MicroEnsure Runner-up in Financial Times Award
MicroEnsure, 4 June 2010, David Dorey
Leading insurance intermediary for the poor, MicroEnsure has
finished runner-up in a prestigious international industry award
with 156 entrants from 110 institutions across 44 countries.
MicroEnsure came second in the 2010 Financial Times Sustainable
Banking Awards in the category "Banking at the Base of the
Pyramid". The awards, organised by the Financial Times and
International Finance Corporation (IFC) were announced at a
ceremony in London on 3rd June attended by more than 250 senior
bankers and industry leaders.
MicroEnsure has been recognised for implementing a successful
health insurance scheme in India which serves the low-income market
in partnership with a range of microfinance companies, non- profits
working in slum areas and religious groups. The health insurance
product, designed in conjunction with United India Insurance
Company and New India Insurance Company, costs approximately $10
per year for a family of four people and provides service on a
cashless basis.
MicroEnsure's health product was the first in India to provide
cover for maternity and pre-existing illnesses from the first day
of the policy and allows premiums to be paid in flexible
instalments. Having successfully launched the product in
partnership with SHARE Microfin, a leading India microfinance
company, MicroEnsure experimented with additional distribution
channels including Calcutta Kids, an NGO serving slum dwellers, and
through hospitals run by the Church of Southern India. In the last
month MicroEnsure has extended the product to over 200,000 farmers
in partnership with Solapur District Co-operative Bank in
Maharashtra state.
Commenting on the news Richard Leftley, President and CEO of
MicroEnsure said, "We are delighted to have been recognised for our
continuing passion to provide the poor with a safety net. Providing
low cost health insurance for the poor is a challenging task that
depends on a highly cost-effective administration system and
efficient management of the relationships with healthcare
providers. Our challenge going forward is to take the lessons
learned and apply them to the health insurance products planned for
launch in Africa and Asia in 2010 and beyond".
Acting as a project leader, MicroEnsure conducted market
research to understand clients' needs, and then designed the
products. They then located the best insurance company to ensure a
high service standard. Training was provided to their partners'
field staff using comic books. MicroEnsure then located the best
Third Party Administrator that could provide a suitable network of
hospitals and process claims. MicroEnsure guarantee a level of
service and hold partners accountable to provide that service for
clients.