The Power of Ubuntu!
The collective mindset called Ubuntu, means “I am because we are”.
In many African countries, populations with low income operate within a culture of collectivism whereby they depend upon each other. This is evident in how these populations achieve saving, lending – and now also insurance – within their local communities. The collective mindset is based on trust and social reputation within groups.
From Collective mindset to Collective-Based Insurance
Collectives are based on a saving or community group of 10-30 people who have a common bond of trust in each other and who meet regularly. Based on the idea that people know who to trust in their networks of community groups, DDFinance is turning this trust and reputational insights into valuable data and information.
We have named this concept Collective-Based Insurance (CBI). CBI is available to individuals through Collectives. The Collective is registered with its members after group training by CBI trainers.
The CBI distribution model
DDFinance distribution model goes through partners on the ground.
Selected partners have a distribution contract for distribution within their local community, through their local trainers.
Trainers train the groups, register the Collectives and make them ready for purchasing CBI products.