Access to Insurance allows people to manage their risks especially around high cost eventualities such as Healthcare, Death and Loss of Revenue. However Worldwide access to insurance is severely hindered by high premiums and products that are inaccessible to the majority of Kenyans. Over 70% of Kenyans earn less than USD 300 per month and this segment of the population is locked out of accessing insurance because of the high cost of conventional insurance.
Microinsurance products, which are a branch of Microfinance offer coverage to low-income households or to individuals who have little savings and is tailored specifically for lower valued assets and compensation for illness, injury or death.
Access to affordable insurance would improve the populations health and productivity as well as improve the economic outputs for this large group of people who are largely self employed or working low skilled, low paying jobs. By designing technology driven products that are accessible with even the most basic feature phone, Bluewave is hoping to help Kenya and the greater East African Region reach global SDG'S to better improve our communities living standards.