Bharti Airtel has partnered with MicroEnsure, a provider of mass-market insurance products to provide insurance services to Airtel customers in Africa making Airtel the first mobile network operator providing such services across the continent.
According to Andre Beyers, Chief Marketing Officer for Airtel Africa, “In many of our markets, less than 5% of our customers have any formal insurance products and there is demand for insurance offerings that are simple, affordable and reliable. Our partnership with MicroEnsure will deepen our value added services to our customers and provide access to insurance.”
A study published by Making Finance Work for Africa, from 2010 to 2012 micro insurance grew more than 200% on the continent. Even so, fewer than 20 million Africans outside South Africa have any form of micro insurance, less than 5% of the potential 400 million customers in sub-Saharan Africa.
The deal will see users get Airtel-branded insurance products for life, accident, health, agriculture, and other forms of cover designed by MicroEnsure and distributed by Airtel.
Peter Gross, Regional Director of Africa for MicroEnsure, concurred. “With Airtel’s initiative to prioritize insurance in its product portfolio, insurance in Africa will change forever. The peace of mind that Airtel subscribers will have through insurance will support Airtel’s aspiration to be the most loved brand in Africa.”