It has been less than a month since aYo Intermediaries Ghana introduced their affordable and inclusive microinsurance product ‘aYo Family Cover’ – and it has already recorded about 10,000 customers.
CEO of aYo Ghana, Francis Gota, disclosed this exclusively to Techfocus24 at the second launch of the aYo Family Cover product at Kasoa New Market in the Central Region. The first launch was at Madina Market in Accra about a month ago.
The company has chosen to launch the product in selected markets because it is designed as an inclusive product, with affordability as its main cornerstone to ensure that even very low-income earners will be able to buy, use and benefit from insurance.
At the Kasoa launch Francis Gota said the company is committed to democratising insurance through affordability, so when tragedy strikes even low-income people will have something to count on to meet the usually high expenses.
He therefore urged market women, street hawkers and other petty traders present at the launch to put themselves into groups of seven and buy aYo Family Cover; or even as individuals, buy any of aYo’s highly affordable products and secure their future against the inevitable.
Head of Microinsurance at Sanlam Insurance (underwriters for aYo), Ken Owusu Nantwi, noted that because of aYo’s innovative and affordable insurance products “now insurance is no more for just the rich but also for the poor as well”.
According to him, people often weep over their dead relatives because of the funeral costs; but now aYo has created the platform for everyone to get help in such times – adding that formerly insurance covered only one person, but now aYo has included the family as well.
Guest-speaker at the event Nana Kwesi Gyan Apenteng noted that with affordable insurance packages like aYo Family Cover, the days when families looked to a few well-to-do relatives to foot funeral bills are going away; because now even low-income earners in the family can also bring some money to help meet funeral expenses.
“Up till date, older men like myself continue to foot funeral bills for families – but you have the opportunity to change that in this generation by patronising affordable insurance products like aYo Family Cover; so that when you have a funeral in your family you can also contribute your quota,” he told the traders at the event. “No matter your income level, aYo can make you important in your family when there is a funeral.”
Nana Gyan Apenteng urged all the traders to use their social media platforms to spread the news about affordable insurance products on aYo, so that their families and friends can join and also benefit.
Kasoa Police Commander Timothy Dassah was also present at the event, and urged the traders to patronise the aYo products, saying: “I have had insurance cover for the past 20 years, and I can assure you it helps in times of need”.
As of 2021, Ghana’s insurance penetration by GDP was less than 2 percent, but in terms of number of persons who have insurance cover, aYo alone has close over 8 million customers with an additional 2 million being indirect beneficiaries.
aYo Family Cover, which is poised to boost the coverage even further, allows the policyholder to put six more persons on the policy; and each of the six will pay up to GH¢15 a month as premium for a GH¢15,000 life cover, plus GH¢300 hospitalisation cover per night. Meanwhile, there is a more affordable version whereby each of the seven persons will pay GH¢10 each as premium every month for a GH¢10,000 life cover each and GH¢200 hospitalisation cover per night.
The policy, which is available of *296# on MTN only, requires that a policyholder has a valid MTN mobile money wallet because the premiums will be paid with the wallet.
Additionally, aYo still runs its Recharge with Care (RwC), Send with Care (SwC) and the RwC Annual Cover products under which policyholders pay very affordable premiums with airtime and mobile money, and benefit from up to GH¢6,000 life cover under RwC and Annual Cover and up to GH¢30,000 under SwC.
They also come with hospitalisation cover, depending on the number of nights one spends in hospital.
Under the Annual Cover product particularly, the policy holder pays GH¢130 for the whole year; and if the year passes and the policyholder did not make any claim, aYo will give the policyholder a 10 percent cash back.
Between the three products, aYo has so far paid out GH¢14million in claims to more than 40,000 persons. Claims are usually paid within 24 hours of application, provided all the particulars are intact. Claims can be made via phone, and the benefit will be paid into the policyholder’s MTN mobile money wallet.
Meanwhile, aYo also organised free medical screening for the traders in collaboration with Clarion Health Service. The traders were also treated to several aYo-branded goodies amid singing and dancing powered by aYo brand ambassador and Ace Broadcaster Abeiku Aggrey Santana.
