Ghana’s leading mobile micro-insurance company, aYo Intermediaries Ghana, has crossed the seven million customers mark and paid out a whopping GH¢8.7million in claims to some 28,000 customers as it marks its 5th year of operations in the country.
The company expects to increase its customer base by another 1.8 million people by the close of 2022, as its puts strategies in place to further enhance customer experience, add value and impact the lives of its clients by providing relevant, accessible and easy-to-use insurance to all Ghanaians.
Over the past five years, aYo, a subsidiary of MTN, has been at the forefront of driving insurance penetration up in Ghana through its compelling, convenient and affordable health (hospital) and life products, which allow customers to pay premiums with airtime and with mobile money.
aYo’s Recharged with Care (RwC) allows premiums to be automatically deducted from subscriber’s airtime in bits anytime they recharge their airtime until a total of GH¢4 or GH¢6 is paid for the month. Premium for Send with Care (SwC) is paid when one sends mobile money. The information on that is available on *170#, and select Send with Care.
In terms of benefits, so far, the highest single claim settlements were GH¢6,000 paid to a ‘Recharge with Care’ customer, while that for a single ‘Send with Care’ customer stood at GH¢6,841 – which was a hospital admission claim.
CEO of aYo Ghana, Francis Gota said the market perception of insurance is changing rapidly among consumers, and microinsurance is doing so much to dispel the myth that insurance is only available for the higher income earners, educated and formal-sector employees.
“We saw a significant increase in awareness of financial service products like microinsurance during 2021, with growing numbers of Ghanaian consumers purchasing cover to protect themselves and their families in the event of hospitalisation or loss of life,” said Gota.
Microinsurance is a powerful enabler of financial inclusion in African markets, providing a much-needed social safety net that helps vulnerable people and particularly people with low and irregular incomes to stay afloat when the unexpected happens.
“With aYo you can now purchase insurance on the go for GH¢6 right from your mobile phone. Phone penetration and technological advancements in Ghana have made it much easier to reach clients and provide better and more cost-effective service,” said Gota.
But while business is booming, there’s no time to rely solely on past achievements, says Gota. “Our goal is to enhance the levels of customer experience we offer, add value and positively impact the lives of our customers by providing relevant, accessible and easy to use insurance to all Ghanaians,” he added.
How to sign up with aYo
For Recharge with Care, subscribers sign up via our app, app.ayo4u.com or by dialling *296#, selecting option 1 and following the prompts. They can sign up for MyLife, MyHospital, or both. A maximum premium of GH¢6.00 provides cover that is valid for 30 days.
Subscribers use the same process for filing claims (*296#, option 1, option 7, and follow the prompts), or via the PWA site. Valid claims are paid directly to the claimant’s mobile money wallet.
MTN MoMo subscribers can send MoMo through aYo Send with Care by dialling *170#, select option 1 (transfer money) and then option 3 (Send with Care) on the mobile money menu. This will give them up to GH¢30,000 hospital and life insurance cover for themselves, and up to GH¢3,000 life cover for their family members (the receivers of the MoMo).