CC image courtesy of Public Relations at MTN Yemen1 on Flickr.
MTN Rwanda has partnered insurance firm Prime Life Assurance in a bid to increase the uptake of policies in the country, especially in the lower market segment.
Rwanda’s insurance penetration is currently the lowest in Africa, and the partnership is seeking to take advantage of the growing number of mobile users to increase uptake.
MTN subscribers will be able to buy policies for between RWF4,525 (US$7) to RWF21,625 (US$32) per year, which qualify them for benefits of between RWF250,000 (US$368) and RWF1.25 million (US$1,840).
“The claims process is simple; payout upon the death of an insured person is processed through the mobile money facility within 48 hours of receiving completed claim documents,” said Gregoire Minani, Prime Life Assurance chief executive officer (CEO).
“The service will initially focus on MTN LifeCare, which enables a registered MTN Mobile Money customer to get life insurance cover. In the event the policy owner dies, their beneficiaries will receive a lump sum payment,” said Norman Munyampundu, general manager of MTN Business.
