Airtel Kenya, Pan Africa Life Assurance Limited and Micro Ensure have partnered to provide a life insurance product dubbed ‘Bima Mkononi’ into the Kenyan market. The partnership will enable Airtel Money customers to access affordable life insurance via their mobile phones with Pan Africa Life underwriting the product while MicroEnsure will perform customer service and administration.
Pan Africa Life’s CEO Tom Gitogo said, “With a penetration of Life insurance at a low of 1.05% in Kenya, the untapped market is huge. Thus the need to venture into other models such as mobile insurance, bancassurance and web based selling. Our strategic partnership with Airtel will offer affordable life insurance right via one’s own mobile phone. The rates provided by Bima Mkononi also provide clients with the flexibility they need in terms of amount of premium and frequency of payment.”
Airtel Kenya MD Shivan Bhargava said the partnership is timely and significant to the company’s customers as it will diversify product offering and differentiation thus ensuring that the subscribers get added value from the company.
“With the announcement, Airtel becomes one of the first mobile operators to offer insurance as a strategic differentiator in its portfolio of products. As a company, we are committed to entering strategic partnerships that meet the ever-changing needs of our subscribers. We are keen on being part of the everyday life of our esteemed customers. This partnership will allow Airtel customers to easily access meaningful life insurance services through convenient channels,” said Bhargava.
Bima Mkononi is a specially designed mobile financial service that allows Airtel subscribers to acquire life insurance for a minimum weekly premium that will provide cover for the subscriber and a family member. The amount of cover provided for the Airtel subscriber and the family member will depend on the weekly premium the subscriber pays. For as little as Kshs 15 per week, an individual and a loved one can be covered for Kshs 25,000 each.
· To subscribe, customers dial *305# and follow the menu.
· No forms will be required to be filled on application.
· Subscribers will also be able to pay their weekly premium automatically from their phone.
· Claim disbursements will also be through Airtel Money.
· The amount of cover provided for the Airtel subscriber and the family member will depend on the weekly premium the subscriber pays.
Below is a breakdown of the different covers available for different premium options:
The launch of Bima Mkononi comes a few days after Kenya Orient Insurance launched an insurance product targeting mobile device owners with annual premiums of about Kshs 100.