Global Report Into Microinsurance Reveals Post-Pandemic Surge in Health Insurance is Key to Greater Provision in Emerging Economies
A significant surge in the global demand for health insurance across the world’s emerging economies offers ‘the most significant market and ESG opportunity in decades’ for insurers, according to the international body representing the global microinsurance sector.
According to the findings of the Microinsurance Network’s Landscape of Microinsurance Study 2021 – the only report which captures and evaluates global trends and opportunities within inclusive insurance markets globally – the COVID-19 pandemic has led to identified demand for health insurance for low-income communities, with more than 104 million people now covered globally, in a surge that sees the opportunity for health provision eclipsing the former leading services of life and personal accident insurance.
As a result of the report, which features insight and data from more than 200 insurers across Africa, Asia and Latin America and the Caribbean, insurance providers are being urged to review their inclusive insurance offerings in order to tap into the commercial opportunities presented, whilst supporting some of the world’s most vulnerable communities and economies with enhanced protection through insurance.
The report shows up to 377 million people are now covered by a microinsurance product in the 30 countries included in the data, with health by far the most popular product, followed by personal accident (36 million), life (29 million) and credit life/loan protection (18 million). However, these figures still represent only 5% of the global population, showing the opportunities for insurers across the world.
The growth in health microinsurance has also been supported by a range of new services to support customers’ changing needs and ability to access and pay for products, including health education and telemedicine. There has also been a rise in digital platforms, such as ride-hailing applications and e-commerce platforms, delivering health insurance and reaching millions of new clients with coverage which can be bundled with existing services.
Micro or inclusive insurance products are developed specifically to serve the needs of the low-income population, with cover working towards profitability or at least sustainability. The Microinsurance Network is a not-for-profit association of 70 institutions and 450 experts across more than 60 countries committed to delivering inclusive insurance for billions of people worldwide. Its annual Landscape Report, the only study of its kind, shows the impact targeted products can have for the billions of households and small businesses across the world, still struggling without any form of insurance safety net.
The report is launching at this year’s International Conference on Inclusive Insurance (25-29 October), hosted by the Microinsurance Network and the Munich Re Foundation, where more than 1,000 experts from some 100 countries will discuss and identify ways of accelerating growth and economic viability in inclusive insurance for emerging markets, including the impact products have on everything from climate change to digital health solutions.
Katharine Pulvermacher, Executive Director of the Microinsurance Network, said: “The report shows the huge impact COVID-19 has had on insurers and low-income communities as the pandemic has heightened awareness of the risk of not being insured, driving up significant demand for health insurance. This shift presents the biggest opportunity for the sector in decades.
“Whilst for many years, life insurance has been the starter product for insurance providers moving into the inclusive insurance market, we can see this has now been taken over by health policies in many countries, presenting a huge opportunity for insurers looking to enter the sector. For example, in Mexico only one in ten licenced insurers were identified as active in inclusive insurance. In Pakistan, Jamaica, Cambodia and Bangladesh, less than 20% were identified as active in the segment. We are encouraging those looking to enter the market to engage with us and the insights of our members to take advantage of the market opportunity, whilst ensuring as many people as possible have access to insurance when they need it most.”
Luxembourg’s Minister for Development Cooperation and Humanitarian Affairs, Franz Fayot said: “The COVID-19 pandemic has laid bare the real need for health insurance in emerging markets across the world, and the impact inclusive insurance products can have for those who still have little social protection in their communities. It is important we continue to monitor the changing face of the microinsurance landscape and look at new ways we can continue to support developing countries as we move towards improving resilience for all.”
Garance Wattez-Richard, Head of AXA Emerging Customers and a member of the Microinsurance Network, said: “The 2021 Landscape of Microinsurance is a call to action for the sector to make protection more accessible, affordable and relevant to those who need it the most. I invite insurers, large and small, local and international, experts and newcomers in inclusive insurance, to not only read this report but to also take part in the next edition of this annual barometer to obtain an ever more comprehensive landscape.”
Rivery Raises $30M B Round of Venture Funding from Tiger Global
With data needs growing and data talent scarcity, there is huge demand for Rivery’s 100% SaaS solution to create an efficient scalable data stack.
Rivery, the SaaS ELT today announced a new funding round of venture capital led by Tiger Global Management alongside existing investors State Of Mind Ventures and Entrée Capital. This financing follows from last year’s A round, bringing the total venture capital raised to date to $48 million. Rivery’s product-led growth has significantly accelerated since the launch of the Pay As You Go program in December 2021, which is growing at a rate of 50% month over month. This new pricing model complements the existing Self-Service experience plan, which opens the door to any type of company that would like to immediately get started with Rivery.
Rivery provides a single end-to-end ELT solution which covers key processes to create the optimal data stack: Ingestion, Transformation, Orchestration and Reverse ETL. Teams can choose from the different modules to build their ideal data infrastructure. Before Rivery, companies had to rely on legacy ETL platforms that were not built for cloud, and lacked the flexibility to scale. By streamlining and unifying how data stacks are built, maintained and automated, Rivery helps companies to unlock data value with a complete SaaS solution suitable for companies that need to scale fast. Besides helping data teams remain lean and agile to grow, it avoids the costly and complex issues that come with managing fragmented data stacks that rely on multiple disjointed tools.
Used by over 300 customers globally, Rivery’s approach to data management is a generational technology leap that incorporates automation and actionable logic into the traditional data ETL/ELT (extract, transform, and load) processes. Some of the world’s fastest-growing cloud-native companies including EMAAR, Bayer, Webedia, BuzzFeed, Papaya Global, American Cancer Society, NEXT, and WalkMe use Rivery as the core engine to power their data stack.
The new funds will help expedite the growth of the company across all teams in New York and Tel Aviv HQ including R&D, Product, and Sales, as well as expanding on EMEA where a London office has been launched to focus on the regional market. In addition, Thibaut Ceyrolle, who founded Snowflake EMEA Division, has joined Rivery’s Board of Executives to lead and define the company’s growth strategy across EMEA.
Itamar Ben Hemo, CEO of Rivery said: “Companies have to scale faster than ever before, which means data teams need to achieve more with less. By offering a fully SaaS end-to-end solution as the core to their data stack, Rivery plays a pivotal role to provide unlimited scalability. This funding is a great milestone that will help us grow our global presence, making Rivery a de-facto tool that empowers businesses to unlock the unlimited power of their data.”
How to reignite your store with streamlined operations and a distinctive customer experience
Colin Neil, MD, Adyen UK
Retailers know that prioritising customer experience is vital to success today. This, amongst the management of complex supply chains and the cost of living crisis is a lot to oversee.
Further, the pandemic has accelerated technology’s role in building a relationship between store and customer. Consumer adoption of digital, cashless payments has accelerated. PwC’s ‘Payments 2025 and Beyond’ report predicted that cashless transactions could triple in volume by 2030. This trend aligns with our own experience of 2021, in which we’ve witnessed a 70% jump in transaction volumes. It demonstrates the rapid digital transformation of retail as pandemic trends amplified the role of ecommerce in online and offline sales.
Operationally, there’s a lot for retailers to think about. The question is: Which are the technologies that will allow them to truly transform the customer experience?
Consider Android mPOS
Traditional mobile POS (mPOS) terminals are a great way to unshackle sales from a static cash-desk, helping to reduce queues and improve the overall shopping experience. However, they’ve also presented some operational challenges. These devices only take payments; they’re unable to scan barcodes or check stock, meaning that sales teams become burdened with a utility-belt’s worth of additional devices to fulfil these needs.
But recently, the entrance of the new Android mPOS terminal has caused a stir since it’s an all-in-one solution that can manage a multitude of functions, via installed apps. This includes: checking a customer’s previous orders and eliminating the need for separate cash registers, barcode scanners, and even customer facing displays.
These devices represent a fundamental change in the role of the payment terminal. Thanks to its app management system, retailers can manage the functions they use every day in a single hand-held device, from inventory management, to loyalty programmes, returns and more.
Palisis, a provider of sales and operations solutions for tourism and transportation businesses, and Immfly, an in-flight digital services provider, are among the first of our customers to roll out the terminals. In doing so, they’re simplifying the management of their business and freeing up staff to focus on the customer experience. Here’s how:
- Streamlining operations
Android mPOS terminals let you consolidate your store’s business functions into one device. This is a big benefit for your bottom line, since managing multiple systems and hardware can lead to high costs, from set up to ongoing maintenance. Furthermore, customisation from a centralised location gives an overview of all a retailer’s terminals. Adyen’s Terminal Fleet Manager, for example, is capable of multiple configurations – including terminal location, logo, refunds, receipts etc – remotely.
Consolidating these systems reduces cost of ownership, helping you free up budget for other investments and innovations. It’s also simpler for staff to use the one system, making their jobs much easier, especially during busy periods.
- Flexibility to grow
When systems are consolidated on a single device, it’s easier to update and scale technology as your business evolves. For example, if you process payments on a centralised platform, like Adyen, the same software and end-to-end encryption can be quickly rolled out across all your stores, anywhere in the world. You can also cater to customers’ preferred local payment methods, as well as the major global ones, without needing additional terminals or worrying about local acquiring headaches.
On top of that, if all customer-facing channels and backend systems are connected via one platform, you can monitor online and in-person payments in one place. You can recognise and reward loyal customers in real-time, future-proofing the customer experience with invaluable data insights.
- Convenience for customers
Mobile devices allow customers to make purchases from anywhere. This has led some retailers to consider doing away with the till area completely. Tesco’s entered this space last year, and Sainsbury’s partnered with Amazon to introduce the experience too. With no cash desks, the store is given over completely to product and service.
Getting your roll out right
Take a look at what our customers Immfly and Palisis have been able to achieve with their roll out. Immfly needed to be able to create and process drinks and snack orders during flights, without involving any extra hardware for air stewards to handle and manage. Its Android S1F2 devices integrate cash register systems directly onto WiFi-enabled terminals via an app, which sync stock levels throughout the flight. Payments can also be taken while offline on both long and short haul flights. These capabilities also mean leading ticketing and reservation tech provider Palisis can use them in many different weather conditions, from ski slopes to tour buses in the world’s biggest cities.
The best customer experiences are convenient and modern payment terminals can help retailers deliver this. Just remember, when you’re looking to roll out any new in-store tech, it’s important to research and pilot the scheme thoroughly. In that way, you’ll be sure to have the best possible impact on your customer experience and ultimately your revenue.
Rivery Raises $30M B Round of Venture Funding from Tiger Global
With data needs growing and data talent scarcity, there is huge demand for Rivery’s 100% SaaS solution to create an...
Wealth Managers and the Future of Trust: Insights from CFA Institute’s 2022 Investor Trust Study
Author: Rhodri Preece, CFA, Senior Head of Research, CFA Institute Corporate responsibility is more important than ever. Today, many...
Q&A with Andréa Jacquemin, founder and CEO of Beamy
Beamy is a fast-growing scale-up that focuses on pioneering a new approach to SaaS management for large companies. Founded in...
How to reignite your store with streamlined operations and a distinctive customer experience
Colin Neil, MD, Adyen UK Retailers know that prioritising customer experience is vital to success today. This, amongst the...
5 tips to ensure CSR efforts come across as genuine
By Mick Clark, Managing Director, WePack Ltd Corporate social responsibility – or CSR – is playing an increasingly pivotal role...
How to Build Your Credit Up Safely
by Taylor McKnight, Author for Compare Credit What Is Credit? Credit is money owed by a person that allows...
PCI DSS Compliance in the Cloud – Everything you should know
Introduction PCI DSS 4.0 is the latest and updated version of PCI DSS that was introduced on March 31st, 2022....
2022 ESG Investment Trends
Jay Mukhey, Senior Director, ESG at Finastra Environmental, Social and Governance (ESG) themes have been front and center throughout...
PROTECT THE VALUE OF YOUR SAVINGS AND AVOID RISING INFLATION PRESSURE
Planning for the next financial year? Former Bank Manager and successful whisky investor, Roger Parfitt, tells us why cask ownership is...
UK Organisations turn to artificial intelligence to fight sophisticated cyberattacks
New research by cybersecurity expert Mimecast finds that email attacks are becoming more frequent and sophisticated More and more companies...
The power of diversity: The need for female role models in FinTech
By Isavella Frangou, VP of Sales and Marketing, payabl. As our world is constantly evolving, it’s easy to believe...
Securing BNPL Platforms for Merchants
By: James Hunt, Payments SME at Feedzai The buy now, pay later (BNPL) market has boomed because it offers...
Addressing the talent gap within cybersecurity
By Merlin Piscitelli, Chief Revenue Officer, EMEA at Datasite Rising geopolitical tensions and increasingly sophisticated cyberwarfare tactics have meant...
Biometric payment card FAQs with Michel Roig, Fingerprints’ President of Payments & Access
We sat down with Michel Roig to answer your frequently asked questions regarding biometric payment cards – their benefits, current...
Opportunities for UK Challenger Banks to address AML Compliance
Author: Gabriel Hopkins, Chief Product Officer, Ripjar UK challenger banks have revolutionised the banking sector with innovative products and...
HOW GOING DIGITAL COULD HELP CHARITIES OVERCOME THE CHALLENGES OF INFLATION
By Shaf Mansour, not for profit solutions specialist at The Access Group. The topic of inflation and its impact...
How to manage transformational change successfully
Adrian Odds, Marketing and Innovation Director, CDS 2020 accelerated change in the business landscape significantly. Many were already considering –...
Why the pandemic has put the pressure back on fintechs
Ben Walker, Partner & CTO, Airwalk Traditionally, the only genuine threats to the incumbent banking giants were macroeconomic instability and...
Neobank Fi launches new feature ‘Connected Accounts’ allowing users to sync multiple bank accounts on a single app.
Neobanking app Fi launched its ‘Connected Accounts’ feature to become one of the first fintechs to build a product on...
Accounts Payable fraud: Do you know who’s accessing your finances?
Mark Blakemore, CFO at Compleat Software The use of social engineering and phishing attacks on accounts payable (AP) departments...