Question

The viability and relevancy of insurance products sold to businesses or individual

Answer 1

Viability is driven by three success factors – scale, containing claims costs, and containing administration costs. The experience of successful insurers shows that microinsurance can be provided profitably if these factors are carefully considered in the design and management of products and processes.

Many business owners feel business insurance is an expense they cannot afford, or is a luxury for more established businesses. Although it is true business insurance can be expensive, it is an expense every business, regardless of the industry, size or length of time in existence, needs to include in its budge