I heard about this on the radio last week...report from Business Day
Airtel rides on Cornerstone, MicroEnsure to provide free insurance plan for Nigerians
Airtel Nigeria, a leading telecoms services provider, is riding on the back of two insurance providers, Cornerstone Insurance plc and MicroEnsure to provide Nigerians free covers for hospitalisation as well as for life.
With this cover, Airtel customers by recharging as little as N1,000 each month qualify for cover, and as they increase their monthly recharge can earn more cover up to N500,000 and N50,000 of life insurance and hospitalisation, receptively. This development, analysts say, is a major development for the nation’s insurance industry quest to deepen market penetration through retail products.
The product, which is tagged Airtel Insurance, is packaged to deliver affordable insurance services and encourage insurance culture among Nigerians, and has been endorsed by the National Insurance Commission (NAICOM).
Ganiyu Musa, group managing director, Cornerstone Insurance, said: “Cornerstone is delighted to be at the forefront of providing truly innovative products and channels combinations that address the Nigerian situation. That we are grossly under-insured as a nation is very well documented; we are glad to be able to provide a platform for millions of financially excluded Nigerians to enjoy the benefits and peace of mind of insurance – for free. As we say at Cornerstone, “The Future” is, indeed, “Assured.”
Maurice Newa, chief commercial officer, Airtel Nigeria, explained that majority of Nigerians, especially the middle- and low-income earners cannot afford most available insurance policies due to income levels and complicated insurance processes. He said the Airtel Insurance plan on the other hand was designed to make affordable insurance available to everyone in a simple manner.
“In line with our vision to enrich the lives of Nigerians and offer them quality services, Airtel Nigeria collaborated with two very reputable insurance organisations to package this innovative product, which guarantees our customers quality, affordable and accessible insurance services.
“This further corroborates Airtel’s commitment towards creating a robust platform that helps customers accomplish their professional and personal success and goals in life,” Newa said.
“MicroEnsure is proud to be leading the world as a mobile insurance provider, and this launch in Nigeria marks a milestone in free mobile insurance offerings,” commented Peter Gross, regional director for MicroEnsure Africa, saying “this combination of insurance products, all offered for free, is unprecedented in the industry here, and we take pride in introducing a cutting-edge micro-insurance product here in Nigeria.”
Customers also have a variety of packages to choose from.
With a monthly recharge of N1,000 Airtel Insurance gives the customer N10,000 hospitalisation and N100,000 life insurance, while N5,000 recharge will earn customers as much as N25,000 hospitalisation and N250,000 life insurance. A N10,000 recharge will attract N50,000 hospitalisation and N500,000 life insurance, the promoters informed.