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Michael McCord is a Principal and Managing Director at the MicroInsurance Centre in Milliman’s Appleton, WI office. With over 25 years in the industry, Michael saw a growing demand for insurance for low-income individuals, but very few resources to support them. This market is vastly underserved because their needs are different. When thinking about how to service this demographic, the insurance industry needs to take on a complete paradigm shift. Michael explains why in this week’s episode.
Key Takeaways
Keep Getting Better
Frm.milliman.com
Michael on LinkedIn
Quotes
“Microinsurance is specifically designed for low-income people. This is an active piece of the insurance continuum.”
“We’re going to do a $500 policy for low-income people. How do we operationally do that differently? It’s a paradigm shift. Low-income people need money within hours, [not days/weeks].”
“We have to define microinsurance with regulators, how to distribute it, who can distribute it, what technology they can use. We need to get all four of those pieces and if we don’t do a piece of that, then it will always fail.”
4.8
1717 ratings
Michael McCord is a Principal and Managing Director at the MicroInsurance Centre in Milliman’s Appleton, WI office. With over 25 years in the industry, Michael saw a growing demand for insurance for low-income individuals, but very few resources to support them. This market is vastly underserved because their needs are different. When thinking about how to service this demographic, the insurance industry needs to take on a complete paradigm shift. Michael explains why in this week’s episode.
Key Takeaways
Keep Getting Better
Frm.milliman.com
Michael on LinkedIn
Quotes
“Microinsurance is specifically designed for low-income people. This is an active piece of the insurance continuum.”
“We’re going to do a $500 policy for low-income people. How do we operationally do that differently? It’s a paradigm shift. Low-income people need money within hours, [not days/weeks].”
“We have to define microinsurance with regulators, how to distribute it, who can distribute it, what technology they can use. We need to get all four of those pieces and if we don’t do a piece of that, then it will always fail.”
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