Southtech Ascend Micro-Insurance



Reaching the unreached

Insurance has been in existence for over two thousand years.  Over the centuries it has evolved as a financial  instrument to hedge against unpredictable events like weather, accidents, illness or even death.  However, it has always been largely enjoyed by the rich.  That is why when something bad happens to the rich, they seldom become poor as a result.  They are able to maintain their financial standard as if nothing adverse happened.  They recover faster because insurance provides them the money they need to get back to where they were before.

For the poor, it is a different story.  When the poor suffers a loss they cannot bounce back easily.  Whatever accumulated savings they saved goes into rebuilding their lives.  Unfortunately, even that becomes impossible for many because of their meagre ownership of assets or savings.

The poor are especially vulnerable to unpredictable weather and health conditions.  They live in coastal or flood-prone areas and mostly depend on subsistence farming. Usually they have no protections against droughts or cyclones that at times destroy their crops and livestock.  Ailments and disease can also put the family’s main breadwinner out of work.  When a family member is ill there is not enough money to seek medical health or to pay school fees for the children.  And when there is a death in the family, the financial sufferings are much more longer lasting.

Micro-insurance caters to this challenged portion of the population which is often large in most developing nations.  Mainstream commercial and social insurance organizations typically ignore this target population because of the notion of high cost of operating small-ticket-large-volume transactions.

With modern technology Ascend Micro-insurance has changed that notion completely.  Ascend Micro insurance is part of Southtech’s arsenal of financial inclusion technology.  Just like Ascend Financials, Ascend Micro-insurance can handle small-ticket-large-volume transactions at a fraction of the cost of a full blown insurance software.  More importantly Ascend Micro-insurance can handle both life and non-life schemes at the same time.  On the fly you can create and bundle all types of insurance products due to the advanced configuration capabilities inherent in its design.  It can act as a centralized stand-alone insurance solution but it can also function as an integrated module of Ascend Financials.  This is possible because both solutions use the same kernel.

Ascend Micro-insurance handles the full life cycle of life and non-life insurance from policy issuance to premium collection to benefits claim.  Its extensive features and high performance exceed those of most advanced insurance software in the world.