Theresa Blissing and Michael Waitze from the Asia InsurTech Podcast and Tunde Salako from Africa InsurTech Rising came together for another episode of Conversations on Emerging Markets. This time the three are discussing alternative forms of distribution.
Distribution is one of the hardest codes to crack in micro-insurance and in general insurance for low-income populations. Selling insurance to a market that has low financial literacy and with no margin to invest in a strong agent network, alternative distribution channels are key.
In both Asia and Africa we are seeing examples of partnerships with ecosystem players, telcos or international money transfer providers. In some cases, small insurance coverage is complimentary when consuming the service. This freemium concept aims to get people familiar with financial products and sell premium coverage at the next stage.