Example: ICMIF’s 5-5-5 Mutual Microinsurance Strategy The International Cooperative and Mutual Insurance Federation (ICMIF) is the global network for the cooperative and mutual insurance sector. In 2015 ICMIF launched the 5-5-5 Mutual Microinsurance Strategy to help mutual microinsurance reach its full potential scale in a number of emerging markets, thereby having a positive impact on the lives of millions of low-income households. By 2020 ICMIF plans to develop mutual microinsurance in five countries, reaching out to five million uninsured low-income households (people with a daily income of USD 2-10), which will equate to 25 million people in total.
to agents even when they do not have mobile reception, so they can access them while interacting with customers. Despite this array of technology solutions, insurers still deploy traditional high-touch approaches such as local agents to support consumer understanding and build trust. Distribution via agents is one of the key components of the BIMA model. With over 3,500 salespeople across the developing world it has signed up 24million customers in Africa, Asia, and Latin America. Their call centre in Honduras houses over 100 agents to support a team of 40 field agents with their life insurance product being delivered through Honduras’ largest mobile operator. Using alternative insurance structures to build trust Alternative insurance models such as mutuals can assist in building trust and satisfying regulatory requirements. Many mutuals maximise client value by enhancing community development to increase group solidarity. For example, Seguros Futuro in El Salvador and La Equidad in Colombia emphasise the value of healthy living via an embedded consumer education. Others are overtly inclusive and democratic. VimoSEWA (Self-Employed Women’s Association) in India, for example, enables its members to participate directly in decision-making.
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