News Coronavirus watch17 Sep 2020

Nepal:InsurTech gets Swiss backing for COVID-19 products

| 17 Sep 2020

A Swiss-based public-private partnership (PPP) will fund the development of COVID-19 insurance products with tele-health consultations.

The PPP, Swiss Capacity Building Facility (SCBF), has announced that it will fund the Nepalese unit of Stonestep, a Switzerland-based InsurTech to build a product merging COVID-19 insurance and tele-health consultations.

Customers will be able to access digital health resources such as online health data as well as doctor consultations through their ‘phones from Top Doctors Online Nepal, a healthcare service company.

The Stonestep service will also include risk protection related to COVID-19 and the company plans to market its product to first-time insurance buyers through Nepal-based DigiPay Mobile Money.

The service will initially be available in Kathmandu city and will be subsequently expanded to rural areas of the country. The company is targeting to reach 5,000 clients by May 2021. 

Stonestep, which was founded in 2012, specialises in marketing and distributing income and property insurance to first-time insurance buyers through a digital platform. The company, which is active in Africa, Asia and the Americas, received $4m in Series A funding from InsurTech venture capital fund XL Innovate in 2016.

Supported by the Swiss agency for development and cooperation, SCBF supports financial institutions in developing countries with funding for technical assistance relating to expanding delivery channels for services such as insurance, loans and savings, including digital financial services.

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