Digitising the Claims Assessment Process in Emerging Markets: Introducing MALCOLM

Digitising the Claims Assessment Process in Emerging Markets: Introducing MALCOLM Emerging markets are notoriously complex environments to administer non-insurance insurance products. Claims assessment processes in these markets tend to be constrained by paper-based data collection, excessive touchpoints and interactions, and limited availability of assessors. This leads to slow turnaround times and unnecessary costs, as well as limited ability for analytics to reduce fraud and improve risk assessment and pricing. Ultimately, this translates to inefficient operational models, client dissatisfaction, limited growth, and exclusion of low- and middle- income consumers. Looking at the penetration of non-life insurance in Africa as an example,
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The Role of Actuaries in Inclusive Insurance

The Role of Actuaries in Inclusive Insurance By Nigel Bowman It was a huge privilege to attend the 13th International Microinsurance Conference (IMC) in Lima, Peru, earlier in November and participate in a panel discussion on the role of actuaries in inclusive insurance. You may be wondering “What, actuaries in inclusive insurance? Are they even necessary for such simple, short-term covers?”. An interesting observation after having attended a number of the annual IMC’s is the slow but steady increase in participation from actuaries and organisations that provide actuarial services. The reason frequently expressed to me is that actuarial skills are
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Microinsurance Trends: A Review of our 2016 predictions

Microinsurance Trends: A Review of our 2016 predictions The first edition of our newsletter last year looked at some major themes in the microinsurance space that we expected to evolve over the course of the year.  It is therefore only fitting that in our first edition for 2017, we reflect and review the trends that we called out. Increasing product diversification The GSMA 2015 Mobile Insurance, Savings and Credit report confirmed our prediction that microinsurance product diversification is indeed happening and highlighted a move away from life insurance as the dominant product offering.  Of the surveyed new insurance services launched
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Delivering high-value, customer-centric solutions using Human-Centred Design

Digital insurance can be perplexing for potential customers. Not only is the concept of insurance unknown, misunderstood, or laden with negative connotations in many markets, but add in registration via mobile handsets, payments via mobile wallets, and paperless policies, and emerging consumers are often unsurprisingly confused and sceptical of these potentially valuable products. The Human-Centred Design (HCD) methodology helps overcome these barriers with a focus on customer value and customer centricity as key aspects of product development. HCD unearths important demand side drivers by putting people’s needs and behaviour at the core of new product and solution development. By focusing
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Inclusivity Solutions to participate in the 5th African Insurance Distribution and Bancassurance Conference in Johannesburg

Inclusivity Solutions is proud to participate in COVER’s 5th African Insurance Distribution and Bancassurance Conference on 2-3 June 2015. Jeremy Leach, Chief Executive Officer of Inclusivity Solutions, and former Director at BFA, will present on the economics of banking and retail correspondents for microinsurance including the role of mobile in driving scale and efficiency.
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