According to Katharine Pulvermacher, Microinsurance Network Executive Director “The results of the study indicate that, in the countries covered, more than 90 percent of emerging consumers still lack insurance protection for any kind of risk. Covid has a disproportionate impact on low-income people, as does climate change.”
The Landscape of Microinsurance 2020 reveals that although digitalisation is essential for reaching underserved clients at scale, face-to-face contact through agents, brokers, financial institutions and microfinance institutions (MFIs) remains crucial for microinsurance distribution. The study also highlights concerns about customer value, finding that low average claim ratios and long claim turnaround times undermine trust and hinder uptake. Insurers and their distribution partners must place greater emphasis on customer-centricity to achieve both value and scale.
To read the Landscape of Microinsurance 2020 in English, French or Spanish click here
Source: Microinsurance Network
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