Afro-global insurance and reinsurance broker, Maksure Risk Solutions has launched a breadwinner insurance product in the United Kingdom. The bespoke insurance product allows fintech money remittance companies to provide an insurance benefit to their clients who constantly use their platform to send money to their family and friends. The UK product is underwritten by Diaspora Insurance who are a well-entrenched insurance company resident in the United Kingdom.
The breadwinner product is a death benefit cover that pays out benefits to a client for a period of three months following death based on the average remittance that the client has done in the preceding three months of the client’s date of death. The benefits are settled to a designated beneficiary nominated by the client. The cover is free to the clients who are consistent with their remittance.
“This is reverse innovation at its best” said Mr. Simba Makwembere, Managing Director: Europe, Africa & Asia at Maksure Risk solutions. “This product launch in the UK is in line with our vision of providing developed markets with new products that have been tried and tested in emerging markets” he added.
Maksure Risk Solutions is a very well-known entity in terms of innovation in the insurance space both in the emerging and developed markets.
The benefit for the product to the fintech remittance company is multi fold:
- Encourages the clients to use the remittance platform on a more regular basis.
- Increases stickiness of the client to the remittance platform.
- Increases the average remittance amount.
- Creates goodwill with clients especially with increased claims pay-outs.
- A source of product differentiation for the remittance platform.
The product also creates upselling opportunities to the fintech company as some clients may require higher amounts of cover, thereby creating new revenue streams for fintech company.
For more information regarding our structured risk solutions in the United Kingdom, contact our Managing Director, Mr Simba Makwembere at +27 11 805 0086 or email firstname.lastname@example.org.
About Maksure Risk Solutions
Maksure Risk Solutions is an Afro-Global independent specialist insurance and reinsurance broker with business footprint in Africa, Asia, East & Western Europe, South America and the Caribbean. We provide innovative and tailor-made risk solutions in Insurance and Reinsurance as well as Risk Financing and Actuarial Consulting geared towards capital management and strengthening our client’s balance sheet. Maksure is also one of the major players in Captive Management (Establishment & Management) in South Africa, Mauritius, Bermuda and various other jurisdictions. We have access into the Lloyds of London with a deep understanding of African markets. Our global nature ensures that our clients access quality capacity as well as some of the world’s latest thinking and solutions.