Leading telecommunications services provider, Bharti Airtel, with
operations in 20 countries across Asia and Africa has partnered MicroEnsure,
the world’s leading provider of mass-market insurance products, to provide
insurance services to Airtel customers in Africa.
Airtel told DigitalSENSE Business News it has identify identified the growing demand for
financial services, and micro insurance precisely; a form of insurance designed
specifically for low-and-middle income consumers – is no exception.
According to a study published by Making Finance Work for Africa,
from 2010 to 2012 micro insurance grew more than 200 per cent 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.
With today’s announcement,
Airtel is the first mobile network operator in Africa to position insurance as
a strategic portfolio product in partnership with a global micro insurance
specialist.
The range of Airtel-branded insurance products will include life,
accident, health, agriculture, and other forms of cover. Airtel will bring the
products to market and promote the service with its local brand, marketing and
distribution infrastructure. MicroEnsure
will design and implement products, provide technology, facilitate local and
international underwriting support, and perform administration and customer
service. The parties intend to expand
services to several African markets over the next year.
Andre Beyers, Chief Marketing Officer for Airtel Africa, said during
the partnership announcement, “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.”
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.”
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