13 Jun Linking insurance with remittances through technology
IFAD extended a grant to ADA, an inclusive finance NGO, that partnered with the technology enabler Democrance to provide insurance to migrants in the Gulf and their families back home via remittance channels. In the UAE, they worked with money transfer operator Hello Paisa, inclusive FinTech RISE, and insurance powerhouse AXA, to create simple and cost effective ways to allow migrant workers to access insurance and redeem claims using their mobile phones.
What have been the results so far?
- Almost 10,000 free insurance policies activated
- 99% of female insurance uptake thought MTO Rise
- Enabled migrant families to extend insurance to their families back home
- Over 8,000 remittance families attended digital financial literacy sessions