Reimagining microinsurance in an emerging market
Microinsurance is an industry that keeps building momentum. Changes in the global economy have created an emerging middle class that has been underserved by traditional insurance models. For people in developing countries, who in many cases live on just a few dollars a day, traditional insurance is too costly. Constrained finances and limited awareness act as a significant deterrent to purchasing traditional, risk-mitigating insurance products.
LDR led a cross-functional, international team through the product development life cycle of a microinsurance product and worked with an international team to successfully launch it within an emerging market.
Design an affordable microinsurance product to serve millions of people in an emerging market and made available to all economic classes.
- A high percentage of targeted consumers had a limited understanding of insurance.
- Designing a product that met community needs was challenging due to the market's limited discretionary income and high rates of illiteracy.
- The targeted market lacked trust and confidence in the insurance system and did not understand its value.
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