New reach52 insurance service launched in the Philippines
reach52 is piloting a new insurance service for remote, rural communities in the Philippines.
Through this new reach52 service, residents in these communities can now purchase affordable insurance policies for medical reimbursement, hospitalisation and accidental death. The residents can enrol through reach52’s marketplace app and agents based in the communities. The pilot is being supported through community-run events to educate residents on the benefits of affordable insurance and its importance in protecting against catastrophic health spending.
According the World Health Organisation, 100m people still get pushed into extreme poverty due to medical expenses. We have found from our work on-the-ground that anxiety over spiralling health costs is also a major barrier in preventing residents from getting treatment when they need it and staying on treatment as long as they should. Improving health outcomes in low- and middle-income countries requires a financial as much as a medical solution through health microinsurance, supplementing and addressing gaps in government schemes. However, too many communities don’t fully understand the benefits of insurance and are unable to access the affordable insurance policies they really need.
Based on our data analysis and research into the needs of the communities, we identified the health microinsurance products that residents need most and are willing to buy. Through reach52 for business, we partnered with insurance providers to define insurance plans and levels of affordable cover to meet residents’ needs. The trial will focus on the priorities identified by the communities themselves – medical reimbursement, hospitalisation and accidental death. This is not a stop gap solution, but rather the pilot is focused on establishing a sustainable, scalable model for both the communities and our insurance partners.
reach52 for business is our solution for private sector organisations (Pharmaceutical, MedTech and Diagnostics, and Insurance companies) to deliver their products and services at affordable prices to these previously inaccessible populations. We conduct analysis into communities’ needs, design solutions, and deliver affordable medicines and insurance through our mobile-enabled network. Community members are equipped as agents to run the marketplace and logistics sides of our operations.
Ed Booty (reach52’s CEO) comments “Affordable insurance is essential to protecting residents in lower income communities from catastrophic health expenditure and removing the fear of financial ruin that stops them seeking treatment in the first place. This new reach52 service makes getting cover simple and affordable, providing community residents greater security in their lives”.
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In low- and middle-income countries, access to affordable diagnostics and screening is undoubtedly one of the biggest barriers in healthcare. We create access to medicines through our reach52 marketplace service in our communities, but clearly patients can’t benefit unless they have been diagnosed for their disease. Nor can patients’ conditions be effectively monitored and treated […]