READING

Driving insurance penetration through the phone

Driving insurance penetration through the phone

Kenya’s insurance penetration stands at 2.73 per cent which is considered low compared with the world average of 6.28 per cent but insurance companies are betting big on high phone penetration to change this tide.

According to AIB Capital June 2018 report, as at 2017 the insurance industry ha of 52 players, 8,698 agents and 216 brokers. However, the industry remain concentrated in the urban areas with Nairobi dominating with 65.1 per cent and 77 per cent of life and non-life insurance premiums as at end of 2016.

The report states that growth in the industry has over the years been made possible due to improved regulations, product development, insurance education in long term business specifically in pension, improved international trade and entry of new players.

A major change in both increasing penetration and fighting graft is the mobile phone. Many insurance providers are turning to mobile to sell their cover. Through the phone, those seeking insurance cover input their details using these platforms, pay using the same and have their stickers delivered, thus weeding out a role that would have been played by agents.

They same channels are also likely to fight fraud, which has been bleeding insurers dry.

In February this year, Minet Kenya Insurance Brokers signed a deal with M-Tiba platform, developed by CarePay Ltd, which will be used by to run a corporate employees’ insurance product. It helps workers access treatment at partner hospitals, with treatment costs settled through mobile money platforms.

M-Tiba platform is also in partnership with Safaricom and PharmAccess Foundation.

The deal also allows the pair to explore the possibility of offering more insurance products on online platforms, thereby enhancing services to members.

Minet’s Managing Director Sammy Muthui said more products would be incorporated into the platform, while the savings made would be passed on to consumers.

“We need a back-end solution that utilizes smart tech. In Kenya, the smartest tech with the highest penetration is available on mobile phone internet platforms.

The MD also sees an increase in uptake while cutting costs on both ends.

Going mobile meant to increase transparency and accountability to provide a secure and transparent interface between patients, providers and funders.

Muthui, added that medical claims administrators will be able to access accurate data that will inform better decision making on Minet’s product offering moving forward.

One area Minet will be looking to exemplify its product prowess is the Minet Teachers’ Medical Scheme where all teachers employed by the Teachers’ Service Commission (TSC) and actively in service are automatically eligible to be covered.

Already 530 healthcare facilities across Kenya have been contracted with an estimated reach of one million Kenyans.

With your phone that’s either Safaricom or Airtel you get to dial a USSD code and follow the prompts as they are offered.

In this procedure you will no longer require the form and still you can access your scheme using your phone number.

How to Register to AON Medical Insurance using your mobile phone (Safaricom)

  1. Dial *384*3847# from your Safaricom line
  2. You will be treated with a “Welcome to Aon TSC Medical Insurance Registration” message.
  3. Enter your TSC Number and proceed to enter your ID Number
  4. Your TSC Number and the National ID number will be then verified in the TSC database
  5. If information provided matches that in the database, your will be asked to enter the following details
  6. Your Name (Surname followed by other name)
  7. Your date of birth
  8. Work station Number
  9. Your family size
  10. If registration is not successful you will be provided with phone numbers through which you can get to AON customer care agents.
  11. If registration succeeds, you will be offered a pass code which you can use to register your dependents including your spouse and children. A confirmation message confirming your registration will also be sent to your phone number.
  12. While registering your spouse, please provide telephone number
  13. While registered children, please state whether they are disabled. If over eighteen (18) of age, kindly provide their ID Numbers.

How to Register to AON Medical Insurance using your Airtel SIM Card

  • Dial *865# from your Safaricom line
  • You will be treated with a “Welcome to Aon TSC Medical Insurance Registration” message.
  • Enter your TSC Number and proceed to enter your ID Number
  • Your TSC Number and the National ID number will be then verified in the TSC database
  • If information provided matches that in the database, your will be asked to enter the following details
  • Your Name (Surname followed by other name)
  • Your date of birth
  • Work station Number
  • Your family size
  • If registration is not successful you will be provided with phone numbers through which you can get to Minet’s customer care agents.
  • If registration succeeds, you will be offered a pass code which you can use to register your dependants including your spouse and children. A confirmation message confirming your registration will also be sent to your phone number.
  • While registering your spouse, please provide telephone number
  • While registered children, please state whether they are disabled. If over eighteen (18) of age, kindly provide their ID Numbers.

RELATED POST

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.