Founded in 2000 by Michael J. McCord, the MicroInsurance Centre at Milliman (formerly the MicroInsurance Centre, LLC) has worked with many organizations to spread microinsurance, helping to cover tens of millions of lives with various types of microinsurance products. We focus on promoting responsible microinsurance (quality products that are financially sustainable), because without responsible products and policies, microinsurance will be ineffective at addressing the needs of the poor and will not satisfy a business case in the long term.
To facilitate responsible microinsurance, since its inception the MicroInsurance Centre at Milliman has actively promoted the partnership model of microinsurance and is the only independent institution that is entirely focused on doing so. By partnering institutions that have access to low-income markets with regulated insurance companies, we can take advantage of the parties' relative strengths. The intermediary can access the low-income market and deliver products more efficiently and effectively than the insurer, and the regulated insurer has expertise in insurance products and capacity to carry the risk. Our efforts to facilitate such partnerships are creating win-win-win solutions for insurers, delivery channels, and the low-income market.
In a move to facilitate more win-win-win microinsurance partnerships, in September 2017, the MicroInsurance Centre joined forces with Milliman, a premier global consulting and actuarial firm. Both firms share the common goal of working to protect the health and financial well-being of people everywhere. Together, we provide unmatched breadth and depth for clients working in emerging markets to start or enhance their insurance offerings in the low-income market segments.