11/1/2017 12:00:00 AM

Hundreds of thousands of immigrant workers in Russia to benefit from sponsored insurance plan designed by Partner Re and RemitRadar LTD.

FinTech News

In a ceremony that took place in Moscow yesterday, Ombudsman Tatyana Potyaeva and HRH Prince Michael of Kent launched an innovative plan of sponsored insurance for hundreds of thousands of immigrant workers. The plan was designed by RemitRadar LTD and introduced in Russia by reinsurer PartnerRe and Prince Michael of Kent Charitable Foundation. 

Prince Michael’s charity and its Russian insurance partners will use the advanced Artificial Intelligence technology developed by RemitRadar LTD, to reach out to immigrant workers, educate them about the benefits of insurance and offer a no-cost- to-beneficiary insurance plan that will pay cash in case of accidental death or incapacitation. Money transfer organizations, telecoms and other companies that sell services or goods to immigrant workers will contribute towards the payment of group insurance premiums through the Foundation on behalf of the immigrants.

«There are about 10 million foreigners in Russia, and most of them are immigrant workers. In case of accidental death or incapacitation, their families may lose their sole supporter and in case of death, may not even have enough money to bring back the body. It is important to protect them if a tragic accident happens, and the new plan of sponsored insurance will do this», said Moscow Ombudsman Tatyana Potyaeva.

«The world today is witnessing an unprecedented upsurge of immigration. People leave their countries of origin in pursuit of better paying jobs and opportunities. They work hard to earn a living and send money home to feed their families. Their labour plays an important role for the developed economies. If we want to live in a peaceful and prosperous world, the integration and inclusion of immigrants is of paramount importance. My Russian Foundation will make sponsored insurance available to 250,000 immigrant workers. The initial number is small in relation to the 10 million foreigners currently in Russia but we hope to grow this program fast, here and globally», Prince Michael said

«PartnerRe is delighted to bring to market this important initiative that will help more than 250 million immigrants across the world who are looking for affordable insurance products to provide security and peace of mind for their families», said PartnerRe’s director, Salvatore Orlando at the ceremony.

«We identified a demand within this group and together with RemitRadar we created an insurance product tailor-made for this under-served market. The result is a truly innovative product that offers an online and affordable mobile insurance product that directly serves the needs of people who regularly send and receive money online. We look forward to extending this product to other markets where we hope it will make a difference to people’s lives and help reduce the gap between rich and poor».

«We are glad that our technology helps people in Russia and other countries. It helps the insurance industry to reach out to those previously unbanked and uninsured, and at the same time, it gives money transfer organizations and telecoms a very efficient instrument for the customer retention and loyalty program. In the end of the day, everyone benefits, but especially the people who previously were unbanked and uninsured», commented Denis Kochubey, RemitRadar CEO, from London. 



About Partner Re


PartnerRe Ltd. operates as a global reinsurer, providing multi-line reinsurance to insurance companies on a worldwide basis. The company, through its subsidiaries offers capital markets products that include weather and credit protection to financial, industrial and service companies. The Corporate and Other segment is comprised of the capital markets and investment related activities of the company, including principal finance transactions, insurance-linked securities and strategic investments and its corporate activities, including other operating expenses.

New York Stock Exchange Index NYSE:PRE-I NYSE:PRE-F
Parent organization: Exor
Forbes: PartnerRe
For more information, visit http://partnerre.com.


About RemitRadar


RemitRadar provides an AI-based online ecosystem empowering and serving the needs of a global community. Its community comprises overseas workers, their families and local communities dependent upon USD 600bn of remittances sent annually. Through its access and intelligent interactions with its community via online, messaging and social media channels RR has unique insights, communication channels and global community access. RR’s utilizes its extensive data, community insights and reach as a “trusted force for good”. RR acts and advocates on behalf of its community to provide information and access to essential services and products to include money transfer, insurance, financial services and other community determined relevant products. In its natural course of business, and namely so through its fully owned insurance-focused subsidiary InsurRadar, RR has extensive relationships with many insurance and reinsurance companies. For more information, visit https://remitradar.com/.

Tags: Business FinTech Money Transfers

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