What part of Abidjan presents the greatest opportunity for my insurance products?
Determining Major Market Factors
CONSIDERING HEALTH RISKS, DEMAND, AND COMPETITION
An insurance company was exploring market opportunities in Abidjan, Cote d’Ivoire. Their initial market scoping needed to consider health risk factors, consumers’ ability to pay, and current insurance penetration rates.
Conducting the Detailed Market Scoping
FOR ABIDJAN, AS WELL AS EACH OF ITS TEN COMMUNES
Health Risk Factors
Existing Insurance Coverage Rates
Fraym conducted a detailed market scoping not only for Abidjan, but for each of its ten communes. Notably, several communes within Abidjan have over 1 million inhabitants, such as Abobo and Yopougon. This means that they have roughly the same population size as Kigali, Maputo, Freetown, or Mombasa. The Fraym assessment considered health risk factors, household wealth, and existing insurance coverage rates. Health risk factors included: indoor smoking, obesity rates, and a range of other relevant factors. This granular analysis enabled the company to quickly weigh potential market opportunities within and across Abidjan, and then decide whether to allocate further resources assessing the regulatory environment.