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.

Tailored Protection

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access