created by [email protected]
Local insurance agencies provide insurance covers that MicroEnsure affords its clients. Initially MicroEnnsure served as intermediary between clients and Insurance Companies
Partner to provide Edusave
Partnered to scale operations, Access untapped Mobile money markets and users Provide visibility. Micro-Ensure white labels
Partner to provide MTN life insurance
Savings Linked Life MicroInsurance
Creating specific policies tht address the basic needs of the client they are meant to insure. ie. Crop policies for farmers, Low cost business and fire insurance for market sellers who were exposed to fires, demolitions etc.
MicroEnsure itself broadly functions as a platform, through reinsurance
Essentially the negotiation of insurance policies betweenInsurers and then taking the same resources and offering them to clients
Premiums start from ($0.50)
Visit agent or dial *900#
Ranges from Immediate - 1 month
Straightforward claims that suit the client's needs
MicroEnsure leverages its reach and business model to ensure sustainable relationships with partners. Their products are "white labelled" ie. Tigo Family Care Insurance
MicroEnsure offers an increase in clientele serviced, and as such a corresponding increase in Sales
Tigo Community Agents who serve community on-site. Act as a conduit of communication between back office and client
Leverage USSD,Mobile Money and messaging platforms
Agents work to help onboard clients onto the platform as well as help them file and receive claims
Case study notes that MicroEnsure targeted income earners who made less than $600 a month but couldn't afford the prevalent high premium costs.
Insurers - Provide clients for coverage in order to sustain relationship. Third-Party Service Providers - These are facilities that accept clients insured by MicroEnsure. ie. Healthcare facilities that accept MicroEnsure Insurance patients and treat them before/ after settling claims.
These are clients who are served by specific insurance policies. MicroEnsure offers specific products that are tailored to their clients needs, as such, they serve a wide array of clients with a high level of specificity.
Money is needed in order to set up the basic MicroEnsure infrastructure and cater for andminstration and transaction costs
This provides an easy means of access for the
Enables MicroEnsure to function as an insurance company. As a non -insurance entity, it facilitates the sharing of licenses with insurance agencies
Having a large number of clients that MicroEnsure services is essential to their model, thus we list them as a resource. Large client base is the basis for revenue generation as returns per client serviced are low
Without the agents and back/ front office HR, MicroEnsure has limited means of accessing and communicating with it's clients
USSD platforms that allow clients to interface with policies *900#
Allows clients to file claims
*900# Low Tech USSD platform
The model leverages simple insurance policies that feature cheap premiums (around $0.20 monthly) that make it easy for the customer to take up the product(insurance cover)Simplify uptake because they are straightforward and easily understood, they are similar to pre-eisting "Susu collector" systems and allow for significantly high number of policies that reduce overhead costsas regards setting up policies and admistering claims
Since the client does not directly pay for the Tigo Family plan, Tigo directly pays MicroEnsurance on their behalf
Leveraging a favorable average loss ratio in order to generate profit.
This microinsurance can only be accessed once clients are part of the Tigo ecosystem. They subsequently enroll for the plan and don't have to particularly pay for it. Just use the Tigo products.