MicroEnsure Shortlisted for Financial Times Award

MicroEnsure has been shortlisted for the 2010 Financial Times Sustainable Banking Awards in the category Banking at the Base of the Pyramid.

MicroEnsure has been nominated for implementing a successful health insurance scheme in India in conjunction with SHARE Microfin (a leading Indian MFI), United India Insurance Company and Medicare TPA where over 40,000 people were provided with low-cost cover. The focus was on providing a cashless insurance product in order to allow clients to gain access to medical care more quickly and simply. The product was the first in India to cover maternity and pre-existing illness from the first day of coverage. Premiums were flexible making the product more affordable.

Commenting on the news Richard Leftley, President and CEO of MicroEnsure said: "We are delighted to receive the shortlisting as it highlights our continuing passion to help individuals in developing nations. 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. The experience gained about the infrastructure needed to provide health to the poor will result in similar products being offered in Africa and Asia in 2010".

Acting as a project leader, MicroEnsure conducted market research to understand clients' needs, and then used this information to design and price the products. Having designed the products, they located the best insurance company to work with and secured control over the claims payment to ensure a high service standard. Training was provided to their partners' field staff so they could explain the products using comic books to clients, many of whom are semi-literate. MicroEnsure then located the best Third Party Administrator that could provide a suitable network of hospitals and process claims. MicroEnsure are the first point of contact to resolve issues which arise daily, such as missing ID cards or delays in clients being admitted to hospital. They guarantee a level of service and hold partners accountable to provide that service for clients.