Managing risk and fighting through economic shocks are a part of life. It’s how we are able to deal with these shocks that make all the difference. Those with adequate access to risk management tools have the peace of mind needed to live their lives with the knowledge that if something was to go wrong, they’re covered. For the very poor, however, even simple shocks can become financially catastrophic. Annually, over 100 million people spiral below the poverty line due to an event that could have been managed.
Global Empact is taking a new approach to risk pooling and delivering risk management tools to the most vulnerable people in the world. We are providing peer to peer microinsurance by pooling already existing groups of uninsured people, inputting their statistical information into our risk calculator tool to determine the needed pool size, plugging the groups into our dynamic social connectivity platform, and enabling our large group of donors to join these groups. Our product maintains all the positive attributes of a tightly knit group and allows it to attract donations from across the globe so that the pool size grows to the size needed to deliver high quality risk protection. Any unused money in the pool at year end is invested in capital projects within the community, where they can take the money and create opportunities for themselves.
Global Empact partners with top NGO’s, MFI’s, and social businesses interested in leveraging our microinsurance platform to better serve the communities they are already working in. Our partners share Global Empact’s commitment to provide universal healthcare and financial security to the poor.