{"id":2840,"date":"2018-11-19T19:04:40","date_gmt":"2018-11-19T19:04:40","guid":{"rendered":"https:\/\/microinsurancemaster.org\/?p=2840"},"modified":"2023-12-04T12:13:41","modified_gmt":"2023-12-04T12:13:41","slug":"how-to-innovate-your-way-into-microinsurance","status":"publish","type":"post","link":"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/","title":{"rendered":"How to Innovate Your Way into Microinsurance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2840\" class=\"elementor elementor-2840\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-878c062 margin_top1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"878c062\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0d8c905\" data-id=\"0d8c905\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2489f70 elementor-widget elementor-widget-spacer\" data-id=\"2489f70\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcf5208 elementor-widget elementor-widget-spacer\" data-id=\"fcf5208\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27e1fa4 main-article-title elementor-widget elementor-widget-heading\" data-id=\"27e1fa4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><h2 data-elementor-setting-key=\"title\" data-pen-placeholder=\"Type Here...\" style=\"font-style: normal;\">How To Innovate Your Way To Microinsurance<\/h2><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2a26790a margin_top1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2a26790a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-388b5b21\" data-id=\"388b5b21\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6063faff elementor-widget elementor-widget-spacer\" data-id=\"6063faff\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3871844f elementor-widget elementor-widget-text-editor\" data-id=\"3871844f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-size: 14px;\">There are about 50 insurers in Kenya battling to serve 5 million of the 50 million inhabitants.\u00a0<\/span><span style=\"font-size: 14px;\">Even if the numbers aren\u2019t 100 percent precise, the picture they serve is relevant indeed: insurers in emerging economies are mostly after the upper-income classes, leading to bitter competition.\u00a0<\/span><span style=\"font-size: 14px;\">That\u2019s a true <\/span><em style=\"font-size: 14px;\">Red Ocean<\/em><span style=\"font-size: 14px;\">, according to\u00a0<\/span><a style=\"background-color: #ffffff;\" href=\"https:\/\/en.wikipedia.org\/wiki\/Blue_Ocean_Strategy\" target=\"_blank\" rel=\"noopener\">W. Chan Kim and Ren\u00e9e Mauborgne<\/a>:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f9e4a5 elementor-widget elementor-widget-text-editor\" data-id=\"5f9e4a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"padding-left: 60px;\"><em>&#8220;industry boundaries are\u00a0defined\u00a0and accepted, and the competitive rules of the game are known. Here companies try to outperform their rivals to grab a greater share of product or service demand. As the market space gets crowded, prospects for profits and growth are reduced.&#8221;<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f706abb elementor-widget elementor-widget-image\" data-id=\"f706abb\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/elementor\/thumbs\/Innovate-Your-Way-_1-e1542720911210-qb3jfwccazi95miite7qp51bnv2lzr75twaaiwdtqw.png\" title=\"Microinsurance Master Innovate_01\" alt=\"Microinsurance Master Innovate_01\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c202a71 elementor-widget elementor-widget-text-editor\" data-id=\"c202a71\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>There are 45 million emerging consumers in Kenya that are under- or uninsured. That\u2019s the perfect <em>Blue Ocean<\/em>:<\/p>\n<p><em>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;\u201cAn unknown market space, mostly untainted by competition.\u201d<\/em><\/p>\n<p>The Kenyan insurance market is far from atypical. Research pointed to the huge untapped demand for microinsurance in Ethiopia and Zambia.<\/p>\n<p>Inclusive insurance is reaching an increasing number of low-income communities but these numbers pale in comparison against the potential of <em>three billion<\/em> <em>people<\/em> who could benefit from microinsurance cover.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49f624c elementor-widget elementor-widget-spacer\" data-id=\"49f624c\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42d3e65 elementor-widget elementor-widget-heading\" data-id=\"42d3e65\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\"><b>Insurers in emerging economies aren't short-sighted<\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59a00774 elementor-widget elementor-widget-image\" data-id=\"59a00774\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1433\" height=\"956\" src=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_02.jpg\" class=\"attachment-full size-full wp-image-2846\" alt=\"\" srcset=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_02.jpg 1433w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_02-300x200.jpg 300w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_02-768x512.jpg 768w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_02-1024x683.jpg 1024w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_02-350x233.jpg 350w\" sizes=\"(max-width: 1433px) 100vw, 1433px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81b6b9a elementor-widget elementor-widget-spacer\" data-id=\"81b6b9a\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-354a96e0 elementor-widget elementor-widget-text-editor\" data-id=\"354a96e0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Serving emerging consumers is a business of doing good. And, if done well, it is also good for the bottom line of the business.\u00a0<br \/><span style=\"font-size: 14px;\">And insurers in emerging economies can literally see the opportunity every day on their commute to work.\u00a0<\/span><\/p><p>From the many exchanges I\u2019ve had over the last decade with insurance leaders, I know they recognise that they are almost exclusively serving middle and upper-class segments of the population.\u00a0<span style=\"font-size: 14px;\">Insurers not short sighted. Most are keen to tap into this Blue Ocean of microinsurance to serve and grow with these emerging consumers.<\/span><\/p><p>So, if insurers generally recognise this potential, why aren&#8217;t we seeing a more concerted involvement and eagerness to develop microinsurance?<\/p><p>There are many hurdles. Challenges outside or on the outskirts of the insurer&#8217;s influence include the need for adopted regulation, lack of insurance education, and the lack of effective and efficient distribution channels.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf732f3 elementor-widget elementor-widget-spacer\" data-id=\"cf732f3\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75d39787 elementor-widget elementor-widget-heading\" data-id=\"75d39787\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\"><b>How to innovate from within<\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7907e8a9 elementor-widget elementor-widget-image\" data-id=\"7907e8a9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1434\" height=\"986\" src=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_03.png.jpg\" class=\"attachment-full size-full wp-image-2848\" alt=\"\" srcset=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_03.png.jpg 1434w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_03.png-300x206.jpg 300w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_03.png-768x528.jpg 768w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_03.png-1024x704.jpg 1024w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_03.png-350x241.jpg 350w\" sizes=\"(max-width: 1434px) 100vw, 1434px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b96bc4d elementor-widget elementor-widget-spacer\" data-id=\"b96bc4d\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-150b2f0c elementor-widget elementor-widget-text-editor\" data-id=\"150b2f0c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>All the hurdles and challenges mentioned above do exist and have been well documented.<\/p><p>However, a bigger but less-cited obstacle beyond the technical reasons is the internal capacity and especially how difficult it is to set up a space to innovate.<\/p><p>For insurers, low-income communities are an unknown market segment. Microinsurance products are also unknown. Successfully developing a microinsurance business requires stepping away from <em>business as usual<\/em> and <em>rethinking how insurance works<\/em>.<\/p><p>Innovation is the key word here. Many large organisations struggle to build an innovative environment in which new concepts like microinsurance can be put to the test; where failure is actually not failure but a lesson learnt on the way to an increased understanding of market segment and product offering.<\/p><p>It\u2019s key to build an environment in which experiments can run freely without having to worry about all the process and compliance issues that are crucial for other businesses that run at scale and that are concerned about jeopardising their reputations.<\/p><p>This struggle to innovate is not unique to insurers trying to unlock the inclusive insurance potential. It is actually a common theme across all industries where incumbents struggle to cope with disruptions from lean startups that can swiftly adapt to new situations and pivot their business to help them grow.<\/p><p>Insurers that want to succeed in microinsurance need their microinsurance to work like a startup in an environment where it is safe to test.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4370b21e elementor-widget elementor-widget-spacer\" data-id=\"4370b21e\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66be1b21 elementor-widget elementor-widget-heading\" data-id=\"66be1b21\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\"><b>How to build a startup state of mind<\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10a45bac elementor-widget elementor-widget-text-editor\" data-id=\"10a45bac\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>A great starting point on how to innovate like a startup is the book <em>The Startup Way &#8211; How Modern Companies Use Entrepreneurial Management to Transform Culture & Drive Long-Term Growth<\/em> by Eric Ries.<\/p><p>The book includes plenty of useful pointers on what it takes to build an \u201cinnovation culture\u201d. These are summarised in the picture below:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d1d00a elementor-widget elementor-widget-image\" data-id=\"0d1d00a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1200\" height=\"899\" src=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_04.png\" class=\"attachment-full size-full wp-image-2868\" alt=\"\" srcset=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_04.png 1200w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_04-300x225.png 300w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_04-768x575.png 768w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_04-1024x767.png 1024w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_04-350x262.png 350w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Image: The Startup Way, Alli McKee<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cdc9765 elementor-widget elementor-widget-spacer\" data-id=\"cdc9765\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-670d9c7 elementor-widget elementor-widget-text-editor\" data-id=\"670d9c7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>On the left-hand side is the classical org chart &#8211; how a traditional company runs. Ries argues that innovative companies must build an entrepreneurial function, visualised on the right with the following key features:<\/p><ul><li><span style=\"color: #3fae07;\"><strong>Cross-functional teams<\/strong>:<\/span> multidisciplinary teams that work together to solve a problem rather than siloed function specialists, led by an entrepreneur who is passionate about the problem they\u2019re solving, so much so that they will risk their job to make it work.<\/li><li><span style=\"color: #3fae07;\"><strong>Innovation as a verb:<\/strong><\/span> if you don&#8217;t fail you haven&#8217;t found your boundaries and have not innovated enough. From each failure, you learn and can adapt from there.<\/li><li><span style=\"color: #3fae07;\"><strong>Economies of speed<\/strong>:<\/span> get your prototype (a flyer may do) to your clients as fast as you can, to measure their reaction; then learn and improve. <em>Build-Measure-Learn<\/em> is the motto of the lean startup movement.<\/li><li><span style=\"color: #3fae07;\"><strong>Metered funding<\/strong>:<\/span> treat your innovation project as a venture capital investment. Start with seed funding and increase funding when the necessary evidence on uptake and growth is available.<\/li><\/ul><p>Most important is the <em>foundation<\/em> on which the innovative organisation is built:<\/p><ul><li><span style=\"color: #3fae07;\"><strong>The need for a strong purpose and vision<\/strong>: <\/span>why are you doing what you are doing? What is your North star?<\/li><li><span style=\"color: #3fae07;\"><strong>Investment in people<\/strong>:<\/span> People are the organisation. Treat your staff well so they can treat your clients well.<\/li><li><span style=\"color: #3fae07;\"><strong>Long-term thinking<\/strong>:<\/span> innovative projects will generally not be an instant homerun but will need time to nurture and grow. Think of the long-term horizon rather than the short-term gains or losses.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2473086f elementor-widget elementor-widget-spacer\" data-id=\"2473086f\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-359bde42 elementor-widget elementor-widget-heading\" data-id=\"359bde42\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-medium\"><b>Innovate your way into microinsurance<\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4e2415 elementor-widget elementor-widget-video\" data-id=\"d4e2415\" data-element_type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/cuLY3wIoWaI?t=862&quot;,&quot;start&quot;:862,&quot;show_image_overlay&quot;:&quot;yes&quot;,&quot;image_overlay&quot;:{&quot;url&quot;:&quot;https:\\\/\\\/microinsurancemaster.org\\\/wp-content\\\/uploads\\\/2018\\\/11\\\/Eg-Microinsurance-Master-innovate_05.png&quot;,&quot;id&quot;:2849,&quot;size&quot;:&quot;&quot;},&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 25-04-2024 *\/\n.elementor-widget-video .elementor-widget-container{overflow:hidden;transform:translateZ(0)}.elementor-widget-video .elementor-wrapper{aspect-ratio:var(--video-aspect-ratio)}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{height:100%;width:100%;display:flex;border:none;background-color:#000}@supports not (aspect-ratio:1\/1){.elementor-widget-video .elementor-wrapper{position:relative;overflow:hidden;height:0;padding-bottom:calc(100% \/ var(--video-aspect-ratio))}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{position:absolute;top:0;right:0;bottom:0;left:0}}.elementor-widget-video .elementor-open-inline .elementor-custom-embed-image-overlay{position:absolute;top:0;right:0;bottom:0;left:0;background-size:cover;background-position:50%}.elementor-widget-video .elementor-custom-embed-image-overlay{cursor:pointer;text-align:center}.elementor-widget-video .elementor-custom-embed-image-overlay:hover .elementor-custom-embed-play i{opacity:1}.elementor-widget-video .elementor-custom-embed-image-overlay img{display:block;width:100%;aspect-ratio:var(--video-aspect-ratio);-o-object-fit:cover;object-fit:cover;-o-object-position:center center;object-position:center center}@supports not (aspect-ratio:1\/1){.elementor-widget-video .elementor-custom-embed-image-overlay{position:relative;overflow:hidden;height:0;padding-bottom:calc(100% \/ var(--video-aspect-ratio))}.elementor-widget-video .elementor-custom-embed-image-overlay img{position:absolute;top:0;right:0;bottom:0;left:0}}.elementor-widget-video .e-hosted-video .elementor-video{-o-object-fit:cover;object-fit:cover}.e-con-inner>.elementor-widget-video,.e-con>.elementor-widget-video{width:var(--container-widget-width);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t\t\t<div class=\"elementor-custom-embed-image-overlay\" style=\"background-image: url(https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/Eg-Microinsurance-Master-innovate_05.png);\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-custom-embed-play\" role=\"button\" aria-label=\"Play Video\" tabindex=\"0\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-eicon-play\" viewBox=\"0 0 1000 1000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M838 162C746 71 633 25 500 25 371 25 258 71 163 162 71 254 25 367 25 500 25 633 71 746 163 837 254 929 367 979 500 979 633 979 746 933 838 837 929 746 975 633 975 500 975 367 929 254 838 162M808 192C892 279 933 379 933 500 933 621 892 725 808 808 725 892 621 938 500 938 379 938 279 896 196 808 113 725 67 621 67 500 67 379 108 279 196 192 279 108 383 62 500 62 621 62 721 108 808 192M438 392V642L642 517 438 392Z\"><\/path><\/svg>\t\t\t\t\t\t\t<span class=\"elementor-screen-only\">Play Video<\/span>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51532d elementor-widget elementor-widget-text-editor\" data-id=\"51532d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: center;\"><span style=\"font-size: 10px; color: #808080;\">Video:\u00a0Card Pioneer&#8217;s Journey to Customer Centricity, CGAP<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1233ddf elementor-widget elementor-widget-text-editor\" data-id=\"1233ddf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>At Microinsurance Master we have seen the concepts detailed in <em>The Startup Way<\/em> at work.<\/p><p>The host of our 2024 accelerator programme, Pioneer Microinsurance, has grown their business to 20 million voluntary microinsurance enrolments by living these principles.\u00a0The video fragment above from Pioneer Life CEO Lorenzo Chan is just one demonstration\u00a0on how they innovate their way into microinsurance.<\/p><p>During the Microinsurance Master accelerator programme, we adapt and tailor these insights to other organisations. This helps them think and act more like startups so that they can grow their businesses and make a meaningful difference for the people they serve.<\/p><p><strong><span style=\"color: #3fae07;\"><a style=\"color: #3fae07;\" href=\"https:\/\/microinsurancemaster.org\/programme\/\" target=\"_blank\" rel=\"noopener\"><em><u>Join us<\/u><\/em> <\/a><\/span><em>if you want to innovate your way into microinsurance too. The next edition of our annual accelerator programme starts on 4 March 2024 with a two-week immersion in the Philippines, followed by three months of mentoring by industry leaders.<\/em><\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-581b94c3 elementor-widget elementor-widget-spacer\" data-id=\"581b94c3\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2a3ff948 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2a3ff948\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7ef7c1b7\" data-id=\"7ef7c1b7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6977974f\" data-id=\"6977974f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Inclusive insurance is still a Blue Ocean. Insurers that want to succeed in microinsurance need to think and act like a startup to spur innovation.<\/p>\n","protected":false},"author":1,"featured_media":2923,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"","footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Innovate Your Way into Microinsurance - Microinsurance Master<\/title>\n<meta name=\"description\" content=\"Inclusive insurance is still a Blue Ocean. Insurers that want to succeed in microinsurance need to think and act like a startup to spur innovation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Innovate Your Way into Microinsurance - Microinsurance Master\" \/>\n<meta property=\"og:description\" content=\"Inclusive insurance is still a Blue Ocean. Insurers that want to succeed in microinsurance need to think and act like a startup to spur innovation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/\" \/>\n<meta property=\"og:site_name\" content=\"Microinsurance Master\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-19T19:04:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-04T12:13:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/1st-NEW.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"634\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bert Opdebeeck\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bert Opdebeeck\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/\"},\"author\":{\"name\":\"Bert Opdebeeck\",\"@id\":\"https:\/\/microinsurancemaster.org\/#\/schema\/person\/9228b6510d0c7c0c7ce2ac5d66fd87d2\"},\"headline\":\"How to Innovate Your Way into Microinsurance\",\"datePublished\":\"2018-11-19T19:04:40+00:00\",\"dateModified\":\"2023-12-04T12:13:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/\"},\"wordCount\":1081,\"publisher\":{\"@id\":\"https:\/\/microinsurancemaster.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/1st-NEW.jpg\",\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/\",\"url\":\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/\",\"name\":\"How to Innovate Your Way into Microinsurance - Microinsurance Master\",\"isPartOf\":{\"@id\":\"https:\/\/microinsurancemaster.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/microinsurancemaster.org\/how-to-innovate-your-way-into-microinsurance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2018\/11\/1st-NEW.jpg\",\"datePublished\":\"2018-11-19T19:04:40+00:00\",\"dateModified\":\"2023-12-04T12:13:41+00:00\",\"description\":\"Inclusive insurance is still a Blue Ocean. 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