Present research findings shed light on the options available for microinsurance providers for entering the market. This note highlights the three key criteria needed for assessing the effectiveness of insurance mechanisms – Coverage, Accessibility and Timeliness – and provides recommendations for new product design based on these three criteria. This note also discusses designing different types of insurance products such as life, health, and asset protection based on real, market demand and emphasizes the role of non-financial services, which can enhance the success of any microinsurance initiative.