Airtel Money, Britam Insurance, and insurtech firm Inclusivity Solutions have joined forces to offer an affordable insurance product to Micro-Segment for as little as Kes 35 per month. This cover aims to provide a cushion in times of uncertainty.
The partnership seeks to extend insurance benefits to millions of Kenyans who have been excluded from such services mainly due to access affordability.
Many Kenyans in the micro-segment businesses suffer in the event of accidents or illnesses, often resulting in their businesses coming to a halt. This situation also leads to their families suffering, as many of these people depend on their daily earnings for survival.
Speaking during the launch of the partnership, Anne Kinuthia – Otieno, Managing Director of Airtel Money Kenya said. “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. ‘’
‘’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.
The main objective of the partnership is to provide protection to the underserved segments of the population against several risks, including loss of income because of hospitalization, death, or disability caused by an accident, and funeral costs in the event of death of the assured from natural causes or an accident.
The partnership will enable Airtel money customers to access three innovative insurance products through their mobile phones by dialing *334#: Hospital Cash, Last Expense, and Personal Accident cover or a combination of the three covers.
Hospital Cash (Hospicash) Cover will be available at a monthly fee of Ksh 40 for individuals and KSH 170 for families. According to Airtel, this cover will provide a policyholder 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.
For Personal Accident cover, the insurance will protect the 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.
Alternatively, clients can choose “Combo”, which is a comprehensive cover that combines all three products: Hospi-Cash, Last Expense, and Personal Accident, into one package for customers who want to enjoy the full benefits of insurance. The combo can be purchased for as low as Kshs 100 per month for individuals and Kshs 420 for families.
According to Airtel Kenya 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. We are delighted to partner with Airtel Money Kenya and Inclusivity Solutions, to offer our customers innovative and affordable insurance solutions that safeguard their dreams and aspirations” Britam’s Director of Partnerships and Digital, Evah Kimani, said.
Indira Gopalakrishna, CEO of Inclusivity Solutions, shared her excitement about the partnership and the chance to drive the technological foundation of this groundbreaking digital solution. “We are thrilled to partner with Airtel Money Kenya and Britam to power the launch of this exciting new insurance product. 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” she said.
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