Only a small percentage of the low-income population in the hundred poorest countries has access to insurance services of any form, and even fewer have access during a health event. That is why Zurich and WWB will pilot and roll out “caregiver” products—insurance-based solutions providing predefined benefits to clients of WWB affiliate institutions during hospitalization.

WWB CEO Mary Ellen Iskenderian joins (left to right) James Schiro, CEO of Zurich Financial Services; Tony Blair, former Prime Minister of the United Kingdom; and
Brandon Mathews, Head of Microinsurance for Zurich Insurance Company at the World Economic Forum announcement of a partnership to develop an insurance product for caregivers.

Mary Ellen Iskenderian, President and CEO of WWB, says: “Insurance is a relatively new area in addressing poverty and this program with Zurich holds a lot of promise, especially for women. Women, more often than not, are the family’s primary caregiver. During a health event, there’s more than just medical expenses—lost wages, childcare, even transportation to and from the hospital – all add pressure on that household during a tough time. The caregiver program is designed to address just that issue.” Zurich and WWB will establish a consistent global program which helps the primary caregiver in a low-income family.

Brandon Mathews, Zurich's Head of Microinsurance, added: "WWB's 30 year history of microfinance innovation and its deep customer knowledge perfectly combine with Zurich's risk management expertise. Planning for adverse events, saving rather than investing in their businesses, may put women at a further disadvantage. Insurance is what is used to plan for such events. If we can unlock more entrepreneurial investment by low-income women while protecting them and their families against some of life's risks, we'll see a multiplier effect that'll make a difference."

Read press release on WWB and Zurich Financial Services Group's partnership (PDF)