What Do Emerging Market Consumers Expect from InsureTech?
Although insurance is one of the largest—and most profitable—arms of financial services globally, it still fails to reach billions of low-income people around the world. But this may not be the case for much longer. New technologies are making it cheaper and easier for industry players to come up with innovative ways to help create safety nets for low-income consumers, especially those in emerging markets.
In order to get a first impression of what consumers think about these new technology-led approaches to insurance, Omidyar Network has commissioned an online survey with consumers in Brazil, Indonesia, Kenya, and the U.S. Even though the samples are not large enough to be representative of general opinion, consumer responses give solid clues around some of the key issues that can hinder the scale of InsureTech models, such as the personal data they are willing to share with providers to calculate premiums.
This insights note sheds light on some of the trends driving InsureTech, and the initial appraisal of consumers on its potential to meet their specific needs.
To learn more about the survey, download here.