RURI

SOCIALINNOVATION

Conventional insurance providers impose centralized and complex practices which create a lack of inclusiveness and transparency, particularly via rigid underwriting, high agency fees, upfront premiums and claim payment processes. Very few people can actually access insurance globally with only ~9% in OECD countries and ~4% in non-OECD countries being covered thereby creating a significant lack of inclusion and a large untapped opportunity.

In Sri Lanka, no public health insurance exists and the number of people with commercial insurance coverage is very low. Many people in Sri Lanka are engaged in informal or seasonal employment, making regular payments difficult, particularly in rural areas and low-income groups. Moreover, many people have little knowledge about health insurance.

RURI offers an online-based mutual aid platform as a new solution in Sri Lanka. Mutual aid has been a familiar approach in Sri Lanka, where participants pool their resources to help those in need, with no underwriting, premiums or agency fees. RURI MAP empowers Members to support each other in times of need via its decentralized platform utilizing blockchain to solve the real-world issues restricting inclusiveness and transparency in the insurance industry.