SME Insurtech: New Solutions for New Challenges

Posted by: Doug Bruhnke - Global Chamber on Friday, April 12, 2019

This globinar covered the latest technologies available to bring insurance products to micro, small and medium companies in emerging markets.

Mercari Risk Tech has identified a large, untapped opportunity for peer-to-peer insurance in the world’s least served insurance markets across the MSME Value Chain. The firm leverages technologies and common insurance processes to give MSME’s mobile, peer-2-peer insurance, leveraging AI-ANN for unsupervised underwriting and claims.

Mid and Low Income countries represent a virtually untapped market with <1% insurance participation. To access this MSME business, insurance alternatives are a must for developing and emerging markets…expand markets…not just new efficiencies. Technology is critical for low-touch, low-cost, transactional micro- and meso-insurance.

Our globinar speakers included Doyle Ray Oakey and topics included...

  • The current state of financial services in developing areas i.e. low penetration, bureaucratic distribution
  • How greater access to financial services can reduce financial vulnerability to disasters
  • How to increase access to financial services in developing countries, through technology
  • The likely impact to the global economy if financial services were more readily available via technology
  • MRT response . . . technology as the means to expand financial inclusion in risk management
  • High level review of the mobile and policy administration overview

MercariRisk technology-service uses low-latency satellite data, processed with Artificial Neural Network (ANN) algorithms, for unsupervised change detection to improve the speed, reliability, of global micro and meso-insurance. MercariRisk is offering its platform to two of the least insured countries globally:

Bangladesh:

- <.5% of GDP TOTAL insurance penetration
- Roughly ≈91,000,000 individuals and-or ≈3,000,000 MSME’s
- 84 mobile subscriptions per 100 persons—leapfrog current technology
- Existing partnerships, strong government, NGO, and private sector support
- Bangladesh government incubator funding application also in process

Mexico:

- Penetration by GDP is <2% with a >4% is the goal by 2020
- Roughly ≈70,000,000 individuals and-or ≈4,000,000 MSME’s
- 88 mobile subscriptions per 100 persons—leapfrog current technology
- Existing partnerships, strong government, NGO, and private sector support
- New presidential leadership—AMLO—with a focus on the middle and lower middle class.

The speakers...

  • Alan Wilkins - CEO of MercariRisk

  • Doyle Ray Oakey - COTO & Co-founder of MercariRisk

  • Russell Jones - Partner at Llewellyn Consulting

Hear the full discussion HERE.

Learn more about Mercaririsk Tech HERE.

About Mercaririsk Tech

MercariRisk Tech’s distribution technology is best-in-class, enabling low-touch, low-cost, transactional functionality for a peer-to-peer sales model to penetrate previously inaccessible markets.

MercariRisk is a pioneer in digital insurance distribution with a full product suite for SME and mid-market risk management including “seed to sale,” business operations, employee, owner and family covers.

 

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