MICROINSURANCE Making Microinsurance a Sustainable Activity - Thabo Gumbi (Hollard)

-- MICROINSURANCE INNOVATION FACILITY --
Hollard Insurance, a family-owned group, is the South Africa´s largest private insurance company. It implements and delivers, through an Innovation grant, a voluntary short-term insurance such as home and assets insurance, which is still virtually unavailable to low-income households in developing countries. Thabo Gumbi presents some of the lessons that emerged during the first year of implementation. The first result is that it took longer than planned to put all the pieces of the project together and that partnership is a key aspect of any microinsurance project. Administrating claims is another important issue; to manage the product correctly and increase its outreach though it might sometimes be tricky to assess assets in slum areas. Eventually Hollard invested in call centers to facilitate sales but also to provide valuable feedback on the product´s design.

Category:

Nonprofits & Activism

Tags:

• microinsurance
• insurance education
• financial services
• social finance
• social business
• Hollard Insurance
• South Africa economic
• micro insurance