Women’s World Banking, AID:Tech, and Binance Charity Foundation sign a memorandum of understanding (MOU) to design a new technology platform to accelerate the scale of the Caregiver microinsurance product.
Women’s World Banking, AID:Tech, and Binance Charity Foundation today announced a partnership to design a new technology platform to drive the acceleration of Women’s World Banking’s Caregiver microinsurance solution to two million uninsured and underinsured women in more than ten emerging markets. This expansion is generously supported by Swiss Re Foundation.
Caregiver is a simple, affordable microinsurance product that provides life protection and a cash benefit after hospitalization, including for maternal health, that customers can use for a range of needs, including for lost wages or having to close their businesses. Unlike traditional medical insurance in which the insurance plan reimburses for the cost of medical treatment and the money goes to the provider, Caregiver pays cash directly to the claimant.
To enable Caregiver to be delivered at scale, Women’s World Banking, AID:Tech and Binance Charity Foundation signed an MOU to address one of the largest barriers to scale: the design and implementation of a technology platform. Financial service providers offering microinsurance directly to customers often do not have the systems in place to effectively deliver microinsurance and monitor performance. Time, resources, and expenses are required to build a system that works for financial service providers and delivers a successful client experience.
“Although Women’s World Banking has reached more than 2,000,000 people with its Caregiver microinsurance solution, we recognize we can move faster and further by addressing one of the most significant bottlenecks to implementation: the technology platform that utilizes the latest cutting-edge tools,” said Gilles Renouil, Director of Microinsurance Solutions at Women’s World Banking. “We are excited to join forces with AID:Tech and Binance Charity Foundation to harness our respective strengths to increase economic security for women and their families globally,” Renouil continued.
The future platform will explore open source solutions and leverage existing technology provided by AID:Tech and Binance Charity Foundation. Blockchain and distributed ledger technology is considered as an option to facilitate fast transactions and ensure transparency, as well as AID:Tech’s Interoperable Digital Identity so that women customers can pay premiums instantly, own and ultimately manage their data, and financial solution providers can pay claims expeditiously.
AID:Tech is an established provider of Blockchain solutions and has built an Interoperable Digital Identity Protocol (IDIP) which allows any Digital Identity agent to function on private and public Blockchains.
“Today, we’re taking a critical step forward in our company’s history. Partnering with leading organizations that share the same vision as AID:Tech is vital to our future success. This partnership will enable us to deliver microinsurance at scale, while at the same time allowing the women to own, manage and eventually monetize their own identity metadata. We believe in a world where people decide how their data should be used and want to build social and financial inclusion via Digital Identity. We have admired both Women’s World Banking and Binance Charity Foundation for a long time. And without the vision shown by Women’s World Banking none of this would be possible,” said Joseph Thompson, CEO and Co-founder of AID:Tech.
“I always believe that the beauty of technology lies in its capability to benefit mankind. Binance Charity has always been seeking ways to utilize blockchain technology for social good. In our past projects, we used the concept of stablecoin to support young women in Africa who suffer period poverty with sanitary pads. Now we have the chance to offer microinsurance service to 2 million women. As a woman, to be honest, I’m quite glad that I can do these for my sisters. And I would like to say thank you to Women’s World Banking and AID:Tech for this opportunity so we can contribute to this great cause,” said Helen Hai, Head of Binance Charity Foundation, the blockchain-enabled charity platform initiated by the global leading cryptocurrency exchange Binance.