Category : Best Innovation – Finance (Innovation in Insurance)
HONORABLE MENTION
Innovation Title : Green Delta Digital Ecosystem
Organization : Green Delta Insurance Company Ltd.
Background
While the global financial industry is adopting FinTech and InsurTech vigorously, Bangladesh has a long way to go when it comes to insurance. Despite being a 45 years old industry and having a market teeming with 170 million people, insurance penetration rate in Bangladesh is the lowest in emerging Asia (less than 1%) and far behind from the developed western countries. While the market has immense untapped potential, the reach of insurance services is still very minimal. As an effort to maximize reach and penetration, Green Delta launched Digital Insurance in 2018 and a comprehensive mobile app named InsuMama in 2020.
Objectives
1. Maximizing access of mass people to insurance services.
2. Breaking through the orthodox method of selling insurance.
3. Creating a meaningful, user-friendly and tech-driven ecosystem.
4. Promoting insurance services through corporate partners.
5. Creating alternative business pockets through collaboration/partnership.
6. Ensuring seamless service through use of technology (premium payment & digital claim settlement).
The Idea
The core idea behind the innovation is to maximize peoples access to insurance services through corporate collaborations with different industries by usage of IoT, integrated apps and OTC platforms alongside Green Delta’s own assets (app, website, social media). GDIC have realized the importance of partnership modality for increased collaboration with Telco Operators, MFS/DFS, E-commerce/Marketplaces to maximize reach of insurance services and therefore, Green Delta has partnered with a wide spectrum of corporate entities, such as, Robi, Nagad, ShopUp, Carnival Assure etc. respectively.
Execution
The strategy is to reach around 3.5 crore people with the insurance services by 2022 through the newly built digital ecosystem, which comprises the following:
1. GDICs own assets: Website, InsuMama app, social media, microsites tailored for different partners,
2. Assets of Corporate partners: Telco retailers (e.g. Robi rStores) Conventional retail (e.g. ShopUp) Aggregators (e.g.
Carnival Assure), E-commerce sites, Other tech-enabled companies. The cross-platform technical integration with the corporate partners was build to ensure seamlessness of the service delivery (from premium collection to claim settlement) which has been addressed by robust technological and process optimization.
Value Addition
With the help of their digital ecosystem, partners, retailers and everyone in the value chain are being benefited by the
mutually beneficial business model. In addition, Green Delta is making affordable insurance services available to around 3.5 crore people of Bangladesh through this ecosystem by 2022. Among those 3.5 crore, even if only 7 lac people buy the insurance services fitting their needs within next 1 year, around 21 lac people will directly benefit from the insurance services.
Result and Impact
Inspired by the motto – “Insurance for everyone,” GDIC is trying to reach the mass market through means of the innovative digital ecosystem, which would enable around 3.5 crore people to access insurance services by 2022. Its wide array of insurance solutions can play a major role in covering health risks, accidental risks, asset risks of individuals and corporates alike. Thus, the scope of contributing through risk management and damage control in the circular economy is huge.