This paper aims to explore the factors influencing the underwriting and supply of microinsurance products by insurers and insurance-affiliated organisations in Zambia.
The paper analysed semi-structured interview data collected from a purposive sample of 14 participants representing organisations such as insurers, InsurTechs and non-distribution providers using thematic qualitative data analysis to explain the motivations for underwriting and the distribution of microinsurance in Zambia.
From the thematic analysis of interview data, the paper identified distribution, business case viability, operational considerations and exogenous factors as the drivers of microinsurance supply in Zambia.
The paper recommends the strengthening of partnerships among insurance providers and member-based organisations, the tracking of key performance indicators in microinsurance metrics to minimise information asymmetry during product design and the creation of innovative tailored solutions to cater to the diverse needs of consumers in the microinsurance industry.
To the best of the authors’ knowledge, this paper documents the lived experiences and unique insights of insurers and insurance-related organisations on the supply-side factors for underwriting microinsurance in an emerging economy. Specifically, the paper documents the role of market penetration and development, product development and distribution channels as the strategy for growth by insurers and insurance-related organisations.
