Kenya’s insurance technology company, GrassRoots Bima has launched a revolutionary life insurance product targeting low-income earners.
Through its mobile application platform, WazInsure, the firm hopes to reach Kenyans that are largely locked out of life insurance covers. The company’s chief executive Winnie Badiah said the product’s launch will formally target the bodaboda sector and is aimed at lessening periods taken to settle insurance claims while at the same time increase the country’s insurance penetration which is currently below three per cent.
“One of the many situations that makes insurance unexciting and unaffordable is lack of transparency particularly when it comes to payment of claims.
Technology affords satisfaction to both the insurer and claimant especially where fraudulence is rife in the country,” she said, adding that the company has already partnered with various aggregators, Bodaboda Safety Association of Kenya, Umande Trust and Chama Insurance Agency to accelerate the product’s disbursement.
WazInsure, loosely translated as ‘Transparent Insurance’, manages the entire insurance value chain on behalf of the underwriters from insuring to claims payments, with the app also expected to cut insurers’ cost associated with conventional administration.
The app will be downloaded from Google Playstore and will see users buy an insurance cover by integrating details such as National ID numbers, date of birth, their next of kin and dependents details using their smartphones.
The product will initially be rolled out on the WazInsure platform, to be underwritten by Capex Life, a local insurance company. Kenyans will pay as low as Sh600 annually and will receive Sh25, 000 in case of a death in their families. Other rates are Sh1250 and Sh2, 400 for a loss of up to Sh50, 000 and Sh100,000, respectively.