NEWS
20-09-11 16:44
UAP launches the first mobile phone based insurance cover
UAP launches the first mobile phone based insurance cover
Customers will register, pay and report their claims on their phone…..
Nairobi, September 20, 2011 …In line with its strategy to be Africa’s revolutionary financial services company, leading insurance provider UAP Insurance has launched a dynamic mobile based personal accident cover that targets the largely uninsured population segment and increases accessibility to insurance by more Kenyans.
The product, Salamasure, covers the entire transaction with the customer from start to finish. Customers will register, pay and report their claims on their phone. The claim will also be paid directly through the phone. The entire process of going on cover takes less than two minutes. This is the first product of its kind in the region and possibly in the world.
“The use of the mobile phone platform to sell insurance is revolutionary. It will definitely change the insurance landscape in Kenya and across the world. A huge number of Kenyans can now conveniently and cheaply take up cover,” said UAP Insurance Managing Director, James Wambugu. This will contribute to the insurance industry’s efforts to grow insurance penetration which currently stands at only 3% of GDP compared with over 14% in a country like South Africa. It will also provide an opportunity for more Kenyans to protect themselves against the increasing rate of accidents such as the recent road and fire disasters.
He added, “UAP is in the forefront of demystifying insurance by making it simple, relevant and accessible to majority of Kenyans. We make people’s lives better by enhancing their quality of life by delivering peace of mind and financial freedom,”
He explained that UAP insurance is committed to use of technology to develop new and innovative products that respond to the consumer’s diverse and ever changing needs. It took UAP over two years to develop Salamasure. The platform will also allow UAP’s large network of agents and brokers to sell the product to their clients.
“This is going to be a game changer in the insurance industry,” he said and explained that Salamasure covers accidental loss of life, accidental permanent disability, medical expenses incurred as a result of accidental injury, last expenses-incurred for funeral arrangements and cost of artificial appliances like clutches. To register, a person will be required to give his identification in form of an ID or passport number.
“By using the Safaricom mobile phone line to buy the cover, one needs to just dial *827# and follow simple instructions. The buyer will be prompted to provide his or her ID card number and the beneficiary’s ID’s number. There are no forms to be filled to sign up and the premium is then paid monthly through M-Pesa. Once registered, you will get confirmation of your cover by SMS as soon as you pay.” The customer will be automatically reminded to renew their cover before expiry.
Salamasure cover has three options, Standard which has a cover limit of Shs 100,000, Silver Shs 200,000 and Gold Shs 500,000. The cover limit is what an insured person or beneficiary would be paid in case of total permanent disability or loss of life. Payment for injury would be a percentage of the degree of injury. The applicable premium is Ksh200, Ksh250 and Ksh400 respectively. In terms of daily cost a cover for Shs 100,000 therefore costs less than Shs 7. This should make it affordable to most Kenyans. The service is available 24 hours a day, seven days a week. In case of enquiries, customers can call 0711065827.
Ends.
