MicroEnsure has been addressing the insurance needs of low-to-middle income groups in Asia and Africa for over a decade through its innovative range of products. The company has successfully implemented affordable health insurance services by providing accessible, affordable and effective insurance to the mass market in India. In 2015, MicroEnsure in association with Telenor India launched a product called ‘Telenor Suraksha’, which enrolled more than 20 million customers for life insurance by early 2016. Notably, more than 90% of the enrolled customers had never been insured. The company continues to grow with a goal to reach 100 million registered customers by 2025. Its business model focuses on maximizing and empowering its potential through MNO (Mobile Network Operator), financial institutions and other distribution partners.
Congratulating MicroEnsure on the award, Dr. Sunaina Singh, Senior Consultant, Transformational Health (Healthcare) Practice, Frost & Sullivan said, “MicroEnsure has had a very successful year - 2016. The company has demonstrated enormous growth with over 17 million customer enrolments in India through the implementation of its unique product named 'Telenor Suraksha'. MicroEnsure strategically leverages this digital platform and replaces the traditional and complicated customer acquisition techniques, providing more affordability and accessibility to the customers. The underlying philosophy behind the company’s leading position is attributed to its in-depth market knowledge, pace of innovation, customer-centric approach and strong business model. MicroEnsure is set to make a mark in the mass health insurance market in India by maximizing and empowering its potential through Mobile Network Operator (MNO), financial institutions and other distribution partners.”
Talking about the award, Richard Leftley, Founder and CEO, MicroEnsure said, “We are delighted to receive this prestigious award that reflects the teamwork and collaboration between MicroEnsure, Telenor India and Shriram. We have been able to successfully design and deliver an innovative mass market insure-tech solution, which is simple and easy to access for Telenor customers from enrolment via mobile phones to a rapid claims process, providing a safety net to millions of Indian families.”
Frost & Sullivan Awards recognize companies across regional and global markets for outstanding achievement and performance in a range of regional and global markets for superior leadership, technological innovation, customer service, strategic product development, etc.
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For more than 10 years, MicroEnsure has changed the dynamics of the global insurance value chain to address key challenges in micro insurance. As an insurance intermediary, MicroEnsure partners with insurance carriers and distributors, including telecoms, banks and micro-finance institutions, to provide unprecedented access to valuable insurance coverage for vulnerable populations. With a focus on design to create simple and affordable insurance policies to the mass market, MicroEnsure has launched more than 200 micro insurance products in Africa and Asia across a range of product risk categories serving more than 56 million low income customers providing a safety net in the event of an unanticipated financial shock.