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  • Frost & Sullivan Bestows MicroEnsure with “India Emerging Insure-tech Company of the Year” Award at its 2017 India Best Practices Awards Banquet

Frost & Sullivan Bestows MicroEnsure with “India Emerging Insure-tech Company of the Year” Award at its 2017 India Best Practices Awards Banquet

  • by Business Wire India
  • 1 year ago
  • 0

Business Wire India
MicroEnsure was named ‘India Emerging Insure-tech Company of the Year’ at the 2017 Frost & Sullivan India Best Practices Award Banquet held on October 05, 2017 at ITC Maratha, Mumbai.

MicroEnsure has been addressing the insurance needs of low-to-middle income groups in Asia and Africa for over a decade through its innovative range of products. The company has successfully implemented affordable health insurance services by providing accessible, affordable and effective insurance to the mass market in India. In 2015, MicroEnsure in association with Telenor India launched a product called ‘Telenor Suraksha’, which enrolled more than 20 million customers for life insurance by early 2016. Notably, more than 90% of the enrolled customers had never been insured. The company continues to grow with a goal to reach 100 million registered customers by 2025. Its business model focuses on maximizing and empowering its potential through MNO (Mobile Network Operator), financial institutions and other distribution partners.

Congratulating MicroEnsure on the award, Dr. Sunaina Singh, Senior Consultant, Transformational Health (Healthcare) Practice, Frost & Sullivan said, “MicroEnsure has had a very successful year – 2016. The company has demonstrated enormous growth with over 17 million customer enrolments in India through the implementation of its unique product named ‘Telenor Suraksha’. MicroEnsure strategically leverages this digital platform and replaces the traditional and complicated customer acquisition techniques, providing more affordability and accessibility to the customers. The underlying philosophy behind the company’s leading position is attributed to its in-depth market knowledge, pace of innovation, customer-centric approach and strong business model. MicroEnsure is set to make a mark in the mass health insurance market in India by maximizing and empowering its potential through Mobile Network Operator (MNO), financial institutions and other distribution partners.”

Talking about the award, Richard Leftley, Founder and CEO, MicroEnsure said, “We are delighted to receive this prestigious award that reflects the teamwork and collaboration between MicroEnsure, Telenor India and Shriram. We have been able to successfully design and deliver an innovative mass market insure-tech solution, which is simple and easy to access for Telenor customers from enrolment via mobile phones to a rapid claims process, providing a safety net to millions of Indian families.”

Frost & Sullivan Awards recognize companies across regional and global markets for outstanding achievement and performance in a range of regional and global markets for superior leadership, technological innovation, customer service, strategic product development, etc.

Frost & Sullivan’s 360° Research Methodology™ represents the analytical rigor of our research process. It offers a 360° view of industry challenges, trends, and issues by integrating all 7 of Frost & Sullivan’s research methodologies. Too often, companies make important growth decisions based on a narrow understanding of their environment, leading to errors of both omission and commission. Successful growth strategies are founded on a thorough understanding of market, technical, economic, financial, customer, best practices, and demographic analyses. The integration of these research disciplines into the 360° Research Methodology™ provides an evaluation platform for benchmarking industry players and for identifying those performing at best-in-class levels.

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