MicroEnsure works with over sixty MFI's that collectivly reach over 12m active borrowers but MicroEnsure also partners with a range of NGO's, religious groups and mobile phone companies to reach the low income market. MicroEnsure places insurance risk with a range of local insurers, global re-insurers and uses its own reinsurance facility when no local insurer can be found.
MicroEnsure's work on health started in India where it sells an in-patient cashless insurance to borrowers of MFI's like SHARE Microfin as well as NGO's and through hospitals. The product costs US$10 a year for a family of four people and provides a benefit of US$450 per family on a floater basis. This system allows flexible payment options for families of different sizes and those unable to afford to pay the premium in a single lump sum. Services provided through the insurance are entirely cashless. Users must only present their ID card to receive treatment.
In 2010, MicroEnsure began to expand its health products to include Africa, where the company has started selling an ailment specific product for $40 a year for a family through the Anglican Church and the Coffee Growers Unions. The product covers malaria, maternity (prenatal, delivery including C-section and post natal), diarrheal disease, pneumonia and acute respiratory infection, for both in and out patient visits. Selling insurance through these channels has helped to overcome peoples’ mistrust of traditional insurance companies. MicroEnsure has also established a health insurance program with Kilimanjaro farmers. The program offers full outpatient services and inpatient maternity cover for less than $20 per person per year. MicroEnsure now covers 600,000 in Tanzania.
In early 2012, MicroEnsure launched credit health insurance in Ghana. For a premium of approximately $0.25 per month, MicroEnsure will take over a client's weekly microfinance repayments in the event that the client is hospitalised during the loan term. Claims are quick and easy to make; all that is required is proof of admission and discharge from a recognised inpatient facility. The longer the hospital stay, the more weekly repayments will be covered, but even a stay of just one night in hospital is covered. No health conditions are excluded.
MicroEnsure also uses smartphones to improve the registration process.
MicroEnsure sells a range of products outside of health, including life, disability, property and weather insurance.