BIMA Ghana, pioneers of mobile delivered health and insurance services has unveiled two new products in partnership with Allianz Life Ghana at a ceremony held at their office in Alajo, Accra.
Explaining the products to participants, Mr Michael Acolatse, BIMA's head of mobile money said that "the recent surge in mobile money penetration and usage is a true enabler for BIMA". He said that after several months of research to find out consumer wants and needs, they came up with the B-Health and B-Life Policies.
Giving further details, Mr Acolatse said that with as little as GHC6 or GHC10, policy holders between the ages of 18 to 69 years can sign up for the B-Health Insurance and pay through AirtelTigo Money and MTN Mobile Money. This will allow them to enjoy claims of up to GHC 1,500 if admitted at the hospital depending on the policy, doctors' services , laboratory tests as well as maternity cover.
Mr Acolatse said that the B-Life policy will also assist policy holders to defray costs incurred in event of accidents or death. It offers up to GHC10,000 cover for the policy holders and an additional family member. He said a policy holder can opt for both products.
Mr Kofi Andoh, the Deputy Commissioner of the National Insurance Commission(NIC) lauded BIMA Ghana for pioneering mobile delivered insurance in the country. He said that the NIC's aim is to ensure easy access to insurance for clients. He said that the insurance penetration rate in Sub-Saharan Africa is still low with industries excluding the informal sector which according to him is larger than the formal sector. He noted that the NIC has partnered international companies such as the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and innovators like BIMA Ghana to improve insurance access to Ghanaians.
Mr Andoh disclosed that between 2008 to 2017, there has been an increase in the number of people who access insurance in the country, that is, from 8 per cent to 30 per cent and hoped to see further increase to 40 per cent by 2020.
Country Manager for BIMA Ghana, Mr Damien Gueroult said that after providing services in Ghana for about 10 years, the company noticed the need to introduce products that go beyond supporting clients with hospitalization and funeral costs.
"Our customers want easy access to doctors and assistance with casual health expenses from their insurance company. They also want cashback when they do not make claims" he said.
He said that the company was built on trust which is a major key in selling insurance and urged feedback from existing and potential policy holders. He noted that BIMA Ghana will, in the future, include micro and small business holders.
Mr Acolatse explaining the innovative products at the launch
Chief Executive Officer for Allianz Insurance, Mr Gideon Ataraire, described Ghana as one of the fastest growing economies in the world with a 33 per cent mobile penetration rate which he said will make BIMA's products and services contribute to increasing insurance penetration in Africa.
He expressed confidence in their partnership stating that "for a long time, telemedicine was only accessible to wealthy customers in developed countries. Through products like B-Health, Ghanaians will be able to truly leapfrog their access to healthcare for as little as GHC6.00".
BIMA uses mobile technology to deliver affordable insurance and health products to under-served consumers and their families in emerging markets who cannot access these vital products through traditional channels. BIMA's technology platforms create a paperless experience and enables scale, while the agent force distributes products and provides customer education. This tech-enabled approach is the key to BIMA's growth, reaching 31 million subscribers in 15 markets across Africa, Asia and Latin America. BIMA proves that it is possible to provide services for the under-served profitably.