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Sports insurance to foster financial inclusion in Bolivia

Emerging Insight #:

  180
 

Date of Release:

  March 26, 2021
 

Subtopics:

  Health
 
 

An innovative programme that promotes physical and financial health

PROFIN Foundation is a Bolivian NGO that aims to improve the quality of life of vulnerable people. It does this through innovation and financial inclusion initiatives. Since 2018, the “Inclusive Insurance Project” of PROFIN Foundation has offered an insurance solution for a unique client segment: amateur field sports players.

More than 20,000 low-income athletes in Bolivia are considered a vulnerable market segment. The health system of Bolivia does not cover medical expenses for accidents that occur on sports fields and many players do not have the means to be treated by private doctors.

PROFIN Foundation wanted to help amateur players who did not have the resources to cover medical treatment for the most frequent injuries. It had to develop a policy for clients who require immediate and quality medical care, but it also had to generate awareness in a population with little understanding about the importance and workings of insurance.

Sports associations would play a key role in marketing insurance and educating teams about the importance of the product. PROFIN Foundation therefore spent considerable effort on convincing association management. Having the backing of an insurer and showing the value of insurance when compared to medical expenses being incurred by the association added credibility to the product.

The sport accident insurance now protects more than 9,000 players and has encouraged other Bolivian insurers to develop similar products. Curious to know how PROFIN Foundation managed to get clients, insurance companies and sports associations on board? Read more about the details of this product in our Case Brief.