Blog

Paid, but not paying off: Why G2P payments are not yet driving financial inclusion

Your alarm goes off. It’s 3am on the last Friday of the month. You don’t hesitate to get out of bed. You know you need to get to the local office of the South Africa Social Security Agency (SASSA) to get in the queue to get your pension. You’re anxious. You don’t want to be late, otherwise you could lose an entire day. And you’re worried that someone may try to steal your money on your way home. 

(Micro)insurtech: 5 challenges tech is addressing in microinsurance

The business of insurance is hard. Microinsurance has proven to be mostly impossible. Whilst promising examples have been documented of insurers achieving the impossible, sometimes even at scale, insurance cover for billions of excluded adults appears to be a long way down the road.   Reviewing our research to date we’ve attempted to identify the top reasons why this challenge appears insurmountable. We have, for now, settled on the following five: Inadequate knowledge of low-income customers. Inadequate access to these customers. Inappropriate products for non-“standard” risk needs. Customers are inexperienced users of formal risk management products. Insurers’ delivery costs are…

Could this be microinsurance's uber moment?

Over the last decade, microinsurance has grown from covering fewer than 100 million risks, to covering more than 500 million. But are we overstating what this growth means for insurance market development?   The diagram below illustrates how an insurance market typically develops in a country: from initially just underwriting large corporate risks, such as insuring large-scale assets in the extractive industries; to expanding its early retail reach via compulsory insurance, employee groups and other group-based models; to gradually growing an individual and voluntary client base; before, eventually, covering a diversity of risks for the bulk of individuals.

Jumping to conclusions – How commonly held assumptions have skewed our view on women’s financial inclusion

Have you heard of the Fosbury Flop? Probably not. But you’d know one if you saw it. It’s the technique that high jumpers use when jumping back-first over high bars, commonly seen at the Olympics. It wasn’t always the accepted way of doing things, of course. Previously, athletes approached the bar front-on, and jumping over backwards was considered unconventional and clumsy. The consensus at the time was that jumping backwards could never lead to higher jumps. That was until Dick Fosbury came along and won gold, employing his namesake move at the 1968 Olympics. In doing so, he demonstrated that…

7 things I learned from the MiN field trip and workshop on microinsurance distribution

What if you could simply swipe your card every time you wanted to pay for a minibus taxi ride? That might be more convenient than carrying the right change in cash... But what about if you are automatically insured for the trip you’re about to take, as a result of using that card? Now that’s an incentive, isn’t it?   David de Croning, who presented at the recent Microinsurance Network regional workshop on microinsurance distribution, shared this, and other interesting ideas on how to crack the mass market for microinsurance. Fifty experts and professionals within the region’s microinsurance space came together in…
 

Blog

Paid, but not paying off: Why G2P payments are not yet driving financial inclusion

Your alarm goes off. It’s 3am on the last Friday of the month. You don’t hesitate to get out of bed. You know you need to get to the local office of the South Africa Social Security Agency (SASSA) to get in the queue to get your pension. You’re anxious. You don’t want to be late, otherwise you could lose an entire day. And you’re worried that someone may try to steal your money on your way home. 

(Micro)insurtech: 5 challenges tech is addressing in microinsurance

The business of insurance is hard. Microinsurance has proven to be mostly impossible. Whilst promising examples have been documented of insurers achieving the impossible, sometimes even at scale, insurance cover for billions of excluded adults appears to be a long way down the road.   Reviewing our research to date we’ve attempted to identify the top reasons why this challenge appears insurmountable. We have, for now, settled on the following five: Inadequate knowledge of low-income customers. Inadequate access to these customers. Inappropriate products for non-“standard” risk needs. Customers are inexperienced users of formal risk management products. Insurers’ delivery costs are…

Could this be microinsurance's uber moment?

Over the last decade, microinsurance has grown from covering fewer than 100 million risks, to covering more than 500 million. But are we overstating what this growth means for insurance market development?   The diagram below illustrates how an insurance market typically develops in a country: from initially just underwriting large corporate risks, such as insuring large-scale assets in the extractive industries; to expanding its early retail reach via compulsory insurance, employee groups and other group-based models; to gradually growing an individual and voluntary client base; before, eventually, covering a diversity of risks for the bulk of individuals.

Jumping to conclusions – How commonly held assumptions have skewed our view on women’s financial inclusion

Have you heard of the Fosbury Flop? Probably not. But you’d know one if you saw it. It’s the technique that high jumpers use when jumping back-first over high bars, commonly seen at the Olympics. It wasn’t always the accepted way of doing things, of course. Previously, athletes approached the bar front-on, and jumping over backwards was considered unconventional and clumsy. The consensus at the time was that jumping backwards could never lead to higher jumps. That was until Dick Fosbury came along and won gold, employing his namesake move at the 1968 Olympics. In doing so, he demonstrated that…

7 things I learned from the MiN field trip and workshop on microinsurance distribution

What if you could simply swipe your card every time you wanted to pay for a minibus taxi ride? That might be more convenient than carrying the right change in cash... But what about if you are automatically insured for the trip you’re about to take, as a result of using that card? Now that’s an incentive, isn’t it?   David de Croning, who presented at the recent Microinsurance Network regional workshop on microinsurance distribution, shared this, and other interesting ideas on how to crack the mass market for microinsurance. Fifty experts and professionals within the region’s microinsurance space came together in…
 

Search for publications and events