leaders in the field, but Stephen Goldstein's interview with Peter Gross of MicroEnsure also provides a sense of the scale of what is happening. One of my earliest - and still most popular articles - "innovation in insurance" written over two years (pre-insurtech) - called out emerging economies as a place to watch.
MicroEnsure is a specialist provider of Insurance for customers in emerging markets and has registered over 55 million customers in 10 different countries in Asia and Africa. MicroEnsure designs, builds and operates their business by having products that are simple to understand and with distribution partners that can help to reach the masses. They don’t carry the risk themselves, and partner with over 70 different insurers.