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Effect of Insurance Product Accessibility on Microinsurance Demand

Abstract

Microinsurance provides affordable insurance protection to individuals and households with limited financial resources and is an important component of financial inclusion. However, the demand for microinsurance may depend on how easily potential policyholders can access available insurance products. Factors such as distribution channels, geographical availability, digital access, product information, payment arrangements, and ease of enrolment can influence individuals’ ability and willingness to obtain microinsurance coverage. This study examines the effect of insurance product accessibility on microinsurance demand. The study will assess how the availability and ease of accessing microinsurance products influence individuals’ decisions to purchase and maintain microinsurance coverage. It will focus on the relationship between accessibility and the level of demand for affordable insurance products among low-income and underserved populations. The study will consider factors such as geographical accessibility, digital distribution channels, availability of insurance agents, product information, enrolment procedures, premium payment options, service convenience, and availability of insurance products. These factors will be examined to determine how differences in accessibility influence awareness, purchase decisions, policy uptake, and continued demand for microinsurance. A quantitative research approach will be adopted for the study. Primary data will be collected from microinsurance consumers and potential policyholders using structured questionnaires. The data will be analysed using descriptive statistics, correlation analysis, and regression analysis to determine the relationship between insurance product accessibility and microinsurance demand. Relevant demographic and insurance-related characteristics will also be examined in analysing the responses. The study is expected to reveal that improved accessibility to insurance products may increase demand for microinsurance. Easier geographical access, convenient digital platforms, simplified enrolment procedures, flexible payment options, and readily available product information may encourage more individuals to purchase microinsurance. The findings may also indicate that limited access to distribution channels and complex procedures can restrict microinsurance uptake. The study will be useful to insurance companies, microinsurance providers, regulators, policymakers, financial institutions, and consumers. It may provide useful information for improving insurance distribution strategies, expanding access to underserved populations, designing convenient payment and enrolment systems, and strengthening the availability of affordable insurance products. The findings may also support broader efforts to improve insurance inclusion. The study concludes that accessibility is an important factor in determining the demand for microinsurance products. It is therefore recommended that insurance providers expand accessible distribution channels, strengthen digital insurance platforms, simplify enrolment procedures, provide flexible payment options, and improve the availability of clear product information to encourage wider microinsurance participation.

Keywords: Insurance product accessibility, microinsurance demand, microinsurance, insurance access, financial inclusion, insurance distribution, digital insurance, insurance agents, product availability, premium payment options, policy uptake, insurance awareness, enrolment procedures, underserved populations, insurance participation.