There has been strong growth in the number of global mobile insurance deployments. And many of these are achieving scale.
An afternoon mobile money panel discussion during the GSMA Mobile 360 event at the African Pride Crystal Towers Hotel and Spa in Cape Town outlined the changes and new approaches to mobile-delivered insurance.
According to Peter Gross, regional director for the African portfolio at MicroEnsure, marginalised groups of people are very aware of risks. What they are looking for is solutions to these problems. As such, in impoverished and developing economies, it is imperative to make the claims process as simple and quick as possible. This requires that insurance providers are in tune with the needs and wants of customers and that these needs are prioritised.
Connecting with consumers on an individual level allows insurers to really give value to people, particularly in low-income environments, said Katerina Kyrilli, business development manager for Africa at mobile insurance and health service provider BIMA.
Reaching these demographics is solved through the use of technology and strategic partnerships with mobile network operators. But there are challenges around getting users to consciously engage with the product and understand how the product works.
Inclusivity Solutions CEO Jeremy Leach stressed the importance of tapping into the unique needs of clients. "There is typically a lack of agility in understanding around implementing mobile models. Mobile operators and insurance providers need to bring together their different skills to create successful solutions."
This industry is evolving, noted Kyrilli. We need to plug into this to provide more innovative and relevant products to address these new business landscapes.
Share