Michael McCord, President, MicroInsurance Centre, LLC gives a definition of microinsurance and talks about the mechanisms of implementing microinsurance successfully.
Since its inception as an initiative of MicroSave, The MicroInsurance Centre, LLC has worked on several levels to promote responsible microinsurance.
The MicroInsurance Centre is the only independent institution that is entirely focused on actively promoting the partnership model of microinsurance. In this model, appropriate institutions are linked with regulated insurance companies to provide professional insurance products to the low-income market. This method has proven to provide important risk management tools to low-income people, provide an addition to the product lines of intermediary institutions, and allow insurers to enter this market efficiently and profitably.