Network member Inclusivity Solutions has launched two new digital insurance products: Riziki Cover with Equitel in Kenya and Ingoboka Cash with Airtel-Tigo in Rwanda.
Both products offer subscribers hospital cash cover to individuals and families who are hospitalised. For as little as USD 1 spent on airtime per month, consumers stand to benefit from a cash payment for every night spent in hospital (three-night stay minimum). These payments can greatly help low-income families alleviate the financial stress of loss of income or daily expenses incurred while in hospital, such as food and transportation.
Riziki Cover in Kenya and Ingoboka Cash in Rwanda are underwritten by local insurers Britam and Radiant, respectively, with Reinsurance Group of America (RGA) serving as the lead reinsurer for both products.
Jeremy Leach, CEO of Inclusivity Solutions said: “With insurance penetration residing at 2.8% in Kenya and 1.7% in Rwanda, and mobile phones being ranked as the second fastest distribution channel for insurance in Africa, the opportunity to drive financial inclusion through innovative digital products is significant. We are honoured to be able to play a role in delivering real social impact through these two initiatives and look forward to introducing similar products to other emerging markets in the future”.
A 28-year old Ingoboka Cash claimant who received the equivalent of USD 164 for her time in hospital following surgery said: "My husband went to the local Tigo branch and with their guidance we completed the claim form and received RWF 140,000 in cash. I was speechless; the large amount enabled us to pay for the surgery, to buy good quality food for the baby and to pay school fees for my oldest daughter".
Read the full press release here.