Micro Insurance

The infrastructure and IT systems of most insurance companies have been built to service the complex needs of urban customers. The needs of rural customers are, however, markedly different. Micro-insurance is a low-value, low-margin, high volume business, and calls for solutions that are highly decentralized, flexible and cost-effective. The existing systems are overly complex and sophisticated and unwarranted for the simplified business processes of micro-insurance. Using existing systems to service micro-insurance can, therefore, increase costs and reduce responsiveness.

C2L BIZ offers insurance companies a specialized micro insurance solution that allows insurers to launch simple products, integrate simpler business processes and substantially reduce cost of operation. The solution is easy to maintain and provides micro-insurers the flexibility to launch insurance products designed for specific markets. Considering that micro insurance products are targeted largely at rural and social sectors, the C2L BIZ solution enables insurers to services customers and distributors in multiple local languages.

Given the low margins in micro insurance, a significant challenge for insurers is to bring down cost of servicing customers and distributors. Using existing solutions, designed for the complex needs of urban markets, is therefore counterproductive. The C2L BIZ micro insurance solution provides a specialized set of tools to cost-effectively service customers and distributors.