The Insurance Company of East Africa (ICEA) has partnered MTN’s Mobile Money to enable its clients pay their insurance premiums via their mobile phones, making the service convenient and insurance accessible to all and being the first insurance in the country to do so.
The mobile money service will be used for premium payments for both life and motor vehicle insurance policies while the home delivery service will deliver insurance car stickers and receipts to clients homes and offices beginning with a 10 kilometre radius around the city.
Speaking on the launch the Chief Executive Officer of ICEA John Karionji thanked MTN Uganda for the partnering with them last year.
He said, “MTN took a bold decision to partner with an insurance company to provide a payment platform when no one else was willing to venture into the unknown. Insurance is increasingly becoming an area of focus for Ugandans and we are pleased that this has been further facilitated by MTN through its Mobile Money service.”
MTN Mobile Money serves over 20 million transactions monthly across the country but insurance services are more accessible to people in the city but joining hands with MTN will make the service available to some 100,000 potential insurance customers and the over 7.7million customers found on the MTN network.
Encouraging other firms to follow suit MTN Uganda Chief Marketing Officer Ernst Fonternel said the firm is committed to providing user relevant products and services.
“At MTN we are committed to continuous innovation to meet the different needs of our customers. Bulk payment solutions are now available for insurance customers using the MTN Mobile Money platform. We encourage insurance companies to adopt the same for disbursements of their customers’ claims,” Fonternel said.
ICEA is the first ever firm to offer mobile insurance premium payments.
Established in November 1964, ICEA has an asset base in excess of US$ 300 million and is the highest capitalized Insurance business in the market serving over 30 major organisations in the country.