By Gregory Gondwe, Blantyre, Malawi
Malawian mobile network service provider TNM has announced that it has paid a total of K19.9 million worth of claims to beneficiaries of TNM Moyo Cover, the operator’s on-mobile life insurance policy.
Moyo Cover is a tripartite life insurance product administered by TNM, underwritten by Nico Life Insurance and powered by MicroEnsure. Premiums are paid by TNM on behalf of all customers registered for the mobile money service, Mpamba. Customers automatically accrue their benefit when they recharge or use a minimum of K1,000 airtime or more per month.
TNM Head of Marketing Sobhuza Ngwenya said the increase in the claims to nearly K20 million reflects the trust and loyalty that the mobile network service operator commands in the markets.
"We are a growing service provider that now has 2.5 million subscribers on our network. Our current exponential growth is validation of the trust and confidence that customers have in us. In turn, TNM will continue to honour its obligations under TNM Moyo Cover," he said.
Ngwenya said with TNM Moyo Cover, TNM customers who are registered need not despair when they are bereaved and that current payments are testimony that the mobile network provider is committed to assisting its customers in times of need.
"You have someone to lean on, and that’s TNM Moyo Cover. As a brand that cares for Malawians, TNM promises to always be there for them in both times of good and bad. We would like to reaffirm our commitment to TNM customers who are also registered on Mpamba that TNM will strive to settle claims within 72 hours of a valid claim being submitted," he said.
A year since Moyo Cover was launched, TNM has administered a steady increase in customer claims from K500,000 in October 2013 to K15 million by April 2014 to the current level of nearly K20 million.
"We would like to reaffirm our commitment to TNM customers who are also registered on Mpamba that TNM will always keep its promise by promptly settling any valid claim for covered proposers of TNM Moyo Cover beneficiaries once all documents are verified," said Ngwenya.
He said Moyo cover is helping TNM subscribers settle funeral claims and ease financial challenges that arise during bereavement.
The more airtime customers used in the preceding month, the higher their life cover benefit that one gets for the current month.
Source: BizTech Africa
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