Money Transfer Insurance - providing security for the recipients

migrant remittancesIn order for an insurance program to remain healthy, all parties involved need to benefit. This becomes even more complicated when such a program includes extra parties, as is the case in affinity programs. Here, a sponsoring partner will offer insurance to its customers, offered and administered by other parties. Protecting the success of such a program means aligning the objectives of all involved. Bengrip's Remittance Family ProtectionTM is an example of a program that supports the goals of all involved.

A remittance is a transfer of money by a foreign worker to his or her home country. The money sent home by migrants to developing countries is around US$400 billion per year, and exceeds international aid. The foreign worker often cannot afford Life Insurance. And as many families worldwide depend on these remittances, they would suffer deeply if something unfortunate would happen to the migrant. A large market presents itself if an affordable form of life insurance can be created for the working migrant.

With Remittance Family ProtectionTM the foreign worker is insured and protects his or her family. The family back home will receive money if the sender dies. An average monthly remittance amount will be transferred to the protected family for twelve months, thus creating a limited, but additional form of stability for the people back home. This life insurance can be offered by the company servicing the money transfers. This company can use the insurance to generate extra income. If, on the other hand, the company needs to create a competitive advantage, it might choose to pay for this insurance as a service to its customers. This will also help to get more information about the recipients, as is often required by law to prevent money laundering.

The number of annual remittances exceeds a billion per year. The average amount being transferred is around US$250, and Bengrip predicts the premium to be about US$1 per transfer. Providing Remittance Family ProtectionTM not only creates a large market opportunity, it provides benefits to all involved. It is a good example of the success of affinity programs.

Click here if you feel Remittance Family ProtectionTM can add to the results of your organization.

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