Role of insurtech in microinsurance: How is insurtech addressing 5 challenges in microinsurance?
Summary on Report:
The business of insurance is hard. Microinsurance delivery has proven to be nearly impossible. Despite almost two decades of focus on the under and uninsured, microinsurance reaches just under 300 million people across the developing world. This is only around 10% of the potential market for insurance. While promising examples have been documented of insurers achieving the impossible, sometimes even at scale, insurance cover for billions of excluded adults appears to be a long way down the road.
Digital technologies and business approaches are starting to change the nature of insurance delivery. These technologies, popularly known as ‘InsurTech’, promise to reach more individuals cost-effectively and in a way that delivers more customer value. But is technology the game-changer it promises to be?
|Author:||Herman Smit, Cat Denoon-Stevens, Antonia Esser|