From barriers to enablers: a systematic review of drivers of microinsurance penetration

Purpose This study aims to examine the pivotal factors that influence microinsurance uptake, which plays a crucial role in the economic advancement of the marginalized section of society. Design/methodology/approach This study follows Preferred Reporting Items for Systematic Reviews and Meta-Analyses guidelines while using systematic literature. The literature review for this study was done using specific keywords across various databases. A thorough search and screening process helped in shortlisting 40 relevant studies for the final review. Qualitative analysis software, NVivo, was used to reveal and analyze the important themes and sub-themes that impact microinsurance adoption. Findings The systematic review identifies several critical themes that influence microinsurance inclusion. These themes include, but are not restricted to, using proper distribution channel, financial literacy, propensity to insure, demographic factors, affordability and technology adoption. The literature review also draws attention to the research issues, like last-mile delivery channels, regulatory framework and technology integration. Research limitations/implications This research is heavily dependent on secondary data and publicly available literature and information. The quantitative analysis should be carried out by designing the conceptual framework and empirically testing it in future research. Practical implications The findings of the research can be utilized by insurance entities, policymakers and respective regulators to build customized microinsurance products and strategies to mitigate the challenges of low income and awareness level and reach every doorstep. Originality/value The research work makes a contribution by integrating the dispersed knowledge on microinsurance adoption and identifying areas and/or factors requiring further research.