Seven fintechs that are making insurance for the poor a reality
27 June 2019
From setting premiums to managing claims, insurance is one of the most complex consumer-facing financial products. As a result, there is a high barrier of entry for fintechs eager to disrupt and improve traditional business models for insurance. Yet, as the results from the 2019 Inclusive Fintech 50 demonstrate, ambitious early-stage fintechs are making strides toward providing insurance products that benefit underserved people worldwide.
Still, the data shows that the number of fintechs providing insurance solutions is smaller than, say, credit or payments. From the pool of 400 eligible applicants, just 24 provide an insurance solution. This reflects some of the complexities around designing, developing, and deploying insurance products.