India has the most dynamic Microinsurance sector in the world, owing to its population size. 70% of India’s population lives in rural area. This section of the population is often poor, with low literacy rates. Major concerns are poor health and limited access to good healthcare services. Liberalization of the economy has helped the insurance sector to create new opportunities for insurance to reach the vast majority of the poor, including those working in the informal sector. Microinsurance in India has valuable lessons for the rest of the world, particularly in the regulation of the industry. There is a strong synergy between Microinsurance business and the financial inclusion business model. i25 RMCS has been one of the first entrants in India in the financial inclusion sector. Having been in this business for last five years, i25 RMCS has established processes, standards and technical infrastructure to service the financial sector.
The “micro” portion of Microinsurance refers to the subset of insurance products that are designed to be beneficial and affordable for low-income individuals or groups. i25 RMCS works with some of the biggest Insurance providers in the country using a countrywide network of over 12,000 field agents.
Microinsurance policies for Life, Health and General Insurance can be purchased by villagers from the field agents residing in the same village. There by, generating additional revenue for the field agents, as well bringing rural India under the gambit of Insurance.