INCLUSIVE INSURANCE
We support insurers, reinsurers and intermediaries to design, distribute and manage inclusive insurance products. Our approach is helping market players gain consumer behavioral insights which are critical in design products that address the real needs of the consumers.
Why does this Matter?
Insurance penetration across many developing economies is very low. In Africa, insurance contribution to Gross Domestic Product (GDP) for most countries is between 1-3%. We strongly believe that inclusive insurance, if well designed and distributed can improve lives of millions who currently cope with risks using costly measures. However, we recognise that improving access to insurance for low-income market segments that have been unserved or underserved with insurance is no easy task. It requires attention to be given to multiple issues to overcome the wide-ranging constraints to expanding insurance access. We approached this focus area carefully, as it was our very first undertaking at scale. We have demonstrated that it is possible to serve low-income market segments profitably.
We love challenging ourselves and indeed our clients with out-of-box ideas in the pursuit of viable products and models.
What we do
Provide tailored training and technical assistance on various aspects on inclusive insurance including but not limited to the business case, marketing, distribution, pricing and inclusive health and agricultural insurance solutions
Conduct design sprints for market players through a comprehensive and systematic approach that includes field work aimed at turning consumer insights into market validated solutions.
Implement market & regulatory diagnosis studies and inclusive insurance landscape studies aimed assisting market players and insurance industry stakeholders in identifying systematic market constraints and also growth opportunities.
Develop and test business models and strategies in partnership with market players particularly through co-creation approach.
Provide strategic advice to market development facilitators on inclusive insurance market development.