Less than two years after launching in Zambia, microinsurer aYo has passed the 2.85 million customer enrolment mark and is aiming to continue its impressive growth in 2022 as awareness of insurance grows in the local market.
The company’s impressive growth trajectory has seen it garner a host of awards in recent months. It was recognised as the Most Innovative Ecommerce Product in Zambia by the Institute of Finance and Economics in October and followed that up in November with three awards at the Pensions and Insurance Authority Industry awards: Micro-insurance product of the year, Best Customer-Centric Experience, and Product and Service Innovation of the Year.
The company offers Hospitalisation and Life Insurance Cover through two insurance products, ‘Send with Care’ and ‘Recharge with Care’. CEO Andrew Nkolola says micro insurance is driving growing financial inclusion in Zambia, as customers must maintain active Mobile Money (MoMo) accounts to interact and claim for insurance. This is also seeing them sign up for other products like savings (Patumba) and access to credit (Kongola).
“We’ve seen a significant increase in awareness of microinsurance during 2021, with growing numbers of Zambian consumers purchasing cover to protect themselves and their families in the event of hospitalisation or loss of life,” said Nkolola.
“The market perception of insurance in general is changing. Today, every Zambian consumer can purchase affordable insurance on the go, using their mobile phones. This provides a much-needed social safety net that helps vulnerable people and particularly people with low incomes to stay afloat when the unexpected happens.”
aYo Zambia’s ‘Recharge with Care’ product caters for all MTN subscribers and offers life and hospital insurance cover every time customers recharge their MTN airtime. Subscribers can sign up by dialling *296# on their mobile phones, and use the same process for filing claims. Valid claims are paid directly to the claimant’s mobile money wallet without any hassle.