Partner: FijiCare Insurance Limited
About FijiCare Insurance Limited
FijiCare Insurance Limited is a company publicly listed on the South Pacific Stock Exchange (SPSE), and its principal activities are underwriting of medical, term life, mortgage protection, worker’s compensation, personal accident, public liability, funeral benefits, motor vehicle and property insurance risks. Through its subsidiary companies FijiCare Medical Centre Limited, it is also operating a medical clinic and medical centre, while through its subsidiary VanCare Insurance Limited, it underwrites general insurance risks in Vanuatu.
In June 2017, PFIP partnered with FijiCare to develop and launch a unique micro-insurance product in Fiji that bundles insurance cover for life & funeral, personal accident and fire protection under one basic and easy to understand the policy. Currently, this bundled microinsurance product has covered close to 120,000 individuals under this scheme.
The rising burden from non-communicable diseases (NCDs), such as cardiovascular disease (CVD), diabetes, cancer and respiratory disease, constitutes a significant threat to the health and well-being of communities worldwide. However, this is even more so for Pacific Island Countries, where NCDs, according to the World Health Organisation (WHO), are the leading cause of mortality and morbidity. In the case of Fiji, a survey for the period 2002 to 2011, revealed some disconcerting insights:
These insights point to the fact that Fiji is in the grip of an NCD crisis. The enormous social and economic consequences of NCDs are being, and the need to tackle this growing crisis in the Pacific is becoming ever more urgent. It is recognized that this crisis is driven by poor lifestyle behaviours, primarily related to insufficient physical activity and a poor diet (e.g. high-sugar/salt food and drinks, alcohol, smoking etc.).
A direct impact of this crisis is that to cover the increased risks in their medical and life insurance portfolio, insurance providers like FijiCare have to raise their premiums, and as a consequence, these insurance products become increasingly unaffordable for lower-income people.
FijiCare is looking for FinTechs that can offer innovative digital solutions that can support them to promote healthier lifestyle behaviours to reduce the negative impact of NCDs and improve the wellness of their clientele.
The value proposition for the Fintech
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