In a blog post last month, CFR reported that MicroEnsure has “sign[ed] up a million [life insurance] customers [in Ghana] over 14 months, 85% of them new to insurance” by linking life insurance to mobile phone payment plans.
As more airtime is used by subscribers to local carrier Tigo, the more free insurance clients earn for themselves or for family members, and they have the option to double their coverage for an extra $0.50 a month.
Despite being a population which suffers most when natural disasters or family tragedies strike, most people living in extreme poverty lack insurance. Microinsurance provides an essential safety net.
MicroEnsure offers crop, loan, health, life and property insurance, providing a safety net to people who otherwise risk slipping back into poverty after a disaster.
Read more about CFR’s five innovations to watch in 2013 »