InsurTech in brief #3
3 topics; 3 mins; 3 times-per-week: Addenda (blockchain, MENA); IBISA Network (Inclusive insurance; Emerging Markets); MicroEnsure in the spotlight.
Who? UAE-based InsurTech building motor solutions using blockchain
What’s up? Addenda added Gulf Insurance Group to its client base for motor claims processing (the major pain point Addenda is solving for is auto subrogation i.e. multi-party reconciliation) [1]
Why care? Addenda is one of the few MENA-based InsurTechs; they also raised from Arab Bank Ventures [2] Addenda has processed roughly $4M in motor claims.
PS - to highlight how fast they’ve grown between October ‘19 and Feb ‘20 - their claims throughput shot up from $215K to $4M; hear Addenda on Insureblocks. [3]
Who? Luxembourg HQ’ed InsurTech using satellite & weather data to support crop insurance mutuals; active in Niger and India.
What’s up? IBISA Network is now a member of ICMIF (governing body for mutuals worldwide) [4]
Why care? Inclusive Insurance - mutuals are set to be regulated in India (more from me here) - access to (re)insurance capacity could bring ~ 126M farmers within the fold of “formal” insurance [5]
PS - The IBISA team, who I met in Feb ‘20 in London, are ESA (European Space Agency) veterans; if you’re a parametric insurance, blockchain and inclusive insurance fan, hear them speak on Insureblocks [6]
MicroEnsure is not competing against AXA, Aviva or Allianz, we’re competing against apathy. - Richard, MicroEnsure CEO
Who? “OG InsurTech” (founded 2002) focused on inclusive insurance in Asia and Africa.
What’s up? Covid-19 insurance product launch with JazzCash [7] and partnership with Careem (now, owned by Uber) for driver’s health insurance (including Covid-19 cover) [8]
Why care? Beyond Telcos, mobile wallets and platform economies seem like the hot insurance distribution channel - MicroEnsure x Careem reminds me of Gigacover x GoJek [9]; MicroEnsure x JazzCash reminds me of MicroEnsure x Mynt (Philippines) [10] which could touch ~20% of Philippines population.
That’s all from me folks. Looking forward to your comments, thoughts and feedback.