One of the most important aspects regarding the economic flow of money is getting it to those who are most productive with it and to those when they need it most.In the later context, i.e. to those when they need it most, comes the aspect of Insurance. Getting insurance to those who need it most, to those who are most affected by any changes, is always the toughest. This is because on the demand side, those who need it most may not have the resources or knowledge or time to access the same and on the Supply side, it can sometimes be very expensive to make it available at all places and times, as then the cost of insurance itself could be higher than the cost of what is insured.
But this is where the marriage of technology & finance, sprinkled with a good dose of innovation, can and will make a huge difference. This excellent article from a blog on the NY Times highlights how the use of technology in both agricultue & telecommunication has made it possible for crop insurance to reach small farmers in kenya, who need it most.
An excellent acheivement – kudos to all who made it happen! Hopefully we will see more such innovations in the coming age.
