There are great social, economic, and humanitarian benefits in increasing access to insurance at the micro-level – particularly in developing countries.
Many within the insurance industry, the global regulatory community and non-government organisations (NGOs), are motivated to develop these markets, and yet the protection gap at the micro-level remains immense, and progress in closing it has only been incremental.
This paper discusses how technology and innovation can be powerful tools in building more resilient communities. This is true across the insurance marketplace, but there are some particularly exciting opportunities for progress at the micro-level. Technology can extend the reach of insurers; it can enable better product design, more accurate pricing of risk, reduce distribution costs, increase the speed and ease of claims settlements, and assist in fraud detection among other benefits.
