The partnership will enable customers from both Airtel and Pan Africa Life Assurance Limited to access affordable life insurance via their mobile phones.
Pan Africa Life is a market Leader in Life Insurance in Kenya.
The company has a rich history having commenced operations in 1947, was the first insurance group to be quoted on the Nairobi Securities Exchange and has operations in all major towns in Kenya.
Its relation to South Africa’s Sanlam, the second largest financial Service provider in Africa and rich financial base gives it a competitive advantage among fellow players.
Speaking at the launch Pan Africa Life’s CEO Tom Gitogo said; "With a penetration of life insurance at a low of 1.05 percent in Kenya, the untapped market is huge. However, the traditional models of distribution may not be efficient in improving this situation at the pace we need."
He added this created the need to venture into other models such as mobile insurance, bancassurance and web based selling.
"Our strategic partnership with Airtel will offer affordable life insurance right via one’s own mobile phone. The rates provided by Bima Mkononi also provide clients with the flexibility they need in terms of amount of premium and frequency of payment."
Airtel Kenya Managing Director Shivan Bhargava said the partnership is timely and significant to the company’s customers as it will diversify product offering and differentiation thus ensuring that the subscribers get added value from the company.
Airtel Money is fast becoming the preferred way of sending and receiving money and with a fully automated process, the payments reflect in real time providing customers with a faster and more secure mode of carrying out their transactions.
"With the announcement, Airtel becomes one of the first mobile operators to offer insurance as a strategic differentiator in its portfolio of products. As a company, we are committed to entering strategic partnerships that meet the ever changing needs of our subscribers. We are keen on being part of the everyday life of our esteemed customers. This partnership will allow Airtel customers to easily access meaningful life insurance services through convenient channels," added Bhargava.
Bima Mkononi is a specially designed mobile cash service that allows Airtel subscribers to acquire life insurance for a minimum weekly premium that will provide cover for the subscriber and a family member.
The amount of cover provided for the Airtel subscriber and the family member will depend on the weekly premium the subscriber pays. The service is a first to market innovation service that will see hundreds of thousands of Kenyans who have for the longest time been denied a chance to life insurance due to affordability and accessibility, get covered.
Source: CapitalFM
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