Creating new markets
Example: Allianz-BIMA Allianz has re-branded its product offering in this space from “microinsurance” to “emerging consumers.” The company offers “a range of product solutions that are specifically tailored to the needs of low- income families”, Focused on combining social and business benefits, in 2017, Allianz X, the digital investment unit of the Allianz Group invested USD96.6m in emerging market insurtech business BIMA, which offers affordable accident and life insurance via mobile phones to help serve what Oliver Bäte, CEO of Allianz SE calls: “the so-called next billion customers.” Example: XL Innovate-Stonestep XL Innovate has invested USD4m in Swiss microinsurance firm Stonestep, which aims to change how insurance is delivered in emerging markets by offering tangible consumer risk products and services at affordable prices. 7 Brandon Mathews, CEO of Stonestep explains: “For most people around the world, life is extremely risky: if people lose their home, they’re not checking into a hotel. If they have an accident, there’s no ambulance. Stonestep’s unique insurance platform can cover such risks for emerging consumers, and XL Innovate’s investment will help us implement this solution.”
BUILDING NEW PARTNERSHIPS
Inmany cases,leveraging existing networks has been made possible by establishing a more formal partnership with specialist, local insurance players. These often combine aspects of social enterprise and digital capabilities that enable innovation as these examples demonstrate.
7 https://www.insurancejournal.com/news/ international/2016/12/19/435832.htm 8 IIF 9 https://microensure.com/axa-launches-a- global-initiative-to-scale-up-its-protection- of-tomorrows-emerging-middle-class/
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