Innovation is a never-ending journey, and we can look back in history to see obvious examples and inspirations. One that I recently picked up on was through reading The Prosperity Paradox, by Clayton M. Christensen. It’s a book that not only covers the origins of our business, Micro Insurance Company, but also explains the early journey of Bank of America which began in 1904 when Italian-American Amadeo Giannini founded the "Bank of Italy" in San Francisco.
Giannini initially started the bank to provide loans to immigrants, middle-class Americans, and farmers who were denied services by major financial institutions of the period. As deposits grew and word of mouth carried, the name was changed to "Bank of America," which Giannini felt better expressed the mission of his bank.
It’s shocking to understand that innovations of providing financial services dates back to the early 1900’s and yet here we are, over 110 years later, still wondering how we can provide financial services to these same unserved and ‘non-consumers’ on a global scale.
When I present our mission to insurance regulators or compliance teams to gain support, they tout the consumers inability to understand insurance as a reason not to allow us to grow our business. They say the consumer is not able to understand insurance or risk management and this frankly makes my blood boil.
Our audience, the 4 billion or more people and micro businesses with limited access to insurance, are the very ones that actually need insurance – our safety net. Yet traditional insurance companies and compliance teams are simply unable to understand how they can put an insurance policy in place.
Micro Insurance Company has cracked this code of building simple tech-enabled insurance and we are on a mission to grow this business globally.Taking inspiration from Amadeo Giannini and George Eastman (kodak), who in their day were breaking code and enabling mass usage of their product, we too are taking products that are used by the few to the many – from the privileged to the masses. This is where insurance is today and it’s where we are taking it for tomorrow.
If you want the world to be different, you have to do different. We are blazing new trails and believe that by casting this stone across the waters, we are creating many ripples. We know that building a global safety net is a massive mission, but at MIC we don't just dream... we wake up every morning and make it happen.