MicroEnsure and Idiom have joined forces to build new generation insurance system aimed to provide better microinsurance solutions to serve the poor.
MicroEnsure Chief Operating Officer Martin Fuller is the business sponsor for MicroEnsure’s system development project, ARK, with Idiom.
Fuller said: "At MicroEnsure we are constantly seeking better ways to service our customers, the world’s entrepreneurial poor, in a cost effective and efficient way."
MicroEnsure Philippines country manager William Martirez said: "Our primary concern is to provide for the policyholder’s immediate needs after a devastating loss. Claims should be paid immediately; that is, 24 hours for funerals, every three days for hospitalization and within 10 days for life, calamity and weather index."
The MicroEnsure provides weather index insurance and health insurance products, which ensures that money flows when it is needed.