Airtel, has partnered with Pan Africa Life Assurance Limited and MicroEnsure to launch a free insurance product which will offer Airtel customers in Kenya life, accident and hospitalisation insurance with increasing benefits based on their monthly airtime usage.
The product, which is tagged Airtel Insurance is packaged to deliver affordable insurance services and encourage insurance culture among Kenyans. The product is open to all Kenyan residents of 18 years and above. To register for the product, Airtel customers will be required to simply dial *336# from their mobile phones.
The product covers all hospitalization for any medical reason with no exclusions, making it the most user friendly hospital insurance cover in Kenya. Its availability on the Airtel mobile platform makes it the most widely accessible free insurance cover in the country. The product benefits users whose hospitalization period is up to three or more nights at a hospital.
Airtel Insurance rewards loyal Airtel customers with a free, renewable monthly life, accident and hospitalisation cover based on the amount of monthly airtime used. Airtel Customers will qualify for this insurance by using as low as Sh.250 airtime each month, with the opportunity to gain incremental insurance benefits with increased monthly airtime usage. The product is truly free; no airtime will be deducted from a customer’s balance for the insurance cover making the product work like a loyalty reward from Airtel.
Airtel Insurance becomes active on the first day of month following registration, and is based on the amount of airtime recharged the previous month, with a minimum monthly usage of Sh.250.
Customers also have a variety of packages to choose from. A monthly usage of Sh. 250, Airtel insurance gives the customer Sh.1,000 hospitalisation and Sh.10,000 life and accident insurance while Sh.500 usage will earn customers Sh.2,000 hospitalisation and Sh.25,000 life and accident insurance. A Sh.1, 000 usage will attract Sh.5, 000 hospitalisation and Sh.100, 000 life and accident insurance. Finally, a Sh.2, 500 usage or above will attract Sh.10, 000 hospitalisation and Sh.250, 000 life and accident insurance.
Speaking to the media at the launch event this morning, Airtel Kenya CEO Adil El Youssefi said that Airtel Insurance is designed to make affordable insurance available to majority of Kenyans especially the middle and low income earners who may not already have insurance policies.
“We are delighted to collaborate with Pan Africa Life and MicroEnsure – two very reputable insurance providers to package this innovative product which guarantees our customers quality, affordable and accessible insurance services. This service would help make insurance available and accessible to a vast portion of the uninsured population in Kenyan,” said Adil.
Mr Mugo Kibati, the group CEO of Pan Africa Insurance Holdings in his remarks said, ‘’this partnership is not new, yet it goes beyond borders. Our business associates Sanlam, which is a global financial services provider and second largest Africa, has established partnerships with both Airtel and MicroEnsure in offering financial solutions. We are happy that our local relationship has borne yet another 1st in digital insurance, a product that will revolutionize the way insurance is distributed through digital marketing, by utilizing minimal data that is critical for insurance companies.”
Stephen Kamanda who heads Pan Africa Life Assurance added that the design of the product was heavily advised by the firm’s desire to continuously play a part in increasing penetration of insurance, which stands at a low of just above 3%, in the Kenyan population. ‘’Statistics show that over 70% of our adult population own a mobile phone. The eminent gap, together with the need to provide life insurance which is a fundamental financial need to a fast growing economy like ours is what motivated us to bring this solution to market. Pan Africa Life is at the forefront of innovation in life assurance in this market. The product we launch today offers several levels for a bouquet of accident, medical and last expense covers with corresponding airtime recharge rates to suit the pockets of our diverse clientele, making it affordable by all.’’ he closed.
Richard Leftley, CEO of MicroEnsure, was equally enthusiastic, saying, “Free life, accident and hospitalisation cover is now accessible to everyone in Kenya with an Airtel line. As we’ve seen in our eight other product collaborations with Airtel across Africa, we expect this product, underwritten by Pan Africa Life, to fundamentally change insurance penetration in Kenya in the months and years.