Technology company Telkom, and the financial services group Britam, have partnered to bring a mobile-based insurance solution that will see customers benefit from a bespoke mobile and insurance bundle that includes mobile data, voice minutes, SMS, personal accident and last-expense insurance.
The Life Bila Noma bundle will offer two options, Life 200 and Life 300.
Life 200 at a monthly cost of Sh200 will provide monthly insurance personal accident cover for up to Sh20,000 and a monthly last-expense of Sh20,000 as well as 1GB mobile data, 25 any-net minutes, 100 on-net minutes, 25 SMS to any network.
Life 300 at a monthly cost of Sh300 will also provide monthly insurance personal accident cover for up to Sh20,000 and a monthly last-expense of Sh20,000 as well as 1GB mobile data, 50 any-net minutes, 100 on-net minutes, 50 SMS to any network.
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The bundle can be purchased via USSD *444#, using a Telkom mobile line.
According to official records, 439 passengers died in motorcycle-related incidents last year, more than double the 217 fatalities in 2016. Annual registrations for new motorcycles have also more than doubled in the last five years, with 252,601 new listings compared to 123, 539 in 2016.
Eric Achola, Director of Marketing at Telkom said: “Apart from looking for the next great competitive offer that will provide our consumers with more value for their communication and data demands, we are also aware of the crucial role that mobile innovation plays in increasing insurance penetration levels amongst key contributors to the economy such as the mama mboga and boda boda riders.”
Britam’s Partnerships and Digital Director Evah Kimani noted that the collaboration came about after they recognized the challenges faced by micro small and medium enterprises (mSMEs) when accessing insurance products.
Read Also: Britam Makes Executive Changes As MD Tavaziva Madzinga Exits
“With Life Bila Noma, customers will get their medical expenses covered in case of an accident and in an unfortunate loss of life, Britam will provide a funeral cover,” said Kimani.
According to the Association of Kenya Insurers (AKI) Industry Survey 2019, Kenya’s insurance
penetration fell to 2.43 percent, the lowest in 15 years and the lowest quartile in the world.
Part of the remedies to increasing the insurance penetration levels have been linked to a combination of technological adoption and mobile phone access through micro-insurance using small-scale, low-cost, and low-risk products.
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