Example: AXA-MicroEnsure AXA’s Emerging Customers has set a goal of reaching 45 million emerging customers by 2020. Their vision is to: “Accompany the emerging middle class and to help prevent them from slipping back into poverty.” 8 As part of this initiative, AXA is a key partner (with 46% participation) in microinsurance specialist MicroEnsure. 9 MicroEnsure stresses that product development is client-led and it has developed a variety of products tailored to emerging consumer risks including micro- health, political violence, crop and mobile insurance all over the world. Example: Blue Marble Microinsurance – consortium Blue Marble Microinsurance, launched in January 2015, is a consortium of nine companies (including AIG, Zurich, Aspen, Old Mutual and XL Catlin) “collaborating to extend socially impactful, commercially viable insurance protection to the underserved”.
It is clear that those at the forefront are actively welcoming collaboration and new market participants, with the belief this will foster greater understanding and trust amongst prospective policyholders, local distribution partners and regulators. Greater market participation will help drive technological innovation, bring cost savings and lower barriers to growth, whilst also building confidence in the value of insurance. As the InsuResilience Secretariat says: “A collaborative approach is needed to ensure coherence between different actors involved in the climate and disaster risk finance space. The InsuResilience Global Partnership provides a platform for a range of stakeholders to exchange knowhow, facilitate coordinated global action, and promote innovation” A collaborative approach is needed to ensure coherence between different actors.
- The InsuResilience Secretariat
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