In rural areas of Ghana, where the lack of roads, bridges and reliable electricity poses major barriers to commerce, insurance deals are still being closed. A product called mi-Life, which uses the SMS-based MTN Mobile Money network, allows customers to buy insurance from MTN Ghana and manage policies on their phones. Mobile technology has created an unprecedented opportunity to provide medical help, legal aid and financial services in low-income and rural areas, and combined with microinsurance, has major implications for insurers worldwide. The potential market is huge—between 1.5 billion and 3 billion policies, according to Lloyd's. To succeed in microinsurance, though, organizations must find nontraditional partners and creative ways to distribute products.
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