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Bite-Sized Insurance Is Taking Over the Insurance Industry

We’ve witnessed bite-sized financial instruments being provided by lending companies in the form of micro/nano loans and investment companies in the form of micro-investments. Now the insurance industry is following the trend by providing bite-sized insurance policies. Traditionally, insurance policies had to be simple – you pay monthly or annually for protection from insurers, and you receive a monetary benefit when something bad happens. The traditional insurance policies were underwritten, taking all risks and circumstances into account, which makes them expensive. But in this era of personalization, what if someone seeks protection for a specific period or protection against a particular risk at a lower cost?

This opportunity led to the development of “bite-sized” or “sachet insurance” where protection was provided by insur ...

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