Hollard Life Assurance has banded together with Pan African fintech organization, Cassava Fintech and Vodafone to launch a micro insurance product providing funeral and disability cover to the underserved.
The insurance product, called ‘MeBanbɔ‘ – which signifies ‘My Protection’ – can be effectively gotten to by means of a cell phone by dialing USSD code *269# on Vodafone mobile network.
MeBanbɔ offers custom-made packages of GHS 1 000, GHS 5 000, GHS 15 000 and GHS 30 000 funeral and disability cover for charges as low as GHS 1, GHS 5, GHS 15 and GHS 30 respectively.
This is the first micro insurance product of its sort offering packages that suit distinctive individual requirements. It is available to people older than 18 years who use the Vodafone mobile network.
The Group CEO of Hollard Ghana, Patience Akyianu, the parent organization of Hollard Life Assurance, has described the launch of MeBanbɔ as a huge achievement in the business’ mission to empower more people to secure a better future.
Hollard’s business objectives are attached to their motivation to guarantee admittance to insurance as a social goof and an empowering agent of better prospects.
The organization is giving insurance policies that serve the necessities of their clients. MeBanbɔ is a good representation of this, and are glad to offer it to the public in association with Cassava Fintech and Vodafone Cash.
The MeBanbɔ policy was created after the company engaged with potential customers in underserved markets who expressed interest in securing their financial wellbeing against unexpected incidences, such as funerals and disability.
However, they also revealed a reluctance to sign up for traditional life insurance products because of the seemingly unaffordable premium amounts, modes of payment and claims collection process.
With MeBanbɔ, it eases these concerns. It is made to afford everyone the opportunity to plan their future wellbeing simply via mobile money, in amounts that suit their pockets and with an equally simple claims process.
MeBanbɔ is currently available via Vodafone Cash and made possible through a partnership with Vodafone.
In a statement, Godwin Mashiri, the Head of Cassava Fintech International’s Mobile Insurance Business, the platform provider for MeBanbɔ, said:
“We are very excited to be a part of this partnership with Hollard Life Assurance to launch MeBanboɔin Ghana. This partnership demonstrates and underscores our commitment towards a socially and financially inclusive future that leaves no African behind.
It is our hope that the launch of MeBanbɔ in Ghana will enable those who could not access affordable insurance cover to benefit from this product. This partnership will not be the last as we continue to provide a platform which improves the lives of everyday people across the continent.”
MeBanbɔ’s product messaging campaign in English, Twi, Ga, and Dagbani languages encourages the public to sign up for “plenty asomdwee, toinjol3 or suh’doooo” via *269# on the Vodafone network.
This includes the popular comedian and TV personality Akrobeto, and local boxing champion, comedian and TV presenter Bukom Banku, as taxi drivers discussing the financial wellbeing that funeral and disability insurance cover brings.