Microinsureance Gets Tech Boost

July 1, 2010

The Microinsurance Network is launching a first-of-its-kind technology clearinghouse, that both centralizes and reviews software systems designed specifically for microinsurance. The group says this new "technology inventory" follows in the footsteps of CGAP, which launched a similar service for the systems microfinance institutions (MFIs) run on about 10 years ago.

The Microinsurance Network's Technology Working Group, which spearheaded the project, has identified so far 18 different software systems, each of which is available for free downloading on the new Web site. Providers are also encouraged to use the Web site in order to present their products.

Users can search, filter and examine each system, by product type, language, size of institution, provider location, etc. But this is only the beginning; updates are already in the works for the Web site, as well as for non-software technologies, such as mobile phones.

"This significant launch is yet more evidence that the momentum behind microinsurance is slowly but surely catching up with microcredit," the group stated in announcing the project.

Access to the technology inventory is available via the Microinsurance Network Web site.

50 million American households are considered "unbanked" - they have no relationships with federally insured financial institutions