Foundation supports ILO research to keep costs down
Insurer Zurich’s Z Zurich Foundation will give the International Labour Organisation (ILO)’s Microinsurance Innovation Facility Sfr3m to help spread insurance to more low-income people.
Funded work will looks at reducing admin costs through:
- the enrolment and premium collection from persons in remote areas and /or who may not have bank accounts
- the management of large numbers of small policies and small claims
- the integration of multiple actors who work together to provide the insurance service.
“We believe it’s critical to our long-term business success to play our part in delivering sustainable, long-lasting solutions to important and relevant economic, social and environmental challenges.
“In these difficult times of market recovery, it is important to underpin our commitment to corporate responsibility and actively support the development of better insurance services for the less fortunate”, said Martin Senn, Zurich’s chief executive officer and chairman of the Foundation’s Board.
