Financial inclusion and inclusive insurance are two terms that have evolved during the last decade years. Financial inclusion is an important part of economic growth in many Asian and African countries. The concept of microinsurance has evolved from being insurance for the economically less fortunate, to that of insurance for everyone. Asia and Africa continue to be significantly underinsured from a life and health insurance perspective. With relatively large populations in some of the countries, the potential to offer insurance and financial planning solutions is tremendous. Simple products, easy terms, straight through processing, prompt claims settlement – all powered by technology enablement – have made it possible to reach millions of potential customers with targeted insurance solutions. Mobile network operators have been one of the drivers of growth for inclusive insurance. Regions such as East Africa and South East Asia have championed inclusive insurance models and shown high growth in lives insured in the last five years. The session focuses on the business models in place and how the enablers can create insurance solutions for another 100 million lives. Pakistan, which has shown multipled growth in the last five years, will be showcased as an example.
Learning Outcomes:
Attend this session and you’ll:
Understand the global market size and appetite for inclusive insurance.
Learn the key drivers of growth, products and solutions, claims settlement solutions and the role technology plays in making insurance accessible tomillions.
Engage the millennials and Gen-Z customers in compelling ways.
Discover inclusive insurance solutions to increase insurance coverage in under-served populations.
Track: Cultivating Future Opportunities
1.20 SOA CPD
1.00 CIA