Aziza is a client of the Lead Foundation in Egypt. When Lead and AXA Egypt launched an insurance program, Aziza first considered it as an unnecessary additional expense. But when she was hospitalized and the cover reimbursed her expenses, she understood the value it could bring.
Fatma signed up to Alodokter’s mobile app service providing unlimited consultations with specialist doctors. When she was hospitalized for 3 nights, she only had to submit a picture of her discharge form to receive a speedy claims payout.
Every month, Saiful sends money to his family in Bangladesh through Merchantrade, a remittance company. When he was involved in a serious accident he was protected by Merchantrade Insure, a scheme designed by AXA Malaysia, and received a disability allowance which allowed him to undergo treatment and fully recover.
Emerging customers are in a precarious middle position. Their incomes are often too high to qualify for the limited social protections that exist for the poorest in their countries, but they have not yet reached the level that would give them access to traditional private insurance. Many are part of the informal economy and, as self-employed workers or owners of a micro, small or medium-sized enterprise (MSME), they do not enjoy employee benefits. Without formal protections, their transition to the middle class is akin to a game of chance, and they are always at the mercy of illness, the theft of a bicycle or the burning of a place of business.
In addition, the income of emerging customers is often unpredictable, and they do not always know what tomorrow will bring. Long-term insurance policies are therefore poorly suited.
Finally, the sale of traditional insurance depends heavily on agents and brokers who mainly target high-end customers in urban areas.