Insurers and insurance providers need to make many changes in order to serve low-income households and emerging consumers effectively. Changes can include finding cost-effective ways to understand the needs of a new market segment, reaching clients through different distribution points, managing expenses to accommodate the lower margins per policy, and building systems to tackle the larger volumes of transactions.

Duration: 5 days Overview The Impact Insurance Academy is a unique opportunity to learn from a decade of experience and innovations in inclusive insurance facilitated by the ILO’s Impact Insurance Facility. By combining plenary sessions with specific electives by the choice of participants,

The Impact Insurance Academy is a unique opportunity to learn from a decade of experience and innovations in inclusive insurance facilitated by the ILO’s Impact Insurance Facility. 

Emerging consumers have a real need for protection and insurance holds the promise to reduce their vulnerability to risks while boosting productivity. At the same time, unserved market segments are usually unfamiliar with insurance, may have low trust in this tool or struggle to understand how it works and how it can generate long-term benefits. Therefore, for insurance to have a significant social and developmental impact, these specificities need to be taken into account through a responsible insurance provision approach. But what does responsible mean?

Digital technology and insurtech solutions facilitate access to insurance in emerging markets in various ways. Digital channels attract new customers, automation reduces operational costs, and alternative customer data allows new ways to assess risk and carry out pricing.