Health Insurance
Whilst the poor in the third world do have access to public health facilities in most countries, they often choose to utilise low-cost private facilities whenever possible because doctors and drugs are generally in short supply in the public system.
The private providers require that monies be deposited upfront before treatment begins, often leading to a delay and subsequent deterioration in the patient’s health as the family struggle to sell assets, borrow money or make risky choices in order to get the funds.
MicroEnsure has introduced a unique in-patient cashless health microinsurance product in conjunction with SHARE Microfin, a leading Indian MFI, United India Insurance Company and Medicare TPA. After a successful pilot distribution the product was expanded to include Calcutta Kids, an NGO working with slum dwellers, and Church Southern India serving fishing communities in Kerala. Throughout 2010 it will be expanded to Africa and Asia.
Innovation is central to MicroEnsure’s business model. Within India, the TPA system has enabled providers with MicroEnsure to sell and service health microinsurance that costs US$10 a year for a family of four people and provides a benefit of US$450 per family on a floater basis. This system allows flexible payment options for families of different sizes and those unable to afford to pay the premium in a single lump sum. The product was the first in India to cover maternity and pre-existing illness from the first day of coverage. The use of a slum-based NGO and religious group to sell voluntary health microinsurance proved that alternative channels other than MFI’s exist to reach the poor.
MicroEnsure realised that in order to provide similar products to its client base in Africa and Asia it needed to have TPA capability and its own underwriting capacity. The experience of this program led to MicroEnsure purchasing a TPA for use in Africa and Asia and the creation of the world’s first “virtual Cell Captive” where Hollard Insurance Company provided MicroEnsure with access to its underwriting capacity so that MicroEnsure can design, price, sell and pay claims globally for similar health microinsurance products.
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.
