16 world where, according to their 360 Risk Insight report, Lloyd’s of London estimates there to be a potential market of between 1.5 and 3 billion policies. The trend now is typically for traditional glob- al insurers to be largely replaced by new competitors in emerging markets; these new players bring local underwriting expertise, rela- tionships and capital. Benny Marty / Shutterstock.com For example, bimaAFYA offers a mobile micro-health insurance product in Tanzania where 75% of the population do not have health insurance. No private insurer has previously tried to build a solution for this marketplace, with the high administration cost of traditional insurance meaning cover is unaffordable to low-income customers. Recognising the high mobile penetration across Tanza- nia, bimaAFYA has reduced administration costs by 99% by allow- ing customers to use their phones for policy registration, selection, premium payment, benefit management and hospital claims. For insurers, providing microinsurance offers a new profit stream, a more diversified risk profile and market intelligence. It gives them a route into developing countries where future busi- ness opportunities may be a powerful engine of growth. It also rep- resents an opportunity to reconnect with the original purpose of insurance – to protect and help people to prosper.