Based on an Economic Times report, India’s per capita income, a gauge for measuring living standard, is likely to witness a slower growth of 8.3 per cent at Rs 1,11,782 (equivalent to USD1,643 per year or USD137 per month) in FY 2017–18. The lower income population lives from hand to mouth, and many of them view insurance as a luxury product and service. Consequently, as high as 95% of India’s population is not covered by adequate insurances. This presents an excellent opportunity for micro-insurances to fill the gaps.
Micro-insurance is for everyone
To be clear: Micro-insurance doesn’t mean less insurance. What it means is breaking traditional insurance policies and packages into parts on a granular or micro level — allowing consumers to select components and protection tailored to their individual circumstances.
For example, maybe I don’t need my company insurance policy to cover medical, as I have an existing coverage, but I need a policy that covers trips to the dentist. Or perhaps I need to insure myself against flight delays for an urgent business trip I’m taking next week. Perhaps I need just a single device insured — my phone, my watch.
By empowering consumers to make such specific choices, micro-insurance delivers truly relevant and effective protection. It also cuts costs, making insurance more affordable and accessible. Traditional insurances products tend to be burdened with multiple coverages that may not be useful for the consumers.
A key part of the drive towards micro-insurance is to ensure coverage becomes affordable to everyone — even those at the margins of the global economy; those earning under $5 a day.
By empowering consumers to make such specific choices, micro-insurance delivers truly relevant and effective protection.
Micro-insurance is low cost and accessible to everyone
The range of products and standalone solutions offered allows farmers and informal sector workers in the developing world to opt for coverage. Whether they want to secure livestock or to cover a single fishing boat or protect against drought, the premise is that basic security should be made accessible to everyone.
Traditional insurance agents do not have the bandwidth or incentives to sell micro-level products.
At Hearti we power this process via our SURETY.AI interface. This allows companies, insurance providers and individuals to access and distribute products across a broad regional network.
Our interface combines AI and learning tools within an easy to use Chatbot interface. This allows users to search for the coverage they need in simple language. “I need dental coverage” will direct you to a list of relevant products.
Our Chatbot can also answer further questions — delivering immediate, accessible 24/7 support at a low cost. This has long been a need in the micro-insurance sector as traditional insurance agents do not have the bandwidth or incentives to sell micro-level products.
To make insurance even more accessible we have launched our own blockchain integrated wallet. This will allow users to store value in the form of SURE tokens, which they can use to secure coverage at the touch of a button. SURE tokens can also be purchased in cash at partner access points. This will extend access to Asia’s unbanked who are thought to number nearly 1 billion people. Unbanked users can buy the tokens they are able to and then enjoy the same insurance as everyone else. This is a game changer.
Micro-insurance is about a paradigm shift in terms of convenient, safe, and reliable coverage. Big insurance at the lowest cost for everyone.
ABOUT SURETY.AI
SURETY.AI is a blockchain based artificial intelligence (A.I) platform for insurance companies developed by Hearti Lab Pte Ltd (Hearti).
SURETY.AI allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices, to Asia’s fast growing economies through Decentralised Enterprise Insurance Network.
As insurances are closely tied to healthcare, where healthcare services such as medical check records are often used for underwriting and preventive measures, Hearti is also working with Healthcare partners to integrate their services and data into SURETY.AI.
Find out more about SURETY.AI through this short and informative video! 💻
https://www.facebook.com/theheartilab/videos/1961164747258772/
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