As InsureTech innovation grows, so does the opportunity to deploy in emerging markets, fueling new revenue but also bringing increased exposure. Could a partnership-based distribution model help manage the risk? MicroInsurance could be Use Case for Insurers to dip their toe into emerging markets.
Using MicroInsurance as a platform, without the infrastructure overhead, and partnering with local corporations to gain distribution into remote areas, this could open a whole new market of previously untapped revenue.
“For most people around the world, life is extremely risky: if people lose their home, they’re not checking into a hotel. If they have an accident, there’s no ambulance. Stonestep’s unique insurance platform can cover such risks for emerging consumers, and XL Innovate’s investment will help us implement this solution, beginning in Asia, Stonestep founder and CEO Brandon Matthews said in prepared remarks. “Microinsurance as a service is a sustainable business model that can catalyze economic growth for all levels of society.”