Nairobi, Kenya
Mobile operator YuMobile has partnered with Jubilee Insurance and MicroEnsurance to launch a free life and disability insurance scheme as a reward to its unwavering customers.
Dubbed Yucover, it will apply to pre-pay customers only, who will access it by dialing *555# to register.
“This product works in a simple manner, you simply dial *555# on your mobile handset and follow the simple instructions then register. The claim, which only takes one week to materialize, is made when you register for YuCash services,” said Mr Balaji Srinivasan,YuMobile head of marketing in Kenya during a luncheon held at Serena Hotel in Nairobi to launch the service.
He added that the product would offer its subscribers with renewable monthly life and disability cover, based on the amount of airtime that they loaded every subsequent month.
“It can be as little as Kshs 100 of airtime recharge in a month after which a customer is able to get a monthly cover of up to Ksh 60,000,” explained the YuMobile executive.
The product which is powered by MicroEnsure and underwritten by Jubilee insurance company, will cover lose of life from all causes excluding those that arise as a result of suicide, war and criminal activities.
According to Jubilee insurance, Kenya Chief Executive Officer (CEO), Mr Patrick Tumbo, the partnership was brought about by Jubilee’s campaign to grow micro insurance.
“Jubilee Insurance is committed to providing insurance protection to every Kenyan. At the moment penetration of insurance in Kenya is at a dismal 3% compared to other countries and through this project, we hope many people will get insurance cover,” said Mr Tumbo.
MicroEnsure, whose purpose is bridging the gap between insurance companies and the market, will play a key role of administering claims in the new rolled out project.
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