Microinsurance firm using airtime to sign up masses MicroEnsure has today announced it serves more than 10 million enrolled clients after gaining key partnerships with mobile network operators, microfinance providers and banks in Africa and Asia, including Telenor in Asia and Airtel in Africa.
The firm said it has more than half a million people in the past month in partnership in Ghana with Airtel Ghana while in Bangladesh it has enrolled over one million clients in 30 days through ‘Nirvoy’ in partnership with Grameenphone; a free life insurance product that now has more than two million actively enrolled subscribers. The “Three-for-Free” product provides a free life, accident, and hospital cash product to Airtel subscribers that spend more than approximately $2 per month on airtime.
According to MicroEnsure Chief Executive Officer Richard Leftley, “over the last twelve years the MicroEnsure team has consistently been an innovative thought leader, and in the process learnt a great deal. This track record combined with the recent investment is resulting in a significant and sustained growth in the number of people that have access to insurance for the first time.”
MicroEnsure Chief Operating Officer Martin Fuller additionally commented, “we are very excited and pleased to be serving so many people who otherwise would not have access to affordable insurance products.
Whilst much of the recent growth has been through mobile network operators, we remain committed to serving our clients through a range of distribution partners in order to expand access to as many different groups of people as possible.”
One recent example of this expansion occurred in June with the launch of Sehat Khushhali Plus by Pakistan’s largest microfinance bank, Khushhalibank in partnership with MicroEnsure Pakistan and Jubilee Life Insurance Company. Sehat Khushhali Plus is an innovative health insurance product that provides a financial benefit which can be used by the clients for meeting expenses incurred on hospitalization treatment.
In February, the firm partnered with Airtel Networks Zambia and African Life Assurance to launch a free life Insurance product for all Airtel customers topping up with K10 or more per month. Airtel Insurance offers Airtel customers life insurance with benefits increasing based on airtime top up amounts.