Stonestep: delivering bancassurance for the unbanked with Microinsurance as a Service

Stonestep: delivering bancassurance for the unbanked with Microinsurance as a Service

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on 17 Dec, 2018

Micro insurance

Stonestep serves first-time, even first-generation, insurance consumers in emerging Asia through its distribution partnerships with mobile, retail, and non-bank financial channels. It solves supply-side constraints by establishing in-country services driven by bespoke IT. It elucidates unexpressed customer demand with hybrid assistance and insurance products. The products aim to be as easy a pack of gum to understand and sold at the same newsstand at a similar price point using Stonestep’s apps and connected platform.

Stonestep is headquartered in Switzerland’s ‘Crypto-valley’ and operates in Malaysia, Myanmar, Nepal, and Philippines. While Stonestep’s footprint indicates where it is going, its headquarters underlines the role it sees for technology in getting there. The diverse markets test and prove the replicability of Stonestep’s model:

  • Malaysia is higher income and uses takaful in addition to life and general products
  • Myanmar compares to an earlier Thailand and has potential to evolve rapidly
  • In Philippines, a population one third the size of Brazil’s lives in an area roughly the size of Sao Paulo
  • Nepal shares important features with neighboring India and invites / requires innovation.

The combined GDP of these markets lies between Switzerland and Netherlands, but their population is 10x larger and map a footprint through high-growth areas. McKinsey projects that by 2025, ½ of all global “emerging consumers” will live less than a 4-hour flight of Yangon.

Access to more than 20m customers
Across markets, Stonestep counts 25 professional staff and growing. It has access to more than 20m customers through partnership deals which include a Mobile Network Operator, Mobile wallet, retail pharmacy chains, and Microfinance institutions. Stonestep has existing integrations with these partners for ">

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