The Microinsurance Consortium, led by a group of leading companies in the insurance industry, today announced a new name for their microinsurance venture incubator (MVI) - Blue Marble Microinsurance. The consortium consists of American International Group, Inc., Aspen Insurance Holdings Limited, Guy Carpenter & Company, LLC together with Marsh & McLennan Companies, Inc., Hamilton Insurance Group, Ltd., Old Mutual plc, Transatlantic Reinsurance Company, XL Catlin, and Zurich Insurance Group.
Speaking about the new name, Blue Marble Microinsurance CEO Joan Lamm-Tennant remarked, “We believe Blue Marble Microinsurance reflects the vision of our venture. Both contemporary and straightforward, it speaks to the next generation and reminds us of the interconnectedness of all the earth’s inhabitants. Blue Marble Microinsurance is about taking a holistic view of our world, seeking to extend insurance protection to a broader portion of the population and advancing the role of insurance in society, in a socially responsible and sustainable way.”
The consortium announced the formation of the MVI in Davos, Switzerland on January 22, 2015.
Blue Marble Microinsurance is committed to launching ten microinsurance ventures over the next ten years and will deliver solutions to address the risk management needs of the underserved. “Collaborating with our venture partners, Blue Marble Microinsurance will create innovative products that meet the unique needs of its customers,” Ms. Lamm-Tennant continued.
Blue Marble Microinsurance has identified several potential strategic partners and is in advanced discussions to establish these relationships. Those partners will include companies with expertise in distribution, technology, and social impact issues, as well as donor organizations, and government and quasi-government entities.
Today’s announcement was made during the 2015 International Insurance Society’s Global Insurance Forum. Brian Duperreault, CEO of Hamilton Insurance Group, a founding member of the consortium said, “Blue Marble Microinsurance’s founding partners know that the ability to manage and finance risk is critical to the development of society - any society, but most urgently to those struggling to gain a stable toehold in their pursuit of education, jobs and a prosperous future.” Mr. Duperreault also said, “The innovative research and development enabled by Blue Marble Microinsurance will bring affordable insurance products to the developing world. Technology is integral to this global project, but what drives it is the consortium’s collaboration, sense of purpose, and focus on the future.”
Michael McGavick, the CEO of XL Catlin, another founding consortium company, who will be speaking at the forum on Tuesday, June 16, said, “The establishment of Blue Marble Microinsurance demonstrates this consortium’s commitment to providing access to insurance in regions of the world where it has been unavailable yet much needed. Blue Marble Microinsurance is poised to expand the insurance industry’s ability to make a difference for some of the world’s most underinsured regions, helping these societies grow and flourish.”
Blue Marble Microinsurance will provide innovative technology-enabled platforms, achieve sustainability through adequate levels of profitability and advance the role of insurance in society. These ventures will provide the business services necessary to achieve scale and profitability in the market including: unique distribution methods, local partnerships, product development, and impact services such as measuring/monitoring social impact. Blue Marble Microinsurance is currently evaluating opportunities in Latin America, Africa and emerging Asia, with the initial venture to be launched in 2015.
Also as part of the forum, Ms. Lamm-Tennant will moderate a panel at the U.N. on Wednesday, June 17th entitled Microinsurance: Building Sustainable Markets through Financial Inclusion, which focuses on groundbreaking research on overcoming barriers to adopting microinsurance.