{"id":4007,"date":"2023-02-17T20:20:47","date_gmt":"2023-02-17T20:20:47","guid":{"rendered":"https:\/\/microinsurancemaster.org\/?p=4007"},"modified":"2024-02-24T13:47:45","modified_gmt":"2024-02-24T13:47:45","slug":"inconvenient-truth-about-microinsurance","status":"publish","type":"post","link":"https:\/\/microinsurancemaster.org\/inconvenient-truth-about-microinsurance\/","title":{"rendered":"Rome Wasn&#8217;t Built in a Day: The Inconvenient Truth About Microinsurance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4007\" class=\"elementor elementor-4007\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-10d3e3e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"10d3e3e\" 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-49773d9\" data-id=\"49773d9\" 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-7284082 elementor-widget elementor-widget-heading\" data-id=\"7284082\" 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-xxl\"><br><br><br>Rome Wasn't Built in a Day:<br>The Inconvenient Truth About Microinsurance<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-85a40b6 elementor-widget elementor-widget-image\" data-id=\"85a40b6\" 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\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master-1-scaled-qb3jfz5uvhm44gefcxfmembpg0opmuicua8qyq9pfo.jpg\" title=\"The Inconvenient Truth About Microinsurance Rome Wasn\u2019t Built in a Day by Microinsurance Master 1\" alt=\"The Inconvenient Truth About Microinsurance Rome Wasn\u2019t Built in a Day by Microinsurance Master\" 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\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<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-5ca9ca2 elementor-widget elementor-widget-text-editor\" data-id=\"5ca9ca2\" 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: 14pt;\"><strong>An increasing number of organisations prove that microinsurance can be both sustainable and profitable. But, as they say, Rome wasn&#8217;t built in a day.<\/strong><\/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-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>The issue <\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c3cf5df elementor-widget elementor-widget-text-editor\" data-id=\"c3cf5df\" 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>It takes time to build a successful microinsurance business.\u00a0\u00a0\u00a0<\/p><p>Unfortunately, many projects fail because they were promised to deliver large-scale profits within three years, leading to sky-high expectations that are often hard to meet within a short time frame. The management or board becomes disappointed with the lack of results and shuts down the project before it can prove itself.\u00a0\u00a0\u00a0<\/p><p>This is not unique to microinsurance.\u202f\u00a0<\/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-131e2b0 elementor-widget elementor-widget-heading\" data-id=\"131e2b0\" 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>Scaling innovation takes time <\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2743737 elementor-widget elementor-widget-text-editor\" data-id=\"2743737\" 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><span data-contrast=\"auto\">Microinsurance and innovation share many analogies.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<p><span data-contrast=\"auto\">It takes time for any new innovation to break through in the market and become profitable, invariably taking longer than it was anticipated at the beginning.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<p><span data-contrast=\"auto\">Or as Bill Gates put it: <\/span><i><span data-contrast=\"none\">\u201cMost people overestimate what they can achieve in a year and underestimate what they can achieve in ten years.\u201d<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/p>\n<p><span data-contrast=\"auto\">Just look at fast growth of mobile money. As the graph below shows, it took 15 years to scale to a market of about 350 million active user accounts, with 10 years (!) to t<\/span><span style=\"font-size: 14px;\">he 100 million active users milestone. During that time, close to<\/span><span style=\"font-size: 14px; font-style: normal; font-weight: 500;\">&nbsp;<\/span><span style=\"font-size: 14px;\">90 mobile network operators closed their mobile money schemes prematurely.<\/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-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<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1200\" height=\"600\" src=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/Graph-e1676996233243.png\" class=\"attachment-full size-full wp-image-4025\" alt=\"The Inconvenient Truth About Microinsurance: Rome Wasn\u2019t Built in a Day by Microinsurance Master\" srcset=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/Graph-e1676996233243.png 1200w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/Graph-e1676996233243-300x150.png 300w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/Graph-e1676996233243-768x384.png 768w\" 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\">Growth of active mobile money accounts |  Adapted from: State of the Industry Report on Mobile Money, 2021 & 2022, GSMA<\/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-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><span data-contrast=\"auto\">It is important to note that innovative services or products are seldom an instant hit and do not follow a linear growth path. Growth looks more like a hockey stick.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The \u201cdiffusion of innovation\u201d theory explains that before a lot of people start using a new product, it needs approval from a few trustworthy adopters. Without their endorsement, the majority of people will not be interested in giving it a try.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-contrast=\"auto\">There are many similarities to draw between microinsurance and other innovations. But microinsurance also comes with some unique characteristics and challenges<\/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-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>Insurance has a bad reputation <\/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=\"1200\" height=\"800\" src=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master2.jpg\" class=\"attachment-full size-full wp-image-4030\" alt=\"The Inconvenient Truth About Microinsurance Rome Wasn\u2019t Built in a Day by Microinsurance Master\" srcset=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master2.jpg 1200w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master2-300x200.jpg 300w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master2-768x512.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>\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-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><span data-contrast=\"auto\">Low-income communities often have a skeptical and distrusting view of insurance, making it a tough sell.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Let&#8217;s face it nobody&#8217;s jumping out of bed in the morning saying, <i>&#8220;Oh boy, I can&#8217;t wait to buy insurance today!&#8221;<\/i><\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\"><i>\u00a0<\/i><\/span><\/p><p><span data-contrast=\"auto\">It&#8217;s just not a product that gives you instant gratification as a sweet treat would. You don\u2019t get anything in your hands when you sign up. It is an intangible service, a promise from a big corporate that it will serve you in times of need. Feels a little hollow and untrustworthy, doesn&#8217;t it?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Things will only start to change when people or their peers will start to experience claims.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">\u201c<\/span><i><span data-contrast=\"auto\">It actually works! This company actually does live up to its promise!\u201d<\/span><\/i><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">That\u2019s the moment of truth on which you can capitalise and grow. But claims don\u2019t happen soon after signing up (and if they do &#8211; the insurer might invoke a waiting period clause) adding further delays to the instant hit that was promised in the business plan.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/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-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>Many moving parts<\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c30cfd elementor-widget elementor-widget-image\" data-id=\"7c30cfd\" 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=\"2560\" height=\"1709\" src=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master4-scaled.jpg\" class=\"attachment-full size-full wp-image-4029\" alt=\"The Inconvenient Truth About Microinsurance Rome Wasn\u2019t Built in a Day by Microinsurance Master\" srcset=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master4-scaled.jpg 2560w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master4-300x200.jpg 300w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master4-768x513.jpg 768w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master4-1536x1025.jpg 1536w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master4-2048x1367.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\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-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><span class=\"TextRun SCXW155626988 BCX0\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW155626988 BCX0\">Microinsurance is mostly distributed through intermediaries<\/span><span class=\"NormalTextRun SCXW155626988 BCX0\">. This means you don\u2019t fully own the agenda or the speed of progress. It tak<\/span><span class=\"NormalTextRun SCXW155626988 BCX0\">es time to find the right distribution partners, agree on a product, develop and implement it, not to mention get the insurance regulator&#8217;s approval.<\/span><\/span><span class=\"EOP SCXW155626988 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span class=\"EOP SCXW155626988 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/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-01f1834 elementor-widget elementor-widget-heading\" data-id=\"01f1834\" 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>What can you do about it? <\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49b12cb elementor-widget elementor-widget-heading\" data-id=\"49b12cb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\"><b>1.  Exceed customer expectations<\/b><\/h3>\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><span style=\"font-size: 14px;\" data-contrast=\"auto\">Make sure people can experience the benefits of insurance, whether through claims or other services, such as teleconsultations. Design a solution for a risk people really<\/span> <span style=\"font-size: 14px;\" data-contrast=\"auto\">care about, and ensure a high claims frequency and fast payout. Positive experiences will turn the early adopters into ambassadors for your offering and boost take-up by the word of mouth.\u00a0<\/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-d5c728f elementor-widget elementor-widget-heading\" data-id=\"d5c728f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\"><b>2.  Set realistic targets<\/b><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b8b8aa elementor-widget elementor-widget-text-editor\" data-id=\"6b8b8aa\" 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><span style=\"font-size: 14px;\" data-contrast=\"auto\">Ask yourself, <\/span><i style=\"font-weight: inherit;\"><span data-contrast=\"auto\">\u201cWhat can we achieve within three years?\u201d<\/span><\/i><span style=\"font-size: 14px;\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Keep in mind that the success of your project is dependent on external factors and actors like intermediaries and the regulator. Think big, but act small. Learning from the results of experiments, the good and in particular the bad, is more important in the early days than focusing on scaling. Once you have figured out your product-market fit it will be easier to scale.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/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-d8aead2 elementor-widget elementor-widget-heading\" data-id=\"d8aead2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\"><b>3.  Learn from what others have figured out<\/b><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3d220a elementor-widget elementor-widget-text-editor\" data-id=\"b3d220a\" 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><span style=\"font-size: 14px;\" data-contrast=\"auto\">Rome wasn\u2019t built in a day, but you can skip the trial-and-error process and fast-track your progress by learning from the best in the microinsurance sector.<\/span><span style=\"font-size: 14px;\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><span style=\"font-size: 14px;\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">In the early days, for example, several insurers attempted to launch their offerings nationwide with expensive advertising campaigns. They learned the hard way that low-income customers often struggle to understand the concept of insurance and have little trust in insurers. The B2B2C model, however, has emerged as a viable solution. Through strategic partnerships with trusted organisations, insurers can more effectively and efficiently scale microinsurance, reducing risk and increasing customer satisfaction.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">There are many more lessons, big and small, on how to boost your microinsurance activities. We have documented some of the key ones in <\/span><a href=\"https:\/\/microinsurancemaster.org\/how-to-thrive-in-microinsurance\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">this article<\/span><\/a><span data-contrast=\"auto\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/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-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>In conclusion<\/b><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fd0474 elementor-widget elementor-widget-image\" data-id=\"5fd0474\" 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 loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1440\" src=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master5-scaled.jpg\" class=\"attachment-full size-full wp-image-4033\" alt=\"The Inconvenient Truth About Microinsurance Rome Wasn\u2019t Built in a Day by Microinsurance Master\" srcset=\"https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master5-scaled.jpg 2560w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master5-300x169.jpg 300w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master5-768x432.jpg 768w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master5-1536x864.jpg 1536w, https:\/\/microinsurancemaster.org\/wp-content\/uploads\/2023\/02\/The-Inconvenient-Truth-About-Microinsurance-Rome-Wasnt-Built-in-a-Day-by-Microinsurance-Master5-2048x1152.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/>\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-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><span data-contrast=\"auto\">Building a profitable microinsurance business is an endurance game, it takes time and effort, but several microinsurers have demonstrated how it can be done:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><ol><li><b>Set realistic expectations for what you can achieve in the early days, <\/b>\u00a0<\/li><li><b><span data-contrast=\"auto\">Learn from others,<\/span><\/b><span data-contrast=\"auto\"> and\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><li><b><span data-contrast=\"auto\">Make sure your beneficiaries experience the benefits of insurance<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ol><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-contrast=\"auto\">so that you grow through the word of mouth.\u00a0<\/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-91b8b37 elementor-widget elementor-widget-heading\" data-id=\"91b8b37\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\"><b>The good news is, there is a time-saving shortcut <\/b><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a16c290 elementor-widget elementor-widget-text-editor\" data-id=\"a16c290\" 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: left; padding-left: 40px;\"><i style=\"font-weight: inherit;\"><span data-contrast=\"auto\">\u201cSmart people learn from their mistakes. But the real sharp ones learn from the mistakes of others\u201d &#8211; Brandon Mull<\/span><\/i><span style=\"font-size: 14px;\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/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-bb91a45 elementor-widget elementor-widget-text-editor\" data-id=\"bb91a45\" 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><span style=\"font-size: 14px;\" data-contrast=\"auto\">The Microinsurance Master accelerator programme can help.<\/span><span style=\"font-size: 14px;\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">With a 98% recommendation rating from 95 executives in 35 countries, it&#8217;s a proven shortcut to success.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The programme is designed to accelerate your microinsurance activities by inspiring and strengthening you with what others have figured out.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The 2024 edition of Microinsurance Master is full booked but we are already accepting application for the 2025 cohort.\u00a0<\/span><\/p><p><span style=\"font-size: 14px;\" data-contrast=\"auto\">The <\/span><span style=\"font-size: 14px;\" data-contrast=\"auto\">accelerator\u00a0<\/span><span style=\"font-size: 14px;\" data-contrast=\"auto\">is limited to 20 microinsurance executives on a first-come, first-served basis.\u00a0 <\/span><a style=\"background-color: #ffffff;\" href=\"https:\/\/microinsurancemaster.org\/apply-now\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Apply now<\/span><\/a><span style=\"font-size: 14px;\" data-contrast=\"auto\"> to join us in making a difference in microinsurance or find out more about the programme <\/span><a style=\"background-color: #ffffff;\" href=\"https:\/\/microinsurancemaster.org\/accelerator\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">here<\/span><\/a><span style=\"font-size: 14px;\" data-contrast=\"auto\">.<\/span><span style=\"font-size: 14px;\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/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-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<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>An increasing number of organisations prove that microinsurance can be both sustainable and profitable. But, as they say, Rome wasn&#8217;t built in a day.<\/p>\n","protected":false},"author":1,"featured_media":4032,"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>Rome Wasn&#039;t Built in a Day: The Inconvenient Truth About Microinsurance<\/title>\n<meta name=\"description\" content=\"An increasing number of organisations prove that microinsurance can be both sustainable and profitable. 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