Emerging Insight: Using a modular approach to improve client understanding
19 May 2022
Segurísimo is a modular insurance product offered by the Colombian insurer Seguros Mundial. The product is aimed at the vulnerable, rural or traditionally excluded population of Colombia. The basic coverage of the product is accidental death, but it also allows the insured to select two additional risks, which could include accidental death, mutilation or dismemberment, floods, hospitalization, aid for medical expenses due to stings, fractures, burns or bite of poisonous animals and disability.
Seguros Mundial used a client-centric co-creation process with the target population to identify the risks and make the product more tangible to clients. The modular approach also helped with insurance education as clients are involved in the sales process and they must evaluate their exposure to risk and the benefits of each coverage, thereby leading to a better understanding of the product.
Seguros Mundial is using a combination of aggregators (such as the National Federation of Coffee Growers of Colombia) and correspondent agents to distribute the product. It believes that its diverse strategy and the flexibility of the product will appeal to both the rural and urban populations. To learn more about the product design and distribution strategy, see the new Social Finance Brief: Segurísimo: Developing inclusive insurance in Colombia.
Seguros Mundial used a client-centric co-creation process with the target population to identify the risks and make the product more tangible to clients. The modular approach also helped with insurance education as clients are involved in the sales process and they must evaluate their exposure to risk and the benefits of each coverage, thereby leading to a better understanding of the product.
Seguros Mundial is using a combination of aggregators (such as the National Federation of Coffee Growers of Colombia) and correspondent agents to distribute the product. It believes that its diverse strategy and the flexibility of the product will appeal to both the rural and urban populations. To learn more about the product design and distribution strategy, see the new Social Finance Brief: Segurísimo: Developing inclusive insurance in Colombia.