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Telenor and MicroEnsure Bring Insurance to the Masses in Asia
Published on:
Telenor has announced the formation of a new joint venture with UK based MicroEnsure, a provider of insurance products to more than four million people in Africa and Asia, to form "MicroEnsure Asia".
MicroEnsure Asia will initially focus on introducing a range of insurance products to Telenor's business units in Asia as well as seeking to work with other mobile network operators and distribution partners in Asia and Eastern Europe.
MicroEnsure was established in 2008 as a subsidiary of Opportunity International, a non-profit microfinance organisation that provides financial products and services for those living in poverty in the developing world.
MicroEnsure CEO, Richard Leftley commented that "Telenor is an exciting strategic partner for us given their strong footprint in especially the Asian region. There is significant interest from most mobile network operators to provide financial services and specifically insurance. This will enable MicroEnsure to continue its significant growth."
In conjunction with this joint venture, MicroEnsure announced that it has expanded its shareholder base to include the International Finance Corporation (IFC), Omidyar Network and MicroEnsure management as strategic shareholders. This is done to provide the capital and relationships needed to continue the group's expansion. Founding investor, Opportunity International US, will maintain a minority shareholding in the newly formed MicroEnsure Holdings.
Studies show that less than 5% of the population in many Asian countries currently have any insurance, yet the low and middle income market face significant risks on a daily basis.
Tags: [telenor]
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