Project Funded by: Sakchyam Access to Finance, UKAID (June 2019 – January 2021)
Project Overview: This project, implemented in partnership with digital distribution partners and an e-commerce platform, aimed to enhance access to microinsurance products in Nepal. Stonestep developed and implemented two innovative products:
Partners:
- Digital Distribution: DigiPay and PrabhuPAY
- E-commerce Platform: Telenet
- Insurance Companies: Lumbini General Insurance Company and Prabhu General Insurance Company
Bundled Product as Nudge:
- Description: A group personal accident insurance product designed as a nudge to cover accidental death and partial damage.
- Distribution: Implemented through mobile wallets (DigiPay and PrabhuPAY) targeting urban and semi-urban populations.
- Bundled Product as VAS (Value Added Service):
- Description: Bundled COVID-19 insurance products offered as a value-added service to cover COVID 19.
- Distribution: Implemented in partnership with the e-commerce platform, Top Doctor Online Nepal, operated by Telenet Pvt. Ltd.
Digital Solution: The project leveraged an IT back-end system (EIGER), developed specifically for the Nepalese context, to integrate with the front-end systems of distribution partners. This system facilitated comprehensive insurance administration, including enrolment, tracking, claim settlement, and customer care services.
Project outcome:
- Insurance Education: 77,185 beneficiaries learnt about insurance benefit, process through insurance education initiatives.
- Direct Beneficiaries: 4,765 individuals protected through group personal accidental insurance delivered through digital and e-commerce platform in micro-units.
This initiative successfully utilised mobile technology and digital platforms to improve insurance accessibility and coverage, particularly in urban and semi-urban areas of Nepal.
