Phoenix Life Assurance Company Limited has introduced a new product which inculcates the ideals of the traditional susu concept in mobilizing insurance premium. The Phoenix i-Susu is a secured means of electronic payment which operates on the mobile phone technology platform. Manager Director of Phoenix Life, Jemima Abassah-Kissi, says the micro-insurance product enables the insuring public to contribute towards their pension, child education and funeral coverage. “We’ve listened to our clients, we’ve looked at the market and we’ve seen the challenges and we have come out with this to take away all of these concerns that people have… You have a policy that you’ve purchased [and] we are collecting the contribution in the form of susu, but the underlining product is an insurance product”, she told Luv Fm at the product launch in Kumasi. According to Mrs. Abassah-Kissi, the i-Susu is doing “wonderful” on the market, especially with the additional security of “electronic mode of collection”. Ashanti regional Manager of the National Insurance Commission (NIC), Leslie Sackeyfio, described the product as an important innovation which would extend insurance services to people in the lower-income brackets. He encouraged other insurance companies to be creative in expanding their products’ reach to the larger populace.