My musings, mostly on development and insurance

Monday, September 10, 2012

What can insurers learn from microinsurance?

Watching this video from Faisel Rahman, the founder of FairFinance, the first microcredit project in the UK, I was impressed by his vision to change personal finance for everyone by starting afresh with those who are currently excluded. 

In the same way microinsurance has offered insurers (and many new to the game) to start from the beginning, and from a whole new starting point, with social as well as business objectives - developing and monitoring products by asking "does what we are doing actually make our clients lives better?"

Microinsurance has brought new distribution channels, improved technology and the promise of new markets to conventional insurance. But its "client value" approach could also be a powerful perspective for conventional insurance.