Less than two years after its launch in Zambia, microinsurer aYo has passed the milestone of 2.85 million registered customers and aims to continue its impressive growth in 2022 as insurance awareness grows in the market. local.
The company’s impressive growth trajectory has earned it numerous accolades over the past few months. It was recognized as the most innovative e-commerce product in Zambia by the Institute of Finance and Economics in October, and followed in November with three awards at the Pensions and Insurance Authority Industry Awards: year, Best Customer Centered Experience and Product and Service Innovation of the Year.
The company offers hospitalization and life insurance coverage through two insurance products, “Send with Care” and “Recharge with Care”. CEO Andrew Nkolola says microinsurance is driving growing financial inclusion in Zambia, as customers need to maintain active Mobile Money (MoMo) accounts to interact and apply for insurance. It also means seeing them subscribe to other products such as savings (Patumba) and access to credit (Kongola).
“We have seen a significant increase in awareness of microinsurance in 2021, with an increasing number of Zambian consumers taking out coverage to protect themselves and their families in the event of hospitalization or death,” Nkolola said.
“The perception of the insurance market in general is changing. Today, every Zambian consumer can buy affordable insurance on the go, using their mobile phone. This provides a much-needed social safety net that helps vulnerable people and especially low-income people stay afloat when the unexpected happens.
AYo Zambia’s ‘Recharge with Care’ product is available to all MTN subscribers and provides life and hospital insurance coverage each time customers recharge their MTN airtime. Subscribers can register by dialing *296# on their mobile phone and use the same process to file complaints. Valid claims are paid directly to the claimant’s mobile money wallet without any hassle.