MOBILE MICROINSURANCE

Transcription

1 MOBILE MICROINSURANCE Can the digitisation of microinsurance make all the difference? 4 November th International Microinsurance Conference EXPERTS IN CREATING INCLUSIVE DIGITAL INSURANCE MARKETS

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3 AGENDA 1. What is digital microinsurance? 2. Success factors of digital microinsurance 3. Conclusion 3

4 WHAT IS DIGITAL MICROINSURANCE? 2015/11/09 Slide 4 4 SOURCE: DETAILS ON ANY SOURCES USED CAN BE PUT DOWN HERE

5 HOW MOBILE IS PLAYING A RO LE IN MICROINSURANCE Product Design & Pricing Marketing Sales Client Enrolment Policy Administration Claim Processing Claim Payout Communication Communication Communication Communication Distribution Distribution Payment Payment Data Data Brand Sources: Adapted from: Camilo Tellez, Emerging Practices in Mobile Microinsurance, GSMA,

6 THERE IS A SIGNIFICANT OPPORTUNITY FOR DIGITAL INSURANCE SOLUTIONS IN EMERGING MARKETS Mobile provides a widespread channel to realise the potential of insurance more rapidly Sources: Lloyds, FinScope, Accenture, GSMA.

7 INSURANCE CAN SUPPORT OTHER MOBILE OPERATOR INITIATIVES AND GENERATE NEW REVENUES Insurance can play a role across all stage of mobile customer development, and can help drive customers toward more high-value behaviour and act as a f ir st -level enabler of financial inclusion. Non-Mobile Customer Mobile Customer Mobile Money Customer Active Mobile Money Customer 7 High-Value Active Mobile Money Customer

8 SUCCESS FACTORS OF DIGITAL MICROINSURANCE 2015/11/09 Slide 8 8 SOURCE: DETAILS ON ANY SOURCES USED CAN BE PUT DOWN HERE

9 DESPITE THE PROMISES OF MOBILE, O N LY A F EW M - INSURANCE INITIATIVES HAVE BEEN TRULY SUCCESSFUL So what are the drivers for success in mobile insurance? 1. Leverage the brand of the mobile operator 2. Build client base with loyalty models, then upsell with suitable payment mechanisms 3. Simple product design and processes 4. Focus both on quality and quantity 5. Combine digital sales with higher-touch, agent distribution 6. Offer multiple types of cover to clients over time 7. Enabling regulatory environment 9

10 SUCCESS FACTORS OF M -INSURANCE INITIATIVES What have we seen drive successful mobile insurance products? 1. Leverage the brand of the mobile operator 2. Build client base with loyalty models, then upsell with suitable payment mechanisms 3. Simple product design and processes 4. Focus both on quality and quantity 5. Combine digital sales with highertouch, agent distribution 6. Offer multiple types of cover to clients over time 7. Enabling regulatory environment 10

11 SUCCESS FACTORS OF M -INSURANCE INITIATIVES What have we seen drive successful mobile insurance products? 1. Leverage the brand of the mobile operator 2. Build client base with loyalty models, then upsell with suitable payment mechanisms 3. Simple product design and processes 4. Focus both on quality and quantity 5. Combine digital sales with highertouch, agent distribution 6. Offer multiple types of cover to clients over time 7. Enabling regulatory environment 11

12 SUCCESS FACTORS OF M -INSURANCE INITIATIVES What have we seen drive successful mobile insurance products? 1. Leverage the brand of the mobile operator 2. Build client base with loyalty models, then upsell with suitable payment mechanisms 3. Simple product design and processes 4. Focus both on quality and quantity 5. Combine digital sales with highertouch, agent distribution 6. Offer multiple types of cover to clients over time 7. Enabling regulatory environment 12

13 SUCCESS FACTORS OF M -INSURANCE INITIATIVES What have we seen drive successful mobile insurance products? 1. Leverage the brand of the mobile operator 2. Build client base with loyalty models, then upsell with suitable payment mechanisms 3. Simple product design and processes 4. Focus both on quality and quantity 5. Combine digital sales with highertouch, agent distribution 6. Offer multiple types of cover to clients over time 7. Enabling regulatory environment 13

14 SUCCESS FACTORS OF M -INSURANCE INITIATIVES What have we seen drive successful mobile insurance products? 1. Leverage the brand of the mobile operator 2. Build client base with loyalty models, then upsell with suitable payment mechanisms 3. Simple product design and processes 4. Focus both on quality and quantity 5. Combine digital sales with highertouch, agent distribution 6. Offer multiple types of cover to clients over time 7. Enabling regulatory environment 14

15 SUCCESS FACTORS OF M -INSURANCE INITIATIVES What have we seen drive successful mobile insurance products? 1. Leverage the brand of the mobile operator 2. Build client base with loyalty models, then upsell with suitable payment mechanisms 3. Simple product design and processes 4. Focus both on quality and quantity 5. Combine digital sales with highertouch, agent distribution 6. Offer multiple types of cover to clients over time 7. Enabling regulatory environment 15

16 SUCCESS FACTORS OF M -INSURANCE INITIATIVES What have we seen drive successful mobile insurance products? 1. Leverage the brand of the mobile operator 2. Build client base with loyalty models, then upsell with suitable payment mechanisms 3. Simple product design and processes 4. Focus both on quality and quantity 5. Combine digital sales with highertouch, agent distribution 6. Offer multiple types of cover to clients over time 7. Enabling regulatory environment 16

17 CONCLUSION 2015/11/09 Slide SOURCE: DETAILS ON ANY SOURCES USED CAN BE PUT DOWN HERE

18 CONCLUSION Digitising insurance hold the potential to overcome many of the challenges to scale that we have experienced in the market However, technology can only be an enabler and not a solution in and of itself The future of mobile s impact on insurance will also continue to evolve: Increasing smartphone penetration New sources of data: mobile apps, mobile money transactions Big data: customisation 18

19 Vision without execution is hallucination Walter Isaacson Author of The Innovators JEREM Y LEACH CEO jeremy@inclusivitysolutions.com EXPERTS IN CREATING INCLUSIVE DIGITAL INSURANCE MARKETS