African countries’ experiences and perspectives from the 6th Consultative Forum

The second day of the 6th Consultative Forum on “Innovative products for the emerging consumer”, in Marrakesh, was organised into two breakout sessions, for regulators and industry participants to present insights and propose recommendations for microinsurance innovative product development.
 
Product design
Microinsurance products need to be designed in a way that is socially responsible and adds value to the end consumer.

Microinsurance is InsurTech and there is more to come

For many years the FinTech buzz was primarily focused on banking. Last year that all changed when 2015 was labelled the year of InsurTech. Last year InsurTech start-up funding exceeded $2.5 billion. This trend continued in the first quarter of 2016, with 45 InsurTech deals generating over $650 million, according to CB Insights data. 
 
It’s hard to say exactly how many InsurTech companies exist today, but some trackers report well over 500. This includes innovations ranging from product development to distribution to claims, and everything in between.

Cracking the distribution challenge in Africa

The third and final module, which concluded the Microinsurance in Africa Expert Forum series took place in April with around 40 participants joining facilitator Brandon Mathews, of Stonestep and topic expert Michael J. McCord, Chair of the Microinsurance Network and President of the MicroInsurance Centre in an interactive discussion centred on distribution and innovation in Africa.

Disruption: Friend or foe?

In a challenging economic environment, the insurance industry is always looking for new opportunities to maintain growth. Market consolidation, enhancing the customer experience, innovative uses of digital technology as well as expansion into new markets are all being explored as methods to adapt to the rapid changes of the industry. 

Unicorns, zombie insurers and microinsurance: A bright new future awaits

“Zombie banks, #blockchain, #fintech, #financialinclusion & singularity uni. All happening at Davos” is what I tweeted as commentary on a BizNews.com interview with Stephen van Coller, CEO of Barclays Capital, at the recent World Economic Forum in Davos, Switzerland.

Getting the data right

“Getting the data right” was one of the key messages at the Paris 2015 Global Index Insurance Conference that took place on the 14th and 15th of September 2015. Information on past production yields, natural disasters and historical weather data is crucial for insurers to price the product premiums. In many countries, this information is neither available nor accurate enough for insurers. Climate change is causing increasingly harsh weather anomalies throughout the globe.

The Nokia 1100 model of health insurance for the poor - Ready to catch the wave?

As part of his work in Kenya and Nigeria, Thierry van Bastelaer had the opportunity to work closely with private health insurers who are committed to finding affordable solutions to increase poor families' access to health care.  These insurers are keenly aware that this requires finding a myriad ways to cut costs everywhere possible, despite the fact that they are viewed with suspicion by development practitioners who perceive them as either avoiding the low-income market or trying to make huge profits from it.

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