InsurTech solutions serve as a modernization of traditional insurance. InsurTech solutions produce more customizable and bite-sized insurance products to cater to every lifestyle. The digitalization of insurance companies reduce paper-based documentation, creating convenience for the consumers or optimizing the pricing of insurance to an accurate premium. The solution creates a new distribution channel for micro-insurance. Allowing insurers to reach out to a greater market by collecting premiums through alternative means such as mobile credits or talktime. The bite-size nature of this insurance product caters to the previously uninsured population by breaking insurance down to more digestible pieces. This product also encourages consumer loyalty through incentives when consuming their phone plan. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. Micro-insurance distribution
channel enablement
Case study
Context:
A taxi hailing company based in the Middle East
is seeking ways to provide Insurance coverage
to its drivers via a seamless distribution model.
Target market:
• Low-to-Middle income drivers in UAE
• Drivers without access to life insurance or
savings plan
• Marketing, distribution, servicing and claims
via two-way SMS and web subscription
Product offerings:
• Savings product with above-market returns
and guaranteed capital, topped voluntarily
by drivers
• Freemium life for loyal and performing
drivers
Technologies and channels used:
• Customer education and training events
• SMS marketing and mobile web subscription
• Two-way SMS and web servicing
• Claims disbursement via remittance
transfer
Client impact:
• Increased customer loyalty
• Managed to tap into a new growth market
that can attract more customers
• More awareness for brand, products and
services
• Increased employee benefit
• Stronger market hold compared to
competition
Contact us
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Challenges faced by insurance companies
Capturing the underserved in
growth markets
Company branding opportunities
Diversified range of tech capabilities Awareness of insurance policies
Market penetration in the financially
excluded market
Cross selling of products
Business model of micro-insurance
LowPenetrationrateHigh
Freemium
(free plus
paid)
• Product provider offers the service for free (opt-in
or out) on the basis of certain criteria that the
provider would like to incentivize.
• It is required to move the free base into paid
through cross-sell and up-sell activities.
Bundle
• Mobile micro insurance is bundled with mobile
consumer plans that have been built specifically with
the segment in mind.
Paid
• The customer voluntarily pays 100% of the
premium.
• A high understanding is required of formal insurance
works.
• No guarantee to scale or to make the scheme viable
for multi-national-organization (MNO) and insurer.
Loyalty
• Free Insurance is offered as a reward in exchange
for a minimum monthly spend(e.g., Airtime, M-
money)
Extend growth reach through distribution channels
Increased marketing
and brand awareness
Individual policy
administration
Call center and digital
support1 2 3
Short message
system (SMS) and
unstructured
supplementary
service data (USSD)
support and
notifications
Airtime cross sell
Insurer claims
payment4 5 6
Leading tech capabilities
Marketing
and sales
Policy
admin
Premium
collection
Customer
service
Claim
management
Insurance
product
SMS Airtime USSD menu
Telco
customers
Credits:
• Mobile money
• Airtime
• Loyalty points
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

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