More than 262 million people are insured by micro-insurance policies across the globe. Of these, 166 micro-insurance programmes have been identified to reach scale (i.e., more than 500,000 clients/policies in Africa, and greater than 1 mn in Asia and Latin America). However, none of these programmes match the scale and/or the pace achieved through the mobile insurance models in recent years.
The elation over mobile insurance is great, and it has crossed the first milestone of outreach. However, to make it the next ‘Uber’ of insurance, one has to look through
whether the design is aligned to the business objectives
whether the value chain is well incentivised and managed to sustain the product/s
whether the product (loyalty or paid) is able to provide business value to the insurer and/or all the value chain members, and
whether clients are adequately protected (consumer protection issues) in mobile insurance.