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Deadline:
Friday, 27th August 2021,
23:59 hours
In order to attract new ideas that address current challenges in the Zambian financial landscape, BongoHive held four insight formation workshops with FSD Zambia and various financial sector experts from the Insurance, Banking and Payments sectors.
The Problem:
Insurance processes remain largely inefficient and ineffective particularly with regards to client onboarding, collection of premiums, payout of claims and agent misconduct.
The Challenge Statement:
How might technology be used to optimize insurance processes that address client onboarding, collection of premiums, payout of claims and agent misconduct?
The Problem:
Lack of insurance awareness has been one of the major barriers to the uptake of insurance products regardless of how customer-centric they may be in terms of design, pricing and distribution. According to research findings, over 40% of adult Zambians have not heard about insurance let alone its value. Even among those that have some basic understanding, there exist some myths and misinformation that must be dispelled. Insurance products remain the least consumed from a long list of financial services and products. .
The Challenge Statement:
How might we leverage technology to educate the masses about insurance in order to increase the uptake of insurance services?
The Problem:
Current sociocultural norms and income distribution, disproportionately disenfranchise women, who remain underserved and under-insured. Further, insurance products are largely gender-neutral and do not take into account the specific needs of women.
The Challenge Statement:
How might technology be used to encourage the uptake of existing insurance products by women? How might technology be used to design thoroughly thought out, context-specific insurance products for women?
You can expect to develop your Inclusive Insurance product/service through coaching, business modelling and product sprints which involve:
SEPTEMBER 2021
Objective:
Explore the potential of an insurance product/service idea by validating the market and testing all assumptions.
5-day virtual sprint programmes
5 FinTechs
5 Insurance Companies
2 FinTech winners (overall)
OCTOBER 2021
Coaching by Insurance industry experts, including the Pensions and Insurance Authority (PIA), Microinsurance Technical Advisory Group (TAG), Financial Sector Deepening Zambia (FSD Zambia), among others.
NOVEMBER 2021
Inclusive Insurance product/service prototype development for the two (2) winning teams.
NOVEMBER – DECEMBER 2021
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