Despite being one the world’s oldest and largest industries, insurance still fails to reach billions of people across the world, particularly those in emerging markets. Considered a necessity in developed markets, insurance—always an intangible product that must be purchased when consumers don’t need it—is both poorly understood and often ill-suited to the needs of low-income people in emerging markets. Globally, only 5 percent of low-income people have access to insurance. In this report, the Omidyar Network explores the opportunity for InsureTech products among consumers in emerging markets.
With help from RIWI, the Omidyar Network conducted an attitudinal, quick-response web survey across four countries: Kenya, Indonesia, Brazil, and the United States, where the survey was delivered to over 47,000 people. Responses from the survey helped to build useful insights on the direction for players in the insurance market and micro-insurance. Read the full report here.