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May 2019

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Major insurance players set up microinsurance venture incubator

Source: Asia Insurance Review | Mar 2015

A group of eight leading insurers, brokers, and reinsurers have established a microinsurance consortium and microinsurance venture incubator (MVI).
 
The MVI has committed to launching 10 microinsurance ventures over the next 10 years that will deliver solutions to address the risk management needs of the underserved. The first venture is to be launched this year.
 
The consortium consists of American International Group; Aspen Insurance Holdings; Catlin Group, Guy Carpenter together with Marsh & McLennan; Hamilton Insurance Group; Transatlantic Reinsurance Company; XL Group and Zurich Insurance Group.
 
Advance the role of insurance in society
At the World Economic Forum annual meeting last month, the consortium announced that the MVI is a Bermuda-based entity which will innovate technology-enabled platforms, achieve sustainability through adequate levels of profitability and advance the role of insurance in society. The MVI is currently evaluating opportunities in Latin America, Africa and emerging Asia.
 
The MVI’s strategy and operational model stem from a shared vision of the importance of micro insurance in emerging markets and a collaborative approach to innovation that benefits the marketplace and the industry. 
 
Serving as an innovation incubator, the MVI will support the launch and operations of a portfolio of microinsurance ventures worldwide. 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/monitoring social impact. 
 
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.

 

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