In 2017, MiCRO piloted its first solution in partnership with Aseguradora Rural and Banrural. It was the first index-based insurance program protecting small and micro-entrepreneurs against business interruption losses caused by drought, excess rainfall and earthquake. The product proved to be appealing and affordable. The solution is now in its expansion phase and accessible through additional distribution channels.
In 2018 a similar product was launched in El Salvador with Seguros Futuro and Banco de Fomento Agropecuario. It was widely accepted.
In 2019 a solution was launched through Bancamia with SBS Seguros. The product has sold well and is in the process of scaling up.
As part of MiCRO’s expansion phase, the solution will be offered in three additional countries within the next two years, the first of these expansion countries being Mexico.
Over the next several years, MiCRO will be following a pattern of rapid innovation and growth with products adapted to the needs of the unserved populations in other countries and distributed by local aggregators such as banks, microfinance institutions, and cooperatives.