Leading mobile insurance provider Bima Ghana as a way to boost insurance penetration has introduced B-life and B- health insurance policies into the market.
The new policies which provide up to a cover of GH¢10,000 is targeted at improving the habit of insurance in the informal sector and among low-income earners.
Speaking at the launch of the new products, Country manager for BIMA Ghana, Damien Gueroult explained that the company would stop at nothing to make insurance affordable for the average Ghanaian.
“The launch of B-Life and B-Health is one more step for us to bring new products dedicated for this market. As Ghana is developing, the line between underserved and well-served customers is getting broader.
So we’ve done extensive research, understanding the main problems they face when they go to the hospital and what they really want an insurance company to do for them,” he said.
With B-Health policy, customers and the families have unlimited access to qualified medical practitioners over the phone, cash support for purchasing medicine and a cash payout of up to GH¢1,500 when admitted to the hospital.
The B-Life policy, on the other hand, provides financial relief against funeral expenses and the loss of income due to permanent disabilities.Customers can receive a lump sum payment of up to GH¢10,000 if any of the insured incidents occur.
In addition, customers who do not suffer any loss or injury are rewarded with a yearly cash-back to encourage them to continue contributing to their insurance and stayed covered.
Although the insurance coverage rate has improved from 8% to 30% within the last seven years, the essence for more education on the need for insurance still remains; as a majority of this percentage are from the upper class.
Also present at the launch was the Deputy Commissioner of the National Insurance Commission (NIC) Kofi Andoh lauded the group as their mobile delivered insurance has helped boost insurance coverage in Ghana.
He also entreated technological innovations such as BIMA’s and encouraged more of such to improve the knowledge of insurance.
“By using technology, that is the mobile phone, the insurance process has been made simpler and has helped boost the numbers under insurance
“Seventy-five per cent of BIMA customers are first time insurers. Which tells you that they are learning about it for the first time and gradually the knowledge will trickle down to their children as well who will grow up, making better decisions in life when it comes to insurance.”
BIMA uses mobile technology to deliver affordable insurance and health products to underserved consumers and their families in emerging markets who cannot access these vital products through traditional channels.
BIMA’s technology platform creates a paperless experience and enables scale, while the agent force distributes products and provides customer education.