Insurance industry leaders launch microinsurance consortium
Source: Middle East Insurance Review | Mar 2015
A group of leading companies in the insurance industry have established a microinsurance consortium and microinsurance venture incubator (MVI). The consortium consists of American International Group, Aspen Insurance Holdings, Catlin Group, Guy Carpenter & Company, Marsh & McLennan Companies, Hamilton Insurance Group, Transatlantic Reinsurance Company, XL Group and Zurich Insurance Group.
Based in Bermuda, the MVI’s strategy and operational model stem from a shared vision of the importance of microinsurance in emerging markets and a collaborative approach to innovation that benefits the marketplace and the industry. Ms Joan Lamm-Tennant, Global Chief Economist and Risk Strategist, Guy Carpenter, has been appointed to serve as the MVI’s CEO and will be based in New York.
Serving as an innovation incubator, the MVI has committed to launching 10 microinsurance ventures over the next decade that will deliver solutions to address the risk management needs of the underserved in developing countries. These ventures will provide the business services necessary to achieve scale and profitability in the market including: unique distribution methods, local partnerships, product development and impact services such as measuring and monitoring social impact.
The MVI is currently evaluating opportunities in Latin America, Africa and emerging Asia, with the initial venture to be launched this year.