The project aims to widen the availability and scope of health and accident microinsurance products for low-income, self-employed people. The pilot phase will be implemented in Ulaanbaatar, the capital of Mongolia, where about half of the population lives. Although banking and other financial services have become more affordable and accessible for low-income people, appropriate insurance services remain scarce.
PGI will initially conduct market research to understand the underserved markets. Based on the research results, and with the help of external technical advisors, PGI will design demand-driven products and build in-house capacity. PGI will train XacBank's customer officers to effectively market and distribute the microinsurance products. Simultaneously, PGI will conduct an education campaign through public seminars in which XB customers will receive basic financial information, explanations of the products, and brochures. Once the products have been launched, a professional institute will conduct an objective project evaluation.
PGI will expand its services to the low-income herders and microentrepreneurs who are underserved by mainstream financial institutions throughout the country. The beneficiaries of the project comprise approximately 12,000 urban and rural low-income households, herders and self-employed people largely dispersed throughout the country who suffer from financial difficulty caused by a variety of factors such lack of education or extreme weather conditions. The project will start with clients living in more densely populated areas, and then extend to herders in countryside.
Prime General Daatgal Insurance LLC (PGI), established in 2001, is owned by XacBank, a leading microfinance bank, and Petrovis, a petroleum importer and distributor company in Mongolia. PGI. It is one of the largest insurance companies in the country and has pioneered microinsurance to serve low-income families since 2006, leveraging its commercial insurance expertise and claims system.
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