Page 27 - The Insurance Times October 2024

The Role of Digital

Innovation in Expanding

Inclusive Insurance:

Leveraging Fintech for

Greater Coverage

As the insurance industry continues to evolve, digital innovation is proving to be a powerful force
in expanding access to inclusive insurance. This transformation has been particularly impactful
for low-income populations that have historically lacked access to traditional insurance products.

A s the insurance industry continues to evolve, higher than traditional banking access, making mobile de-

digital innovation is proving to be a powerful vices an ideal channel for delivering financial products, in-
force in expanding access to inclusive insurance. cluding insurance.
This transformation has been particularly
impactful for low-income populations that have historically BIMA and M-TIBA: Success Stories in
lacked access to traditional insurance products. Fintech in-
novations-especially mobile platforms, blockchain technol- Mobile Insurance
ogy, and artificial intelligence (AI)-are playing a crucial role A prime example of successful mobile insurance is BIMA,
in increasing insurance penetration, making coverage more which operates in emerging markets across Asia and Africa.
affordable, accessible, and scalable for underserved popu- BIMA offers health, life, and accident insurance through
lations. mobile technology, allowing low-income users to access af-
fordable insurance products. By partnering with mobile
This blog explores how digital platforms, mobile insurance, operators, BIMA enables users to pay their premiums via
and blockchain technology are helping to increase insurance mobile wallets, making insurance accessible to those with-
penetration for low-income populations in 2024. It will also out bank accounts (Allianz X).
highlight the successes and challenges encountered in uti-
lizing technology for microinsurance and inclusive insurance Similarly, Kenya's M-TIBA provides mobile-based health in-
products, particularly in emerging markets. surance, allowing users to save, pay, and access healthcare
services through their mobile phones. This system not only
Mobile Insurance: Closing the Protec- provides financial protection but also ensures that users can
access healthcare in a timely manner, with real-time pay-
tion Gap ment integration between the insurer and healthcare pro-
In the developing world, mobile insurance platforms have viders (Allianz X).
emerged as one of the most effective tools for expanding
access to insurance, particularly for underserved communi- These platforms have grown significantly in recent years,
ties in rural and remote areas. Mobile penetration in regions proving that mobile insurance can reach the uninsured popu-
such as Africa and Southeast Asia has been significantly lations in ways traditional methods could not. According to

24 October 2024 The Insurance Times