Taking Peace of mind to the Masses
For over a decade or even more, both the Short-Term insurance fraternity and the Life insurance companies have been looking for a way to bring peace of mind to the masses. Essentially that is what you get buying a short-term insurance policy, the promise to be put in the same position as you were before an unfortunate incident.
In this new age of pandemics, global warming, increase in fires, floods in low-lying areas, next to rivers or streams the shack dweller finds it more and more difficult. The 4th Revolution brought about innovative artificial intelligence, farmers making use of drones to spray their crop, to name but one, a Big Transport Company closing doors leaving 1500 staff without an income.
Yet all the middle-income group, as well as the shack dweller lives in uncertainty, and offer their services in the informal or even formal sector on an hourly contractual basis.
This places these groups under severe pressure, to bring up their kids, provide for their families on the one hand, yet on the other hand facing increase fires in shacks, increase in flooding and increase in riots, and Insurance is sometimes not an option.
A few Insurance Companies tried their hand at insuring the shack dwellers, however with a very low take-up.
In my opinion, you must put together a basic package at a small premium on an All-Risks basis, link it to SASRIA, and roll it out to community leaders in these villages, as without their buy-in, the people on the ground will not take it up.
It will be a challenge to take Insurance to the unbanked, but with the right partners, I am up to the challenge of giving our citizens living below the breadline, peace of mind.