Business Process Outsourcing
In a number of countries that we operate the insurers that we work with have realised that their internal cost of administering insurance policies for the poor is higher than they would ideally like.
A number of insurers have chosen to outsource their back-office to MicroEnsure in return for a small fee per policy.
MicroEnsure can provide back office processing for enrolment, data capture, provision of underwriting reports and also for claims processing and even claims adjudication if the regulations permit.
The benefits of this approach to the insurer is that the back office administration can be outsourced for a fixed cost which can then be built into the pricing model. Often the cost of using MicroEnsure is lower than the cost of the insurer doing the tasks themselves because MicroEnsure has developed its own specialist IT system specifically for this market and we can leverage our scale to provide a lower cost.
This model has proved especially popular with insurers that are just entering the micro insurance market as it free’s management to focus on underwriting. Some smaller insurers and mutual benefit associations also enjoy that there is no capital outlay, just a pay-as-you-go model.
Over Half a Million Lives Covered in Tanzania
MicroEnsure has experienced remarkable growth in Tanzania and now covers a landmark 600,000 lives in the country.
Credit Health Launches in Ghana
MicroEnsure Ghana is launching credit health insurance to further support microfinance clients in West Africa.
MicroEnsure Philippines Responds to Victims of Typhoon Sendong
With around 20 tropical storms or typhoons a year the threat of natural calamities is constant in the Philippines.
Scaling Up Weather Index Microinsurance
IFC support for MicroEnsure’s weather index insurance in Tanzania demonstrates the viability of scaling up weather index microinsurance.
