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Panamax MobiFin Micro Insurance

Panamax MobiFin Micro Insurance. www.panamaxil.com. 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

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  1. Panamax MobiFin Micro Insurance www.panamaxil.com

  2. 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 www.panamaxil.com

  3. 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 We Empower Global Telecom Network www.panamaxil.com

  4. 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 We Empower Global Telecom Network www.panamaxil.com

  5. Benefits 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 www.panamaxil.com

  6. Micro Insurance System Other Insurance System Agent A/C Customer A/C Agent A/C Customer A/C Agent Mobile Customer Mobile

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