Airtel Money customers will from today be able to purchase insurance cover straight from the mobile money platform. Airtel has entered into a partnership with Britam and insurtech firm Inclusivity Solutions to provide a suite of these inclusive insurance solutions for customers.
The partnership seeks to extend insurance benefits to millions of Kenyans who have been excluded from such services mainly due to access affordability.
“We are thrilled to partner with Britam Kenya and Inclusivity Solutions to bring these innovative insurance solutions to our customers. By leveraging the power of Airtel Money, we are revolutionizing the insurance landscape, making it more accessible, efficient, and customer-friendly. ‘’ Anne Kinuthia – Otieno, Managing Director of Airtel Money Kenya said.
‘’This partnership aligns perfectly with our commitment to enhancing financial inclusion and offering our customers greater control over their financial well-being through affordable products and services.” she added.
By dialing *334# on the Airtel network, Airtel Money customers will be able to purchase three innovative Benefits which are Hospital Cash, Last expense (Funeral) and Personal Accident covers or a combination of the three.
Hospital Cash (Hospicash) Cover will be available at a monthly fee of Ksh 40 for individuals and KSH 170 for families. Airtel says this cover provides policyholders with a daily cash payment of Kshs 500 for every night spent in hospital from the 3rd day up to a maximum of 30 days per year. It protects against loss of income and medical expenses. Last Expense Cover will be available at a monthly fee of Ksh 40 for individuals and Ksh 170 for families. It is designed to alleviate the financial burden associated with funeral costs in the event of the unfortunate demise of the customer. This solution offers a lumpsum payout of Kshs 100,000, providing support for beneficiaries to cover income loss, outstanding bills, and burial expenses.
The Personal Accident cover, on the other hand, safeguards customers in the event of Permanent Disability or Death resulting from an accident. This benefit provides a predetermined payout of Kshs 100,000 to the customer or their next of kin, ensuring financial security during challenging times. The benefit is available for a monthly premium of KES 35 per month for individuals or KES 150 per month for a family of up to 4 members.
The Combo Benefit which seamlessly combines Hospital Cash, Accidental/Natural Death, and Permanent Total Disability covers into a single package, providing comprehensive protection for the insured and their loved ones. The monthly premium for the Combo is Ksh 100, and Ksh 420 for individuals and families, respectively.
The insurance solutions are open to people with a minimum entry age of 18 years and a maximum joining age of 65 years at entry. The plans also offer the added advantage of covering up to four dependents, fostering a strong culture of protection within households.
Airtel Kenya says the claims process is equally hassle-free. Customers can initiate a claim by dialing *334# from their Airtel line and following the simple instructions.
‘’Through this partnership, we aim to reach out to millions of Kenyans who do not have access to formal insurance and provide them with protection against various risks that can affect their livelihoods and well-being.” Britam’s Director of Partnerships and Digital, Evah Kimani, said.
Inclusivity Solutions CEO, Indira Gopalakrishna added ‘’Our award-winning digital insurance platform enables us to easily launch embedded insurance products and we are excited to bring this innovative product to customers in Kenya”