The microinsurance venture incubator (MVI), formed by the Microinsurance Consortium, has been named Blue Marble Microinsurance.
The consortium consists of American International Group, Aspen Insurance, Guy Carpenter, Marsh & McLennan Companies, Hamilton Insurance Group, Old Mutual, Transatlantic Reinsurance Company, XL Catlin, and Zurich Insurance Group.
The formation of the MVI was announced in Davos, Switzerland on January 22, 2015.
Blue Marble Microinsurance said that it 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.
It is currently evaluating opportunities in Latin America, Africa and emerging Asia, with the initial venture to be launched later in 2015.
Joan Lamm-Tennant, Blue Marble Microinsurance chief executive officer, said: “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.
“Collaborating with our venture partners, Blue Marble Microinsurance will create innovative products that meet the unique needs of its customers.”
The MVI added that it has identified several potential strategic partners and is in advanced discussions to establish these relationships. The partners include companies with expertise in distribution, technology, and social impact issues, as well as donor organisations, and government and quasi-government entities.
Brian Duperreault, CEO of Hamilton Insurance Group, added: “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.”
“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, 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, Hamilton Insurance, XL Catlin, Joan Lamm-Tennant, Brian Duperreault, Michael McGavick