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As Microensure comment: “In our case, we noticed that even when we did get insurance into the hands of a low-income family; they weren’t taking full advantage of it. We had to strip down the typical insurance process—filling out detailed forms, providing personal information—and create a simpler, easy-to- follow process for enrolling, which meant registering via text rather than a paper form.” In markets where National Registration and Identification Systems are not readily available, digital technologies can assist with client identification and claims validation. Using a smartphone a customer can establish their identity by making particular facial expressions to camera, or reading out some on-screen text. Frictionless futures Looking to the future, Artificial intelligence (AI) may assist in further helping to reduce administration, processing time and costs. Lower distribution and operational costs to support scalability, drive faster service, and ultimately enable more affordable and accessible products. 15 The World Economic Forum’s research suggests the use of blockchainwill increase significantly in the next decade, as banks, insurers and tech firms see technology as a way to speed up settlements and
cut costs. Already some are using it in a microinsurance context. Consuelo in Mexico, for example, offers blockchain- basedmicroinsurance products to Mexican migrant workers in the US. Identifying data can be recorded on a blockchain and accessed later by anyone who needs to check that person’s identity. 16 It’s estimated that in total, as many as 30.5 days could be removed from the entire insurance transaction using blockchain. 17 The InsuResilience Secretariat feels that blockchain’s time is still to come: “Further down the line, blockchain might have a role to play in scaling up financial resilience against climate and disaster risks and improving speed and quality of protection. For now, the InsuResilience Global Partnership will look to adopt technology that is already tried and tested in more developed markets.” We had to strip down the typical insurance process – filling out detailed forms, providing
personal information – and create a simpler, easy-to-follow process.
- Microensure
15 Insurance Inclusion: Reaching Underserved Populations With Tech at page 2 https://www.iif.com/system/files/32370132_insurance_inclusion.pdf 16 How Blockchain Technology Can Help Poor People Around the World , Nir Kshetri http://observer.com/2017/05/how-blockchain-technology-can-help-poor-people-around-the-world-banking- emerging-markets/ 17 Blockchain for Insurance: From Preventing Fraud to Automating Claims at page 12 http://www.altoros.com/blockchain-for-insurance-from-preventing-fraud-to-automating-claims.html
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