ClydeCo-Resilience-Inclusive Insurance Report



Where prospective policyholders are not in formal employment, insurers are becoming creative around ‘aggregators’ for group insurance. For example, in Colombia the bank Banco Davivienda, through its partnership with insurer Seguros Bolívar uses its mobile wallet ‘DaviPlata’ to offer a life microinsurance product focused on rural customers. It is also designing a bicycle insurance product, given the importance of bicycle transportation among their low-income customers.

Developing successful inclusive insurance products has required a fundamental rethink from insurers in how to ‘go to market’. New customers may be unaware that risk-transfer products exist, so insurers need to identify and leverage trusted networks already serving them. Insurance distribution partners can include mobile network operators (MNOs), retail stores, factories, and agricultural cooperatives - any existing network that knows and understands its customers or members and can see value in adding insurance into the bundle of products and services offered. Sarah Schneider-Olié of Allianz’s Emerging Consumers describes their approach: “Allianz’ local entities drive and own the Emerging Consumers business. We work with over 700 experienced distribution partners to reach out to customers.”

We work with over 700 experienced distribution partners to reach out to customers.

- Sarah Schneider-Olié, Allianz

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