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
Globacom unveils National Mobile Health Insurance productNigerian national telecoms carrier, Globacom has unveiled a National Mobile Health Insurance Product to help improve access to quality health care among Nigerian population. Read More
MFS Africa to power cross-border xP2P services between MTN Mobile Money and M-Pesa in AfricaMFS Africa has announced that its mobile money hub (MFS Africa Hub) has been selected by telecom giants Vodafone and MTN to interconnect their respective M-PESA and MTN Mobile Money platforms in the East African region. Read More
Airtel Kenya partners Medanta Africare for mobile healthcareAirtel Kenya has joined hands with Medanta Africare to launch a new mHealth service that will allow customers access quality health advice from doctors through their mobile phones. Read More
MTN Mobile Money and Vodafone M-Pesa to interconnect Mobile Money ServicesCustomers of MTN Mobile Money and M-Pesa in East Africa will be able to transfer money to each other following an agreement between MTN Group and Vodafone Group to interconnect their mobile money services. Read More
Mobile money a game changerThere has been massive drop in the number of unbanked, thanks to the boom of mobile money services, a new World Bank report shows. Read More
Afrinvest unveils mobile app for online trading, investment managementAfrinvest Securities Limited at the weekend launched an online equity trading mobile application, offering clients mobile access to their brokerage accounts and portfolio data. Read More
Stanbic launches real time payments for electricity and DStvStanbic Bank Botswana has announced the introduction of state of the art, real-time electronic payments for Prepaid Electricity and DStv Subscription through its cellphone Banking and Internet Banking Channels. Read More
Safaricom readies to bring M-PESA homeSafaricom has started final preparations for the launch of the second generation of its M-PESA platform as it prepares to perform a full scale system upgrade aimed at improving efficiencies and speed over the next week. Read More
Airtel Money hits over 1 million transactions in a monthAirtel Ghana has attained another milestone with its instant mobile money service. Read More
Online payment of BGCSE examination fees using Orange MoneyThe Botswana Examinations Council has announced its partnership with Orange Money for the payment of examination fees. Read More
FEATURED STORYe-commerce space untapped, says phonekings head
E-commerce is the future, says the head of a new online electronics mall launched in Nigeria. Tayo Olusanya spoke to Kokumo Goodie in Lagos.
BEST READ NEWS
IN DEPTHVillagers get solar training at Barefoot College
The Botswana Human Resource Development Council (HRDC) has seconded seven semi-illiterate mostly Ngwatle villagers for a six month solar electrification training course at the famed Barefoot College in India.