Britam Insurance, Airtel Money, and Inclusivity Solutions have partnered to introduce a range of mobile-enabled insurance solutions targeting lower-income families and Micro, Small, and Medium Enterprises (MSMEs).
The partnership aims to provide protection to these underserved segments of the population against several risks, including loss of income because of hospitalization, death, or disability caused by an accident, and funeral costs in the event of death of the assured from natural causes or an accident.
The partnership will enable customers to access three innovative insurance products through their mobile phones: Hospital Cash, Last Expense, and Personal Accident cover or a combination of the three covers.
The Hospital Cash (Hospi-cash) cover provides policyholders with a daily cash benefit of Kshs 500 per day for a hospitalization period of three or more days, up to a maximum of 30 days per year. This insurance coverage protects against loss of income and medical expenses, with premiums starting as low as Kshs 35 per month for individuals or Kshs 170 for a family of up to 4 members.
Additionally, the Last Expense cover is designed to alleviate the financial burden associated with funeral costs in the event of the assured’s death from natural causes or an accident. This solution offers a lump sum payout of Kshs 100,000, providing support for beneficiaries to cover income loss, outstanding bills, and burial expenses, with premiums starting at Kshs 40 per month for individuals or Kshs 170 for a family of up to 4 members.
While the Personal Accident cover safeguards policyholders in the event of permanent disability or death resulting from an accident. This solution provides a pre-determined payout of Kshs 100,000 to the assured or their next of kin, ensuring financial security during challenging times. Premiums for the Personal Accident cover start at Kshs 35 per month for individuals or Kshs 150 for a family of up to 4 members.
Alternatively, clients can choose “Combo”, which is a comprehensive cover that combines all three products: Hospi-Cash, Last Expense, and Personal Accident, into one package for customers who want to enjoy the full benefits of insurance. The combo can be purchased for as low as Kshs 100 per month for individuals and Kshs 420 for families.
To purchase any of the insurance covers, clients can simply dial *334# from their Airtel line and select their preferred coverage option. Monthly payments can be made conveniently through the Airtel Money Wallet into Britam’s account.
The claims process is equally hassle-free. Customers can initiate a claim by dialing *334# from their Airtel line, and a dedicated representative will guide them through the process. For Hospicash claims, customers need to submit a hospital discharge letter, hospital invoice, and hospital receipts. Personal accident claims require a medical report from a doctor and a hospital discharge summary. While Last Expense Cover claims require the submission of a copy of the deceased’s identity card, a copy of the claimant’s identity card, and a burial permit.
Britam Insurance is committed to providing efficient claims processing, and all valid claims will be settled within 72 hours on working days from the receipt of all necessary documents.
The insurance covers are available for individuals aged 18 and above, with a maximum entry age of 65. The coverage age extends up to 70 years.
Speaking during the launch of the partnership, Britam’s Director of Partnerships and Digital, Evah Kimani, said, “We are delighted to partner with Airtel Money Kenya and Inclusivity Solutions, to offer our customers innovative and affordable insurance solutions that safeguard their dreams and aspirations. Through this partnership, we aim to reach out to millions of Kenyans who do not have access to formal insurance and provide them with protection against various risks that can affect their livelihoods and well-being.”
Airtel Money Kenya Managing Director, Anne Kinuthia – Otieno, said, “We are thrilled to partner with Britam Kenya and Inclusivity Solutions to bring these innovative insurance solutions to our customers. By leveraging the power of Airtel Money, we are revolutionizing the insurance landscape, making it more accessible, efficient, and customer friendly. This partnership aligns perfectly with our commitment to enhancing financial inclusion and offering our customers greater control over their financial well-being through affordable products and services.”
While Inclusivity Solutions CEO, Indira Gopalakrishna, expressed her delight at the partnership and opportunity to anchor the technology behind the innovative digital solution. “We are thrilled to partner with Airtel Money Kenya and Britam to power the launch of this exciting new insurance product. Our award-winning digital insurance platform enables us to easily launch embedded insurance products and we are excited to bring this innovative product to customers in Kenya” she said.
The partnership between Britam Insurance, Airtel Money, and Inclusivity Solutions, is part of their commitment to enhance financial inclusion and provide affordable and convenient insurance solutions to millions of Kenyans who are currently underserved by the formal insurance sector.