Yu wades into insurance to boost market share
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