Microinsurance: The New Microcredit
A core value in my consulting work with corporations is that CSR will only be effective and sustainable if it is aligned with the company’s business mission. So it’s exciting to see an innovative iteration of that principle where a company develops a new investment vehicle that could potentially drive entrepreneurship and facilitate wealth accumulation in developing countries.
“If we stop thinking of the poor as victims or as a burden and start recognizing them as resilient and creative entrepreneurs and value-conscious consumers, a whole new world of opportunity will open up. Four billion poor can be the engine of the next round of global trade and prosperity.” C.K. Prahalad, The Fortune at the Bottom of the Pyramid. When I learned about microinsurance, I immediately thought of Prahalad’s 2006 book, and how his prophesies and prescriptions are coming to pass.