Here you will find answers to essential questions about inclusive insurance. You will learn, among other things, what is meant by inclusive insurance, how microinsurance reduces the risk of poverty and contributes to the fulfilment of the SDGs. In addition, the most critical challenges and lessons from the creation of integrative insurance markets are briefly discussed.
Furthermore, microinsurance solutions should not be pursued as stand-alone approaches. They should always be part of a comprehensive risk management plan that also includes measures to raise awareness and to reduce the risks beforehand. In the long term, inclusive insurance products can only be successful and sustainable if it is possible to convince as many people as possible for these products and thus achieve a critical size. It is therefore crucial from the start to have the scalability of a micro-insurance product in mind and to pursue a clear financial strategy that does not require that the insurance solution only works with the help of subsidies.
Microinsurance solutions should focus on the customer's needs. The customer is the focus when the product offered creates real added value for the customer and the insurance premium to be paid is proportionate to this added value (price-performance ratio). In order to enable the customer can assess this appropriately, it is critical to provide the policyholder with the necessary basics of the banking and insurance system (financial literacy).