Insurance and Technology

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Insurance & technology to better serve Emerging Consumers:
Learning to improve access & service

Zurich Financial Services Group

Contents

Acknowledgements A note on the authors Introduction I. A new data universe: understanding customers better Data mining Monitor behavior and trends Implications for insurance The bank in your hand: providing financial access through mobile phones Branchless banking SMS advertising and sales Implications for insurance

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II.

6 6 8 9 10 10 12 12 13 14 15 15 16 16 17 18 19 19 19 19 19 20

III. Infrastructure for everywhere: solar power and wireless networks Getting infrastructure in remote areas Remote sensoring and monitoring Implications for insurance IV. Rich media for poor communities: expanding high-quality services Providing health services through telemedicine Supporting distribution efforts Implications for insurance V. The Internet of Things: connecting the physical and the virtual Make insurance a tangible product Identify triggers and claims Implications for insurance

Drawing conclusions Usability Affordability Investment Regulation Appendix

Acknowledgements

We are grateful for the participation of the microinsurance and technology experts who contributed their time and ideas. Their words and experience form the foundation of this study (see Appendix for details). • Vijay Aditya, Co-Founder & CEO, ekgaon • Delwar Hossain Azad, Head of Financial Services, Grameenphone • Vijay Babu, CEO, Vortex Engineering Pvt. Ltd. • Alexandre Badolato, Founder, Alexandre Badolato Consultores • Ken Banks, CEO, kiwanja.net • Calvin Chin, CEO, Qifang Inc. • Mark Davies, Founder, Esoko • Eric Gerelle, Director, IBEX Project Services • Rishi Gupta, Director and CFO, FINO • Jonathan Hakim, ARK Mobile Finance • François-Xavier Hay, Directeur des Partenariats, MACIF Group • Jonathan Jackson, Founder & CEO, Dimagi, Inc. • Vijay Kalavakonda, Senior Insurance Specialist, World Bank • Richard Leftley, President, MicroEnsure • Timothy Lyman, Senior Policy Advisor, CGAP • Benjamin Lyon, Executive Director, FrontlineSMS:Credit • Brandon Mathews, Head of Emerging Consumer, Zurich Financial Services Group • Valdemir Navarro, CMO, Vayon Insurance Solution Provider • David Piesse, Chairman Asia Pacific Operations, Unirisx • C. V. Prakash, Founder & CEO, Gradatim • Simon Ralphs, CEO, Telematicus • Renata Rego, Project Manager Emerging Consumer, Zurich Financial Services Group • Brian Richardson, CEO, WIZZIT • Jim Roth, Co-Founder & Partner, LeapFrog Investments • Michael Roth, Senior Project Manager, GTZ • Sameer Sawarkar, CEO, Neurosynaptic Communications Pvt Ltd • Krishna Sirohi, CTO, Vihaan Networks Limited (VNL) • Jerry Skees, President, GlobalAgRisk Inc. • Camilo Tellez, Program Coordinator Mobile Money for the Unbanked, GSMA Special thanks to the team of interviewers and authors of this study: Renata Rego Martin Herrndorf Lukas Ackermann Stephan von Watzdorf Zurich’s Emerging Consumer/Microinsurance (ECM) Team aims to expand insurance coverage for low-income consumers in Asia, Africa and Latin America, promoting basic risk management principles that can help reduce poverty. For more information please visit www.zurich.com/ecm. I-Lab (Insurance Lab) is a joint initiative of the ETH Zürich, the University of St. Gallen, and industry partners. Research topics at the I-Lab are located within the triangle of “technology – innovation – insurance.” In close cooperation with industry partners, we conduct studies, build demonstrators as well as prototypes, and develop business ideas and business models. We focus technologically on the Internet of Things and mobile services on cellular phones. The I-Lab is headed by Lukas Ackermann and supervised by Elgar Fleisch, Professor for Information and Technology Management at the ETH Zürich and the University of St. Gallen, and Walter Ackermann, Director of the Institute of Insurance Economics at the University of St. Gallen. 1

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