If you’ve heard of insurance and the thought that springs in your head is, ‘that is for the bourgeoisies’, then prepare for a revolution. Prepare for an insurance product that is innovatively tailor-made to the needs of majority of Ghanaians.
Hollard Life, a life insurance company under the Hollard Group has introduced a new product which is aimed roping in the underserved market and getting them financially covered for contingencies, including death or disability.
The product, which is an offspring of a three-tier collaboration between Hollard Life, local telecommunication giant, Vodafone Ghana, and a fintech company based in Zimbabwe, Cassava Fintech, is set make insurance more accessible and diffuse the conception of insurance being a preserve for just the well-to-do.
Managing Director of Hollard Life Assurance, Nashiru Iddrisu, describes the partnership as key in the development of this new product. He describes the partnership between the three companies from fairly different industries as strategic and pivotal to the design of this new product. “We believe in strategic partnerships. One of the things COVID-19 has taught us is that for you to really stand out and up, you need to partner where you have gaps and you have your partner complementing you. So we went into this with Vodafone Ghana. Vodafone is a giant in the telcos industry as well as the Fintech, we believe the world is a global village and we can partner anybody on this earth”, Mr. Iddrisu explained.
The new product, “MeBanbɔ” which literally translates, ‘My Protection’, is a brainchild of an extensive consultation with prospective customers who expressed the desire to insure themselves against unforeseen contingencies. Prospective customers also identified high premiums, modes of payments and delays in the collection or payment of claims as barriers to signing on to insurance packages.
“MeBanbɔ” is thus considered a solution to the myriad of challenges identified to have contributed to the low insurance penetration in Ghana by making insurance easily accessible to the larger underserved population.
”So that’s why we’ve made the product so simple. All that one needs is a handset, have a Vodafone SIM registered with Vodafone Cash”, Mr. Iddrisu quipped during an interaction with the media.
With a mobile handset, a Vodafone SIM card that is registered with Vodafone Cash, interested persons are just halfway through being covered for life’s contingencies. MeBanbo is designed to offer tailored packages of Ghc1,000, Ghc5,000, Ghc15, 000, and Ghc30, 000, funeral and disability cover for premiums as low as Ghc1, Ghc5, Ghc15 and Ghc30 respectively.
“MeBanbɔ” is a microinsurace, first of its kind that is designed to the meet the insurance needs of multiple target markets but most importantly at the underserved. “The critical mass of the market, to a larger extent has been ignored by players in the industry and we believe that that market equally deserves a product that’s tailored to meet the needs. That’s why we are going into the area of micro-insurance” Mr. Iddrisu, Managing Director of Hollard Life Assurance stated.
“MeBanbɔ” can easily be accessed via phone by dialing the USSD code *269# to register and begin contributing.
To the many people in need of tailored insurance products “MeBanbɔ” is obviously the best bet since its features suits the varied demands of many.
“Anybody, living anywhere in Ghana, as far as the remotest village, all you need is to have a Vodafone number and be on VodaCash and dial the simplest code *269# and you are good to go. The rest is the normal processes for registration and you are on cover within a minute or two, you can get on cover without any technicalities” Mr. Iddrisu assured.
Hollard Life Assurance has promised of continuous innovation and scale-up in product designs to ensure majority of Ghanaians are insured. “Anywhere we see we can create products with better features we will be willing to provide solutions. We are not just moving all focus to microinsurance but we are there to provide a need” Mr. Iddrisu clarified during his interaction with the media ahead of the official launch of “MeBanbɔ”.
About Hollard Life Assurance
Hollard Life is a subsidiary of insurance group, Hollard Ghana, which combines its deep local knowledge of the market with the world-class expertise of an international insurance brand. With feet firmly planted on Ghanaian soil but Headquartered in South Africa, Hollard delivers innovative insurance solutions customised to the unique risks Ghanaians face. Hollard was previously Metropolitan Insurance which operated in Ghana for over 25 years.
Hollard Life Assurance offers various life insurance products including funeral, personal accident, savings and investment, group Life insurance and employee plans, and more. Beyond various nationwide office branches and agents, Ghanaians can find Hollard at Shell Fuel Station Welcome Shops, and some Melcom stores across Ghana.
Vodafone Cash is the mobile financial services subsidiary of Vodafone Ghana. Vodafone Cash provides a mobile money solution that empowers subscribers to perform an assortment of financial services on their mobile devices.
With about 70% of the Ghanaian population still unbanked, the services provided by Vodafone Cash have proven to be integral in the promotion of a cash-lite society and contributed immensely in improving digital inclusion and access to finance for all Ghanaians.
The suit of services offered to customers on Vodafone Cash include: depositing funds, cash withdrawal, money transfer, airtime purchase, paying bills and buying goods. Vodafone Cash also makes it possible for businesses to accept electronic money as a form of payment and also to send money in bulk to their customers or employees. As businesses strive to leverage on their strengths to grow and deliver superior service, Vodafone Cash proposes flexible, innovative and effective solutions to meet their payment needs.
Vodafone Cash continues to invest in expanding its agent network to support the expansion of the mobile money ecosystem and is fully committed to utilizing its cutting-edge digital technology and expertise to help Ghanaian businesses grow.
About Cassava Fintech International
Cassava Fintech International is a pan-African business that use an integrated model to drive financial inclusion and digital transactions across the continent. Its core operations are Mobile Money, Social Payments Services, Digital Banking, International Remittances and Mobile Micro Insurance. Cassava has a presence in Zimbabwe, South Africa, Burundi, Lesotho and the United Kingdom, as well as partnerships in several other African countries, including Ghana.