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.
From Grants to Commercial Funding
Richard Leftley shares his thoughts with Devex about when grant funding should be replaced by more commercial forms of funding.
M-Insurance Expands to Tanzania
MicroEnsure’s remarkable new M-Insurance product in Ghana reached more than 250,000 people within six months. Its success convinced MicroEnsure’s partners to expand the service into Tanzania.
The Presidents Column
I am delighted to report that at the end of September 2011 we were serving over a million people in Africa. This statistic is all the more remarkable when you consider that it is ten times the number we were covering just 12 months ago!
