ISBC project
Monre Insurance is one of the oldest insurance companies in Mongolia and operates for for 26 consecutive years. With more than 20 branches and representatives in Ulaanbaatar and 10 aimags of Mongolia, we have been helping people to better understand risks and overcome potential financial difficulties.
The use of insurance in our country is very low, only 0.5% (~ 3% in similar developing countries, ~ 6% in highly developed countries). Perception of insurance among citizens is neither very clear nor very good. Monre aims to make insurance a regular used service by offering affordable and easy-to-understand insurance products that meet the needs of Mongolian people.
Introducing insurance as a means of risk mitigation for small and medium enterprises fits into the framework of private sector development activities of the German Corporation for International Cooperation (GIZ) in Mongolia. Therefore, it is a great opportunity to start a cooperation between Monre and GIZ on behalf of BMZ (Federal Ministry for Economic Cooperation and Development in Germany) in the insurance industry for the first time in Mongolia.
The name of the joint project is “Insuring SME through Blockchain Technology”. This project aims to develop a new kind of insurance product with the help of Mongolian professionals and international consultants using blockchain technology. Customers will be able to buy the new fire and flood insurance product through an easy-to-use mobile phone app. And to further increase knowledge and understanding about risks and insurance products, the project will start financial education and awareness-raising activities.
Another great opportunity is to co-develop the Risk Mapping platform. The purpose is to map with data and information on occurring risks in different regions of Mongolia and provide the information to organizations and people in the regions to manage the possible risks that could affect their business activities.
The joint project is supported by ZeelMN NBFI. ZeelMN aims to combine low-interest business loan services for small and medium-sized businesses and women in Mongolia, including households headed by single women, with affordable insurance to keep their business afloat. This product is also based on blockchain technology, which ensures reliable and secure storage of data and information.
Monre Insurance is open to sharing the know-how with the industry and others interested stakeholders. We hope that being a pioneer in our field and working with a major international organization to implement an important project to educate our citizens on financial education will open many doors.
