Global and Affordable Safety Net for Low-Income Population

Jan 22

Who: Data Driven Finance AS

What: Collective-Based health insurance

Where: Kenya

Project period: 2018 – 2021

Web: DDFinance

DDFinance is a Norwegian insurance and automation specialist, established to enable low-cost insurance for the uninsured low-income populations globally.

DDFinance’s Collective-Based Insurance provides a safety net to prevent families from falling (back) into poverty after experiencing a health situation challenging their earnings. People that have some cash income can afford small premiums. Insurance provides a buffer from the vicious cycle of poverty and can play an important role in building their resilience.

DDFinance provides health insurance in Kenya; At monthly premium of NOK 1, - customers are provided with NOK 45, - per day when hospitalized and NOK 900, - in case of death. With this health premium cost is moved to a different low level – globally. Provides help with hospital bills, transportation, medicines or cash to replace lost income. 32% of claims paid out are related to young women giving birth at a hospital rather than less safe home births.

Goals

Enable affordable health insurance for majority populations in the global south
Convert vulnerable populations’ social capital into valuable capital assets
Build and scale national insurance market systems in developing economies

DDFinance operates a digital insurance market system in Kenya, connecting insurance companies’ capacity to carry risks, directly with end-consumers’ need and capacity to buy low-cost risk covers.

The market system is at its core managed on a proprietary Insurance Network Service (INS) platform. INS is built on a Microservice Architecture and Mongo DB and Docker Orchestration platform, guaranteeing availability, scalability, and compliance with the most demanding data security standards. INS is readied for scaling multiple national insurance market systems.

Scale and reach are further amplified through integration with micro-learning platforms enabling exponential growth through national and Pan-African distribution partners

Nudging the Insurance Industry

The market system connects local insurance companies’ capacity to underwrite and carry risks directly with low-income consumers. Based on digital low-cost insurance workflows, the market system allows for profitable insurance products at very low premium levels.

At its core the market system is managed on our Insurance Network Service (INS) platform, guaranteeing availability, scalability, and compliance with the most demanding data security standards.

DDFinance leverages the opportunity that innovation and technology present and contributes towards digitizing and automating the insurance industry. This enables creation of competitive and balanced national formal insurance markets to evolve, to finally include also the uninsured majority populations in developing markets.

This is Grieg Foundation´s first Social Impact Investment project.