aYo Intermediaries Ghana, Ghana’s biggest mobile micro-insurance provider, has reached seven million customers and paid out a total of GH8.7 million in claims to 28,000 consumers in its fifth year of operations.
By the end of 2022, the firm plans to have added 1.8 million new customers to its customer base as it implements strategies to improve customer experience, provide value, and influence the lives of its clients by offering relevant, accessible, and easy-to-use insurance to all Ghanaians.
Over the past five years, aYo, a subsidiary of MTN, has been at the forefront of driving insurance penetration up in Ghana through its compelling, convenient and affordable health (hospital) and life products, which allow customers to pay premiums with airtime and with mobile money.
aYo’s Recharged with Care (RwC) allows premiums to be automatically deducted from subscriber’s airtime in bits anytime they recharge their airtime until a total of GH¢4.00 or GH¢6 is paid for the month. Premium for Send with Care (SwC) is paid when one sends mobile money. The information on that is available on *170#, and select Send with Care.
In terms of benefits, so far, the highest single claim settlements were GH¢6,000 paid to a ‘Recharge with Care’ customer, while that for a single ‘Send with Care’ customer stood at GH¢6,841, which was a hospital admission claim.
CEO of aYo Ghana Francis Gota said the market perception of insurance is changing rapidly among consumers, and microinsurance is doing so much to dispel the myth that insurance is only available for the higher income earners, educated, and formal-sector employees.
“We saw a significant increase in awareness of financial service products like microinsurance during 2021, with growing numbers of Ghanaian consumers purchasing cover to protect themselves and their families in the event of hospitalisation or loss of life,” said Mr Gota.
Microinsurance is a powerful enabler of financial inclusion in African markets, providing a much-needed social safety net that helps vulnerable people and particularly people with low and irregular incomes to stay afloat when the unexpected happens.
“With aYo you can now purchase insurance on the go for GH¢6, right from your mobile phone. Phone penetration and technological advancements in Ghana have made it much easier to reach clients and provide better and more cost-effective service,” said Mr Gota.
But while business is booming, there’s no time to rely solely on past achievements, says Gota.
“Our goal is to enhance the levels of customer experience we offer, add value and positively impact the lives of our customers by providing relevant, accessible and easy to use insurance to all Ghanaians,” he added.
