aYo Intermediaries Ghana, a micro-insurance company and subsidiary of telecommunication giant MTN Ghana, has paid an amount of GH₵14million in claims to over 40,000 subscribers across the country since it started operating in 2017.
aYo’s subscriber base currently stands at 8.2 million, representing about 25 percent of the country’s population – and it hopes to increase the number to 20 million by next year.
Chief Executive Officer (CEO) for aYo, Francis Gota, disclosed this during a media interaction to explain details of their new product – ‘aYo Family Cover’ – before its launch at Kejetia, Kumasi.
This insurance package is available solely for MTN subscribers who are 18 years and not more than 65 years of age. To sign up, MTN customers must dial *296# and follow the prompts to sign on personally or be assisted by an agent.
Subscribers of the ‘aYo Family Cover’ will to enjoy up to GH₵15,000 life cover and GH₵300 per night hospital cover for up to six family members with a premium of GH₵15, deductible from the customers’ MTN mobile money wallets.
In case no claim is made within a year, 10 percent of the premium will be paid to the subscriber.
Mr. Gota, speaking to journalists after a successful launch of the aYo Family Cover at Kejetia in Kumasi, encouraged subscribers to take advantage of the insurance products as they are the most affordable packages in the country.
“It is the most affordable insurance in the country. Our reason for giving this affordable insurance is the fact that we are leveraging technology to bring down the cost significantly and scale quickly.
“We exist to provide relevant, accessible and easy to use insurance for subscribers, especially those in the informal sector. We are leveraging technology to demystify the notion that insurance is for those in the formal sector and rich in society, because the people who really need insurance are those in the low-income bracket. They need protection, and that’s why we did this product for them,” he said.
Mr. Gota further indicated the newly launched aYo Family Cover promises to provide relief for families who cannot afford insurance policies that require huge premiums.
The ‘aYo Family Cover’ – just like the other two aYo insurance products – ‘send with care’; this requires customers to contribute just 5 percent of every amount they send on MTN mobile money as premium, and then they stand to benefit by up to GH₵30,000 life cover.
And ‘recharge with care’ allows customers to pay only GH₵6 a month from their MTN airtime and benefit from GH₵6,000 life cover for themselves and one other dependent, plus GH₵120 per night of hospital admission.