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How can inclusive insurance reach its full potential?
LAW AND REGULATION MUST INNOVATE
In terms of the number of consumers reached, new inclusive insurance markets may have the potential to rival the scale of insurers’ existing operations. Many innovations and new technologies are already in place and the landscape is rapidly shifting as a result. But what needs to change if more players are to join the chorus and foster market development? To help ensure that uncertainty doesn’t stifle innovation concerted coordination is needed between insurers, their partners and regulators to find an acceptable balance between consumer protection and supportive regulation. Government donors and theWorld Bank are already building capacity and sponsoring projects and pilots. Innovative insurers are helping to shape the conversation and test the existing frameworks of each new product and local partner organisations are informing those in the value chain about the unique needs of their clients.
It is our view that law and regulation must also innovate for inclusive insurance to fully take hold in emerging economies. We believe that that there are three broad measures that can be taken to help support innovation: 1. A positive regulatory approach 2.Informationsharingacross jurisdictions 3. Encouragement of public-private partnerships
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