MICROINSURANCE AND THE ROLE OF DIGITALISATION AS A MEANS OF SOCIAL JUSTICE FOR VULNERABLE PEOPLE

Microinsurance is a formal insurance product specifically designed and marketed to low-income individuals. This type of insurance product is to have a significant impact on people who have previously been excluded from mainstream insurance products in South Africa. It is trite that traditional insurance is generally procured by more affluent individuals and may be viewed as more of a luxury purpose, thereby excluding lower-income and more vulnerable individuals in society. Microinsurance may be the missing link in providing affordable insurance coverage to individuals who need it the most. Technology and the use of digital platforms may constitute an effective form of providing access to microinsurance products to vulnerable workers and people. Ultimately, this chapter seeks to examine if digital platforms such as mobile phones may be utilised in providing access to microinsurance products, thereby promoting social justice for vulnerable people and workers in South Africa.