USE CASE: Building a Digital Twin for Mutuals
By: Kumar Shailabh, Payal Agarwal & Dr. Shariq Nisar
The Problem Statement
Mutual insurance models in India are extremely localised and at times exist at some scale in pre-formed communities such as Self-Help Group Federations(SHG). The existing mutual models take a long learning curve to build, and are exclusive (entry restricted by microfinance) and investment heavy. Most of the mutuals are inward looking, limited by their primary business, and are satisfied with their current outreach.
The current pace of digital infrastructure being built in India, whether it’s the India Stack, the Accounts Aggregator or the WhatsApp/Telegram based sachet delivery of financial products, brings a never-seen-before opportunity — to build a digital mutual insurance product on solidarity, as more and more people in India get connected to the internet and have smartphones.
The Solution
Building a digital twin that mimics grassroot Mutuals’ values, services and efficacy may be the best way to scale what works and unlock the value that mutuals can bring in bridging the massive gap in inclusive insurance in this country.
The Workings
About the Authors:
Kumar Shailabh, Payal Agarwal & Dr. Shariq Nisar are Bharat Inclusion Research Fellows. They tweet at @krshailabh, @payaltalk & @shariqnisar.
About Bharat Inclusion Initiative (BII):
Bharat Inclusion Initiative (BII) is an incubator platform at CIIE.CO that provides entrepreneurs the domain knowledge, training, financial support, mentorship, and market access they need to bring inclusive, for profit-business to life. BII’s core design is to promote technology-driven entrepreneurship towards the delivery of affordable services to the “Bharat Segment- the poorest 200 million households in India who survive on less than $5 per person a day” through programs, fellowships, and funding where possible.
The program focuses on solutions leveraging technology, especially the India Stack. It integrates financial inclusion research with entrepreneurship and training to transform these solutions into scalable, viable and high impact businesses. We are keen on partnering with entrepreneurs who are driven by building next-generation digital services for India. Reach out to us at bharatinclusion@ciieindia.org or ask your questions in the comments section below.
