The Microinsurance Innovation Hub aims to revolutionize the MicroInsurance segment, especially in India and the Asia Pacific region. Based in Hyderabad, it focuses on developing inclusive insurance solutions tailored to underserved populations. By exploring product, technological, and process requirements, the hub supports interested companies in penetrating this market segment. With a mission to serve the underprivileged, it strives to enhance insurance penetration and foster inclusive growth.
“India needs to improve access for multiple players if it wants to substantially increase insurance penetration. This is even more urgent in the current context of the COVID-19 pandemic when millions of Indians, especially in the informal sector, have lost their livelihoods, are now leading more insecure lives, and are falling back into poverty.”
A Dedicated standalone microinsurance institutions can close this gap by making insurance affordable and available to low-income families, thereby providing a measure of risk mitigation and security. The Innovation Hub focuses on the 5 key deliverables.
Capacity-building exercises to identify the gaps, need assessment and identifying solutions. Strengthening the capacity of various stakeholders through learning, sharing, and training events.
To provide suitable information to stakeholders a manner that promotes greater understanding and access to Insurance products, processes, and technology.
To facilitate peer exchange and dialogue between various stakeholders and intermediaries in the form of study, review notes, briefings, case studies, articles, blogs, and newsletters.
Data-driven decision-making is at the core of our research methodologies and the Innovation Hub would provide innovative data techniques to generate strategic and actionable insights.
Insurance has a critical role to play in helping vulnerable people around the world manage their risks. It is the same in India. Development experts should realize that Insurance is a critical enabler to attain many of the UN’s Sustainable Development Goals (SDG’s). As a financial shock absorber and an enabler of economic activity, insurance is most effective when complemented by risk reducing strategies and measures that help prevent losses to make insurance solutions more accessible, affordable, and sustainable. The innovation hub would work on 6 major SDGs to end poverty, promote good health and well-being, provide opportunities for quality education, enhance industry innovation, creating lasting partnerships and reduce inequalities.
We focus on developing and testing innovative insurance products and processes to bring about this vision. Some of the processes we've developed, with internal circulation rights, include:
Join us for a one of its kind Microinsurance Conference in India, where who's who of microinsurance industry come together to share their knowledge and experience.