Accra, Ghana//-aYo Intermediaries Ghana Limited, a leading micro-insurance company today announced that it has reached 8 million subscriber base milestone in five years.
The CEO of aYo Intermediaries Ghana, Francis Gota who disclosed this at a maiden media engagement held in Accra, explained that the figure (8 million subscribers) represent about 25% of the over 30 million Ghanaian population.
Claims paid since inception
According to him, the company also paid claims in value of GH¢14 million to 40,000 policyholders or customers, showing its commitment to the economic wellbeing of its customers in the country.
Drivers of growth
The company which is a subsidiary of the MTN Group was established to distribute insurance solutions to MTN subscribers in Ghana, Nigeria, Cote D’Ivoire, Uganda and Zambia and across Africa, attributed the significant growth of the subscribers to timely payment of claims to policyholders and leveraging on technology to give policyholders an awesome customer experience.
He also attributed the company’s growth to its sustained micro-insurance campaigns supported by MTN Ghana to improve household resilience to eventualities.
Mr Gota emphasised that aYo Ghana started its operations in April 2017 and launched its first product named Send with Care on May 10, 2017, in partnership with Metropolitan Life Insurance Ghana and MTN Ghana.
aYo Send with Care leverages on the remittances behaviour of MTN Mobile Money (MoMo) subscribers to offer insurance cover to both the sender and recipient of the remittance.
On the other hand, aYo Recharge with Care which is the second product was launched on April 5, 2018, and since then its enrolment has been growing.
aYo’s vision
Mr Gota reiterated that: “The vision of aYo is to provide a future where everybody uses insurance by leveraging on technology to provide relevant, accessible and easy to use insurance solutions that gives peace of mind and improves financial wellbeing of subscribers”.
“We are so excited about this landmark achievement because 8 million Ghanaians can go about their daily activities with confidence because they have access to insurance. This is very important for financial inclusion and insurance penetration in Ghana.
He also used the occasion to thank their subscribers and partners especially MTN Ghana for their continuous support.
Company’s products in details
Taking the journalists further through the company’s products or policies, Manager In-charge of Strategic and Executions and Projects, Emmanuel Gyim, explained that aYo Ghana currently runs four insurance products underwritten by the Metropolitan Life Insurance Ghana.
These products he mentioned are-Send with Care, Recharge with Care, Recharge with Care Annual Cover, and aYo Family Cover.
He stressed that Recharge with Care offers life and hospital insurance cover every time a customer recharges his or her airtime.
“The Recharge with Care policy provides life cover to an MTN subscriber and family members of entry age below 66 years. It also provides daily admission benefits for the subscriber”.
Mr Gyim was quick to add that the policy is monthly renewable with premiums deducted from airtime wallet anytime the customer recharges airtime.
A customer can get up to GH¢50 per night for each night spent at the hospital as in-patient to support his or her hospital admission bills.
In addition, a customer or subscriber can get up to GH¢3,000 life insurance cover for himself or herself and one family member to cater for funeral expenses without any stress or hassle.
Customers can sign onto the product via *296#, as well through aYo app, and telesales.
Touching on the Recharge with Care Annual Cover which has similar features like the Recharge with Care policy, provides a one time annual premium ofGH¢130 is deducted from the customer’s MoMo wallet.
The policy which is renewable annually can be easily accessed through USSD (*928*101#), and the telesales channel.
Furthermore, this policy provides a 30 days waiting period for non-accidental events, Mr Gyim stated.
While the company’s Send with Care policy provides up toGH¢30,000 life and accidental hospitalisation cover, GH¢10,000 general hospitalisation to the subscriber.
Policyholder, according to him, earns a cash-back bonus of 10% premium paid. The Send with Care policy is available via USSD (*170#), select option 1 and 3 to add and get covered.
aYo Family Cover which is expected to be launched officially next week is extra life cover and flexible premium payment.
