TIM Participacoes, the Brazilian subsidiary of Italian telecommunications company Telecom Italia Mobile, reportedly will launch a funeral microinsurance product for low-income individuals that can be enrolled in and paid for via mobile telephones. This service will be underwritten by an unnamed Brazilian insurance company. The insured will be able to accept the terms and conditions of the contract by text message and pay for the insurance premium directly by the phone bill or by prepaid credit.
The director of mobile financial services at TIM Participacoes, Mr Carlos Roseiro, reportedly said that the service is targeted at those who seldom use financial services such as insurance either because of limited access or high costs [1].
As of 2010, Telecom Italia Mobile had approximately 35 million subscribers. As of September 2011, TIM Brazil is responsible for 24% of the group’s total revenues, with EUR 5,395 million (USD 7.8 billion) out of the group’s total consolidated revenues of EUR 22,059 million (USD 28 billion).
By Amira Berrada, Research Associate
Sources and Additional Resources:
[1] Telecom Paper: “TIM Brasil to launch micro-insurance by SMS” http://www.telecompaper.com/news/tim-brasil-to-launch-micro-insurance-by…
MicroCapital.org story, January 12, 2012, “MICROCAPITAL BRIEF: Insurer Mongeral Aegon , Microfinance Institution Finsol Team Up to Sell Microinsurance in Brazil” https://www.microcapital.org/microcapital-brief-insurer-mongeral-aegon-mi…
MicroCapital.org story, October 11, 2011, “MICROCAPITAL BRIEF: Brazilian Insurer Regulator Superintendencia de Seguros Privados (SUSEP) to Release Microinsurance Regulatory Framework” https://www.microcapital.org/microcapital-brief-brazilian-insurance-regul…
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