Upstream, a leading mobile commerce accelerator in high-growth markets, has announced the launch of CoverNow (cover-now.com), a new microinsurance solution offered via mobile, providing basic health and life coverage to customers of its Mobile Operator partners.
Microinsurance is defined as protection for those having a daily income of under $10 and who do not have access to typical insurance policies.
The easy to acquire CoverNow offering removes the usual complexities surrounding enrolment to typical insurance policies, since it involves low premiums, low distribution costs and simple terms and conditions.
Working in partnership with world-leading insurance providers, Upstream offers CoverNow in a number of ways: as a key component of Mobile Operators’ loyalty schemes, as part of a bundle of offerings provided by Mobile Operators to their customers, or as a standalone offering.
CoverNow is initially scheduled to roll out in Egypt and Brazil, with plans to extend to other high growth markets in the near future.
Marco Veremis, CEO of Upstream comments: "Microinsurance is on the rise in emerging markets and is already widely available via other delivery channels, but mobile offers a significant point of difference. Mobile operators have a vital role to play in facilitating wide-spread coverage to those who otherwise would not have access to health and life insurance.
"CoverNow not only offers mass-scale distribution, providing access to insurance coverage for the "underserved", it also provides a simple billing solution through a subscription micro-payment model, facilitated by direct carrier billing. A brilliant example of how technology can enhance people’s quality of life and really empower those living in emerging markets."