SME Insurtech: New Solutions for New Challenges

This globinar covered the latest technologies available to bring insurance products to micro, small and medium companies in emerging markets.

Mercari Risk Tech has identified a large, untapped opportunity for peer-to-peer insurance in the world’s least served insurance markets across the MSME Value Chain. The firm leverages technologies and common insurance processes to give MSME’s mobile, peer-2-peer insurance, leveraging AI-ANN for unsupervised underwriting and claims.

Mid and Low Income countries represent a virtually untapped market with <1% insurance participation. To access this MSME business, insurance alternatives are a must for developing and emerging markets…expand markets…not just new efficiencies. Technology is critical for low-touch, low-cost, transactional micro- and meso-insurance.

Our globinar speakers included Doyle Ray Oakey and topics included...

• The current state of financial services in developing areas i.e. low penetration, bureaucratic distribution
• How greater access to financial services can reduce financial vulnerability to disasters
• How to increase access to financial services in developing countries, through technology
• The likely impact to the global economy if financial services were more readily available via technology
• MRT response . . . technology as the means to expand financial inclusion in risk management
• High level review of the mobile and policy administration overview

MercariRisk technology-service uses low-latency satellite data, processed with Artificial Neural Network (ANN) algorithms, for unsupervised change detection to improve the speed, reliability, of global micro and meso-insurance. MercariRisk is offering its platform to two of the least insured countries globally:

Bangladesh:

- <.5% of GDP TOTAL insurance penetration - Roughly ≈91,000,000 individuals and-or ≈3,000,000 MSME’s - 84 mobile subscriptions per 100 persons—leapfrog current technology - Existing partnerships, strong government, NGO, and private sector support - Bangladesh government incubator funding application also in process

Mexico:

- Penetration by GDP is <2% with a >4% is the goal by 2020 - Roughly ≈70,000,000 individuals and-or ≈4,000,000 MSME’s - 88 mobile subscriptions per 100 persons—leapfrog current technology - Existing partnerships, strong government, NGO, and private sector support - New presidential leadership—AMLO—with a focus on the middle and lower middle class.

The speakers...

• Alan Wilkins - CEO of MercariRisk

• Doyle Ray Oakey - COTO & Co-founder of MercariRisk

• Russell Jones - Partner at Llewellyn Consulting

Hear the full discussion HERE.

Learn more about Mercaririsk Tech HERE.

About Mercaririsk Tech

MercariRisk Tech’s distribution technology is best-in-class, enabling low-touch, low-cost, transactional functionality for a peer-to-peer sales model to penetrate previously inaccessible markets.

MercariRisk is a pioneer in digital insurance distribution with a full product suite for SME and mid-market risk management including “seed to sale,” business operations, employee, owner and family covers.