Insurtech companies can keep the price of premiums as low as 50 cents in an attempt to woo the emerging middle-class market in Asia, a section that has traditionally been underbanked and lacked access to insurance and healthcare.
Speaking at an online panel discussion ‘From Financial Inclusion to Healthcare Inclusion’, Milvik Bima founder and CEO Gustaf Agartson said, “We can use data to propose relevant products to consumers and make insurance affordable. Thanks to mobile wallets, we can sell policies to people who haven’t had access to them before.” Even a 50 cent policy could result in a profitable customer. Agartson added, “That is enabled by our scale. By adjusting the level of coverage, we can get the premium down.”
