Yu wades into insurance to boost market share
VALUE ADDED SERVICES| Sept. 12, 2012, 12:26 p.m.
By Semaj Itosno, Nairobi, Kenya
As competition in Kenya’s mobile telephony reaches fever pitch, operators are getting more intuitive to attract customers.
Now yuMobile has unveiled an insurance scheme that gives a life and disability insurance cover for its pre-pay subscribers.
The company will provide life and disability cover to it subscribers making a minimum call spend per month of Sh100 and the level of cover increases up to Sh60,000 as the mobile phone users call more on the Essar network.
Dubbed “yuCover”, the product is underwritten by Jubilee Insurance and powered by MicroEnsure.
“This product rewards yuMobile subscribers with a renewable monthly life and disability cover based on the amount of airtime re-charged each month. As an introductory offer, yuMobile is extending this Insurance for free up to 31st October 2012 (after which a nominal fee is applicable),” reads yuMobile’s communique.
How the yuCover works
Subscribers simply dial *555# to learn about yuCover, register, access policy details, and make a claim.
The cover offers monthly renewable insurance in the event of loss of life or permanent disability suffered by a yuMobile subscriber. Provided that subscribers top up at least Ksh100 each month, they will maintain this insurance. Subscribers do not have to purchase the airtime in a single transaction as yuCover calculates the cumulative airtime purchased for each month.
The yuCover becomes active on the first day of the month following registration and basis cumulative Recharge value. For example, a registered subscriber who tops up Ksh350 in September will enjoy Ksh20,000 insurance for full month of October. By topping up Ksh550 in October, they will enjoy Ksh40,000 insurance in November.
To make a claim, registered subscribers and beneficiaries simply dial *555*4# or 0750 100 100 and a MicroEnsure agent will return the call to assist with the claim.
According to Jubilee, once submitted claims would be reliably paid within one week.
Essar Telecom Kenya is Kenya’s fourth mobile cellular network under the brand “yuMobile”, launched in December, 2008. The network has a subscriber base of over 2.8M subscribers
MORE VALUE ADDED SERVICES NEWS
Safaricom launches M-PESA mobile financial journalSafaricom has announced the launch of M-Ledger, an Android based application that provides subscribers on the company’s network with a simple and easy to use financial journal to track and monitor their M-PESA transactions. Read More
Airtel, Access Bank strike Access Money dealAccess Bank Plc has collaborated one of Nigeria’s leading telcos, Airtel to develop and launch a new mobile money service. Read More
Microsoft, Opera Software to extend Opera Mobile Store to more Nokia phonesOpera Mobile Store will replace Nokia Store as the default app store for Nokia feature phones, Symbian and Nokia X smartphones, following an agreement between Opera Software and Microsoft. Read More
Mobile transaction users to hit 2bn by 2017A new report from Juniper Research has found that just over 2 billion mobile phone or tablet users will make some form of mobile commerce transaction by the end of 2017, up from 1.6 billion this year. Read More
Zero-rating key to customer acquisition - Airtel AfricaMaking OTT services such as Facebook and WhatsApp available for free on mobile networks - or so-called “zero-rating” - is a key part of customer acquisition, according to Willie Ellis, head of products and innovation at Airtel Africa. Read More
Airtel to offer insurance cover for iPhone 6 and iPhone 6 PlusAirtel has announced that it will offer a 2-year insurance cover to its customers who purchase iPhone 6 and iPhone 6 Plus in any of its designated outlets in Kenya. Read More
EcoCash-Western Union link upThe Western Union Company, a leader in global payment services, and Zimbabwe’s leading mobile money service provider, Econet Wireless, have teamed up to offer consumers fast and reliable international money transfers. Read More
Mobile money services must innovate to be sustainable - TigoMobile money services must continually be innovating if they are to make their business sustainable in the long-run, according to Diego Gutierrez, general manager of Tigo Tanzania. Read More
Mobile money operators must take holistic approach – panelCompanies launching mobile money services were urged by panelists at AfricaCom in Cape Town to approach the market strategically and holistically if they are to be sustainable. Read More
FEATURED STORYGSMA: half a billion mobile subscribers in SSA by 2020
The number of unique mobile subscribers in Sub-Saharan Africa will pass the half billion mark in 2020, says a new GSMA report.
BEST READ NEWS
IN DEPTHAfrica lags on digital migration
Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.
COMPANY NEWSVMware Study: Businesses can Take Three Weeks to get Employees Mobile-Ready
EMEA businesses say concerns over trust, ownership and delivery capability may hold back taking advantage of the mobile cloud-era.