By Henry Uche
In its quest to engender financial inclusion and deepen insurance penetration, Sanlam Life insurance has partnered an African emerging micro-insurance fintech, aYo Holdings, to launch ‘Recharge with Care’ product, designed to improve insurance in Nigeria in support of its drive to offer local consumers affordable life and hospitalisation cover.
Recharge with Care (RwC) is an insurance policy that offers Life and hospitalisation cover against death and hospitalisation due to illness or an accident. The policy lets you choose your cover for a term that suits you- from 6 or 12 months and the benefit you would like to be covered for.
aYo acts as a technology service provider to Sanlam in Nigeria, which coordinates technical integration for the underwriter of microinsurance products and provide platform services to enable mobile money and third-party payment offerings. This will enable Sanlam to offer easy-to-understand, convenient and affordable products that challenge traditional insurance offerings in the market.
At a press brief in Lagos recently, the Chief Executive Officer of aYo Nigeria, Kayode Odetola, said the company aims to drive greater financial inclusion by using technology to make financial services more readily available across the country.
According to him, the low insurance penetration rate in Nigeria (less than 1per cent of GDP) is one of the lowest in Africa. “Most people think insurance is a luxury product, but we want to show that people with all levels of income can get peace of mind at an affordable cost, to help take care of their financial health in the face of unexpected events.
“From the seamless onboarding process to the ability to track cover in real-time, we aim to change the perception of insurance by dealing with one of the most important challenges, which is trust,” Odetola affirmed.
At launch, the Sanlam ‘Recharge with Care’ product will offer up to N300,000 in life cover and up to N6,500 per day in hospitalisation cover that can be purchased using mobile money wallets and other payment options. Customers can sign up using the Progressive Web App (PWA) www.sanlam.ayo.com.ng, with a USSD option planned for phase 2.
Odetola added that telco-driven financial services products were well suited for Nigeria’s vast underserved population, which is expected to benefit significantly from Sanlam’s affordable life and hospitalisation covers.
Speaking also, the CEO of Sanlam Life, Tunde Mimiko, said the aYo partnership reflects Sanlam’s commitment to deepening insurance penetration in Nigeria by providing accessible life insurance products to more people.
“At Sanlam Nigeria, we aim to form partnerships with organisations who understand the local market and share our values and culture. We’re constantly seeking innovative ways of bringing affordable and ‘fit-for-purpose’ insurance to all Nigerians. With a trusted partner like aYo on board, the possibilities are as endless as they are exciting.
“aYo launched in January 2017 in Uganda and has since expanded its operations across Ghana, Zambia, Côte d’Ivoire and Cameroon, through its stakeholder partnerships with MTN and Sanlam.
“Insurance, and the peace of mind it provides has become more important than ever in today’s fast-paced world, where risks are a part of our daily lives. You never know when you will have to pay to get back on your feet after an accident or an illness. Often, the cost is so large that it goes beyond your immediate financial capacity, and that is where insurance will be most helpful” Mimiko added.
aYo, provides fast, convenient, easy-to-use technical solutions for insurance product delivery and engagement directly to a user’s mobile phone. Policyholders and Additional Life who are natural persons with active mobile phone subscribers and reside in Nigeria are eligible to purchase a cover.