Description of Innovation

Access to financial services, in particular health insurance, for individuals at the base of the pyramid is extremely scarce in developing countries with little health insurance infrastructure. For example, nearly 95% of Ghanaians have no health insurance coverage and, with one-third of the country’s population living on less than $2 per day, there is a critical need for protection against a number of financial risks.

MicroEnsure was founded to bring insurance coverage to the bottom of the pyramid. MicroEnsure leverages existing relationships between consumers and major brands, such as telecom companies, to deliver affordable insurance at scale. The organization utilizes mobile technology, customer insight, and innovative product design to create viable insurance products. MicroEnsure has also tested a primary care project in Tanzania, using telemedicine, community health workers, and a central clinic, with 15,000 clients enrolled.

MicroEnsure makes insurance accessible for over 4 million people around the world, 80% of whom have never been insured before. Two million clients are in Africa and served through subsidiaries in Kenya, Ghana and Tanzania, as well as satellite operations in Malawi, Mozambique, Rwanda, Zambia and Zimbabwe. MicroEnsure hopes to expand its insurance coverage to 10 million people and its primary care project to 5 new sites serving 250,000 customers in the next 3 years.