Embedded insurance is transforming the microfinance sector by integrating coverage directly within financial products, making insurance more accessible to underserved populations. This model streamlines the process, allowing microfinance institutions (MFIs) to offer protection against risks such as health issues, crop failure, or unforeseen events, bolstering clients' financial stability. The seamless inclusion of insurance fosters trust, supports client retention, and promotes financial resilience. However, challenges such as awareness, technology adoption, and distribution remain. Successful implementation requires innovative partnerships, education, and tailored products that align with clients' needs. Embedded insurance, thus, holds potential as a powerful tool for advancing financial inclusion globally.

Points of discussion:

1.How do you see the role of embedded insurance evolving within the microfinance sector, and what potential does it hold for enhancing financial inclusion for underserved communities?

2.What challenges do microfinance institutions face when integrating embedded insurance solutions, and how can they be effectively addressed to ensure seamless implementation and maximum impact?

3.Can you share successful case studies or examples where embedded insurance has significantly improved financial resilience for MFI clients?

Speaker Bio: Amit Boni, who is the Co-founder & CEO of Ensuredit. Amit brings leadership experience in technology, credited with turning around Motorola India’s position in the Indian market by revitalizing the brand and gaining market share within 2 years, with innovative and disruptive strategies. Subsequently, at Smartron as Vice President for Sales and Marketing, Amit significantly scaled the tech businesses. He is uniquely positioned to lead Ensuredit's mission of transforming the global insurance ecosystem through deep technology-driven solutions.

Embedded microinsurance is reshaping the insurance landscape by seamlessly integrating coverage into everyday products and services, making protection accessible to underserved populations. This episode explores how embedded microinsurance models are empowering consumers, particularly in emerging markets, by providing affordable, on-demand insurance solutions. We delve into the role of technology - AI, IoT, and blockchain - in enabling this shift, examine real-world examples of successful implementations, and discuss the potential for scaling. Tune in to discover how embedded microinsurance is driving financial inclusion and what the future holds for this transformative approach in the insurance industry.

Points of discussion:

1. How is embedded microinsurance transforming the way underserved populations access financial protection, and what are the key advantages of integrating it into everyday products and services?

2. What role do emerging technologies like AI and blockchain play in scaling embedded microinsurance solutions, and how do they contribute to improving customer experience and risk management?

3. Could you share some real-world examples where embedded microinsurance has been successfully implemented, and what lessons can we learn from these use cases for broader adoption in different markets?

Speaker Bio: Harry Croydon is the co-founder and COO of MIC Global, a company designed to transform the insurance industry by integrating micro-insurance products into various digital and traditional platforms. MIC aims to close global protection gaps by offering affordable, accessible insurance solutions for people and small businesses, especially in the gig and sharing economies.

With a career rooted in technology and insurance, Harry worked at Microsoft in the 90s and later started a Lloyd's broker focused on cyber insurance. Following the 2008 financial crisis, he recognized the growing need for flexible, on-demand insurance for the gig economy, leading him to launch MIC Global. Today, MIC leverages AI and automation to deliver high-volume, efficient insurance solutions.

Parametric insurance is gaining momentum in New Zealand and the Pacific as a crucial tool for managing risks associated with natural disasters such as cyclones, earthquakes, and flooding. Unlike traditional insurance, parametric policies trigger pre-defined pay-outs based on specific data, such as wind speeds or earthquake magnitudes, offering quicker and more efficient financial relief. This model is especially beneficial for regions with high exposure to catastrophic events. As climate change intensifies, parametric insurance is expected to evolve, leveraging advanced technology and data analytics to better serve the region's unique risk landscape.

Points of discussion:

1. How has parametric insurance gained traction in New Zealand, and what key factors have driven its adoption in these regions, especially given their vulnerability to natural disasters?

2. What are the primary challenges for insurers and policyholders when it comes to parametric insurance in New Zealand?

3. Looking ahead, how do you see parametric insurance evolving in New Zealand?

4. InsurTechNZ acts as a gateway to insurtech communities in Australia and in other key markets through the Global InsurTech Alliance.

Speaker Bio: Paul Barton, is the Managing Director at Bounce Insurance, New Zealand. Paul is an expert in parametric insurance and his company is the first insurance business that provides parametric solutions for Households and businesses in New Zealand. Paul’s experience supporting customers after the canterbury and Kaikoura earthquakes set the foundation for the development of Bounce by developing a parametric earthquake proposition with a focus on providing quick cash payments to policy holders after an earthquake event.