Microinsurance is helping address the needs of emerging consumers and has been showing steady growth in recent years. The growth has been driven in part by increasing use of the mobile channel. Growth has also been driven by diversification of microinsurance products beyond life cover, and an increasing number of players and competition in this space.
Over the coming year we expect to see continued growth and developments in microinsurance. In particular, we expect to see:
- Continued focus on product diversification
- More bundling of both insurance and non-insurance products (e.g. information and health services) to meet a broader range of consumer needs
- Greater focus on specific market segments
- Emergence of more niche players
- Increased focus on innovation across the entire microinsurance value chain , as well as increased investment in and emergence of InsureTech players
For more detail on these microinsurance predictions, read the full article in Cover Magazine