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

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.