Insuring the Next Billion: Local Strategies for a Global Challenge

SINGAPORE, 5 JUNE 2025 — One of the most anticipated sessions at this year’s Insurtech Connect Asia, held at the Sands Expo & Convention Centre, brought together voices from four different markets all grappling with the same question: how can the insurance industry reach the next billion people, many of whom live in remote, low-income communities across Asia and beyond?

Titled “Insuring the Next Billion: Strategies for Reaching Uninsured Populations in Rural Asia”, the panel, moderated by Ragunath Murthy of ReAInmaker (Malaysia), offered rich, real-world insights—from agents operating without signal in rural South Africa to embedded micro-protection bundled with phone purchases in Thailand.

The session stood out not only for the diversity of markets represented—South Africa, Indonesia, Pakistan, and Thailand—but for its honesty. The speakers didn’t just share their success stories; they also opened up about failure, friction, and the slow, determined work of building systems that meet people where they are.

Human-Centered Distribution Begins with Empowered Agents

Abu Addae, CEO of LifeCheq, opened the discussion with a perspective rooted in South Africa, where LifeCheq operates as the continent’s largest advice platform, serving over a million policyholders annually through 8,000 financial advisors.

“In rural areas with no electricity and not even a 1G signal, we’ve had to build tools that let advisors work entirely offline,” said Abu. “Technology alone won’t fix access. You need trained professionals who are willing to work in tough field conditions and who see themselves as a force for change.”

LifeCheq’s model blends digital tools with physical presence, allowing communities to be served even when infrastructure fails. As Abu put it, “To reach the next billion, we need to build from the ground up—with people from the markets, for the markets.”

He noted that this approach has helped South Africa achieve the third-highest insurance penetration in the world, trailing only the United States and Thailand.

Simplicity, Not Sophistication, Wins the Digital Game

Nick Li, Regional Business Leader at Monee, spoke about efforts to broaden insurance access in Indonesia, one of the region’s most complex and populous markets.

“Shopee Indonesia has over 100 million users, many of whom live in non-urban areas,” he said. “That’s an incredible opportunity. We embed insurance directly into user journeys—delivery protection, gadget coverage, things that require no extra steps.”

But even with this reach, selling standalone insurance through digital channels remains a challenge. “When we offer a product with too many benefits or too many clicks, customers bounce. Simpler is better. Fewer benefits convert more often,” said Nick.

In an effort to improve understanding, Monee gave away one million free insurance policies. “We got calls from users asking where their payout was, not realizing that a claimable event had to occur first,” he recalled. “It told us just how much education is still needed.”

His conclusion was pointed: “This isn’t about digitizing legacy models. It’s about building an entirely new ecosystem—one that’s designed for simplicity, accessibility, and scale.”

Culture Change Starts with the KPI: Lives, Not Premiums

Nilofel Sohail of EFU Life brought a candid, behind-the-scenes look at how one of Pakistan’s largest insurers reoriented itself to serve the country’s uninsured majority.

“For 25 years, we relied on traditional door-to-door sales aimed at the middle class. But that segment is less than 20% of the population,” she said. “We were doing fine, but we were missing the real market.”

The turning point came when EFU shifted its performance metrics. “We rewrote our strategy paper to focus on number of lives insured, not premium collected,” said Nilofel. “It was a small change that changed everything.”

After many failed attempts, EFU began partnering with platforms that already reach millions—telecoms, ride-hailing apps, nano-lenders. These partnerships now account for 70% of EFU’s total lives covered. Last year alone, 7 million people were insured through these channels.

Nilofel also emphasized the power of storytelling in building trust: “Our best marketing comes from claim testimonials—real people in local languages, sharing how insurance helped them. That builds belief in a way no advertisement ever could.”

Her takeaway was simple: “Collaboration is the only way. And you have to look through the customer’s lens, not your own.”

Embedding Insurance into Everyday Life

Thailand’s Dr. Chatchai Thnarudee, Group CEO of Jaymart Insurance, described a holistic approach that’s deeply woven into the daily habits of consumers.

“When I took over, our insurance company was struggling,” he admitted. “But Jaymart Group has 25 subsidiaries—from mobile shops and restaurants to agri-tech. We realized we could use that ecosystem to embed insurance right where people are already spending.”

Mobile phone purchases now come with device protection; micro-loans are bundled with credit life insurance. Customers use Jaymart’s J-Wallet app to pay—and get insured—without filling out a single form.

“Rural customers aren’t going to download an insurance app,” he said. “But they will use a wallet. Or buy a phone. So we meet them there.”

Jaymart also relies on in-person touchpoints. “Our Singer sewing machine agents—yes, we own Singer Thailand—are trained to teach financial literacy and explain coverage during their sales rounds,” said Chatchai.

He closed with a reminder that no technology can replace local insight: “If you want to build for rural customers, you have to go there. Listen. Understand. That’s how you make digital solutions real.”

A Shared Vision, Tailored to Local Realities

Across the board, each speaker agreed: the next billion customers won’t be reached through traditional models. They won’t be won over with complex products, or lured by slick apps alone. The path forward lies in human touch, intelligent simplicity, and meaningful partnerships. As Abu put it, “You still have people, even when you don’t have infrastructure.” Nick added, “Design for the ground, not the boardroom.” Nilofel insisted, “Let go of your product lens.” And Chatchai summed it best: “Digital isn’t enough. Empathy is the real innovation.”