Inclusive Insurance: Closing the Protection Gap for Emerging Customers

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This report details the factors spurring inclusive insurance around the world. It reveals how both traditional and new insurers are breaking open new markets and reaching underserved customers through the use of innovative technologies, business models, product design, and partnerships, enabled by effective regulatory environments.

The report is based on extensive interviews with commercial insurers and insurance experts who are making inclusive insurance work as a successful business model. With insights from players at the frontlines, the report identifies the main challenges of providing insurance to lower income populations, as well as the solutions companies are using to overcome them.

The fndings for effectively serving this target market include:

  • Simplifying products so they are easy to understand, easy to enroll in, and easy to claim against. For institutions, such simple products engender trust and are lower cost to provide.
  • Finding new distribution channels and aggregators-from telcos to farmer cooperatives to banks—to identify and connect with low-income customers.
  • Leveraging digital channels and new “insurtech” (insurance technology) innovations to connect with, and serve, low-income customers.
  • Implementing new business models and products to provide and administer the risk mitigation solutions at scale that meet low-income customers’ needs.

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