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Panamax MobiFin Micro Insurance. www.panamaxil.com. Market Need & Concept. Penetration of insurance services in developing countries is low, primarily due to. Consumer awareness & education issues, and. High ticket size of annual (or half yearly) premiums (eg. $500 per year). - PowerPoint PPT Presentation
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Panamax MobiFinMicro InsurancePanamax MobiFin
Micro Insurance
www.panamaxil.com
Market Need & Concept
www.panamaxil.com We Empower Global Telecom Network
Penetration of insurance services in developing countries is low, primarily due to
Consumer awareness & education issues, and
High ticket size of annual (or half yearly) premiums (eg. $500 per year)
Market Need & Concept
www.panamaxil.com We Empower Global Telecom Network
Possible to solve the 2nd issue by innovative technology & marketing, borrowing ideas from the success of prepaid mobile (prepaid has higher penetration vs post paid)
Introduce micro insurance policies, where premiums are lower & payable frequently (eg. Pay $5 per week) – challenge is collecting small amounts, frequently
Insurance companies create & sell prepaid vouchers (scratch cards), & distribute them widely via retail distribution outlets in target geography
The cards can have multiple differing denominations
Policy holders buy prepaid cards, which are used to pay these micro premiums
How Does It Work?
www.panamaxil.com We Empower Global Telecom Network
MobiFin voucher management system creates PIN’s securely
• PIN’s can be printed on cards by external printing company, or, in house on double ply paper using MobiFin system
• Cards are sold widely via distribution outlets• Whenever customer buys a policy, his mobile number is collected & registered in MobiFin
system against the policy number• MobiFin system gives out a password (MPIN) to each registered user• Registered users buy prepaid card, scratch off PIN & send it by SMS to a short code (can also
use IVR, USSD & portal to send PIN)• System authenticates users phone number & PIN & applies the value of the scratch card to
their policy in the insurance company’s host system (MobiFin system is integrated with insurance host for this)
• Insurance company host sends transaction confirmation to MobiFin system, which then sends SMS notification of payment (with date/time stamp & transaction ID) to user
• Process is repeated every time the premium is due• MobiFin system can also send payment date reminders to users• Users can also check balance of their policy account by SMS
Benefits
www.panamaxil.com We Empower Global Telecom Network
Insurance companies enter a new segment & increase penetration of insurance services
Insurance companies collect their premiums in ‘advance’ as a prepaid balance from retailers who buy these cards for further resale: no bad debts
Retailers get another product to sell & make commissions
Users get opportunity to buy an affordable insurance policy
Micro Insurance System
Agent A/C Customer A/C
Other Insurance System
Agent A/C Customer A/C
AgentMobile
CustomerMobile