There is a common understanding among insurance industry professionals: Insurance is necessary for all; but since it is never bought, it has to be sold. Ideally, any sustainable product or service that brings value to all the stakeholders should be automatically bought. However, this is not the case with the insurance products, and the industry is working hard to change the existing dynamics.
It has been observed that Insurance is generally sold only to customers at the top of the pyramid or, at best, to the upper-middle-income customers. The products that are sold to the ones who are most vulnerable and with the lowest income are simple protection plans, especially credit life - which ultimately protect the companies from insolvency. Very little effort has been made to introduce products which substantially benefit members in this low-income segment.
One single emergency can completely change the destiny of a family. It might make them sell productive assets, wipe out all their formal savings, removing children from school and certainly creating a vicious cycle of poverty
MicroNsure is formed with the motive to take Insurance to the most deserving people, to build products and processes which are sustainable, and bring value to all stakeholders. Essentially, to develop an Inclusive Insurance.
Inclusive Insurance is access to and use of appropriate and affordable insurance products for the unserved and underserved, with a particular emphasis on vulnerable and low-income populations.