As the insurance industry continues to evolve, digital innovation is proving to be a powerful force in expanding access to inclusive insurance.
This transformation has been particularly impactful for low-income populations that have historically lacked access to traditional insurance products. Fintech innovations-especially mobile platforms, blockchain technology, and artificial intelligence (AI)-are playing a crucial role in increasing insurance penetration, making coverage more affordable, accessible, and scalable for underserved populations.
This blog explores how digital platforms, mobile insurance, and blockchain technology are helping to increase insurance penetration for low-income populations in 2024. It will also highlight the successes and challenges encountered in utilizing technology for microinsurance and inclusive insurance products, particularly in emerging markets.
Mobile Insurance: Closing the Protection Gap
In the developing world, mobile insurance platforms have emerged as one of the most effective tools for expanding access to insurance, particularly for underserved communities in rural and remote areas. Mobile penetration in regions such as Africa and Southeast Asia has been significantly higher than traditional banking access, making mobile devices an ideal channel for delivering financial products, including insurance.
BIMA and M-TIBA: Success Stories in Mobile Insurance
A prime example of successful mobile insurance is BIMA, which operates in emerging markets across Asia and Africa.
BIMA offers health, life, and accident insurance through mobile technology, allowing low-income users to access affordable insurance products. By partnering with mobile operators, BIMA enables users to pay their premiums via mobile wallets, making insurance accessible to those without bank accounts (Allianz X).
Esta historia es de la edición October 2024 de THE INSURANCE TIMES.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición October 2024 de THE INSURANCE TIMES.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."
About Dr Anil Subba Rao Paila
IRDAI Corner
Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024
Insurance Caselaws
The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.
New Product Launches
Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation
Gunford: Marine Insurance Fraud or Purely Coincidence!!
Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.
Risk Management 2.0 in the new Gen Z Milieu
I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.
International News
Growing demand in Europe: Munich Re remains disciplined while further expanding
Life Insurance News
About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.
