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Panamax MobiFin Micro Insurance

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Panamax MobiFin Micro Insurance. 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).

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Panamax MobiFin

Micro Insurance

Market Need & Concept

Penetration of insurance services in developing countries is low, primarilydue to

Consumer awareness & education issues, and

High ticket size of annual (or half yearly) premiums (eg. $500 per year)

We Empower Global Telecom Network

Market Need & Concept

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

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How Does It Work?

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

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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

We Empower Global Telecom Network

Micro Insurance System

Other Insurance System

Agent A/C

Customer A/C

Agent A/C

Customer A/C