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The product will see Safaricom, Britam and Changamka Health target of over 35 million Kenyans without insurance. The aim is to have families accumulate a premium of KSh12,000 (US$140) that will provide in and out patient, maternity and income insurance during hospitalisation of about KSh500 (US$6) per day.
According to the plan, once one accumulates KSh6,000 (US$70), they will be eligible to receive medical assistance when required.
The greatest benefit for this product is to families, as it will see an inpatient and outpatient cover for two parents and an unlimited number of children. According to Britam, the medical cover will undertake insurance against pre-existing conditions including HIV.
Another major breakthrough is that it will cover funeral expenses in the event that one of the insured persons dies.
The technology bit will be covered by Changamka, a micro health institution that provides technology based solutions for health care.
Changamka distributes a health smartcard that can be loaded with cash and be used at different health care facilities. These include cards such as Outpatient Smartcard, Maternity Smartcard, Smartcard for third party payer schemes (E-Vouchers) and In-house Smartcards.
Their service, combined with the new insurance product, will help those without access to such products easily obtain them through the use of their phones.
However, this is not the only product in the market that uses mobile payment. The Retirement Benefits Authority earlier this year introduced the “Mbao Pension Scheme” where workers in the informal sector can pay their retirement benefits at only KSh20 (about US$0.20) per day through mobile money transfer.
