aYo Intermediaries Ghana, the leading micro-insurance company has revealed that its innovative micro-insurance product, aYo Family Cover is making significant inroads in less than a month after its official launch at the Madina Market in Accra.
The Chief Executive Officer (CEO) of aYo Ghana, Francis Gota made this known at the second launch of the aYo Family Cover at Kasoa New Market in the Central Region.
According to him, about 10,000 customers have so far signed onto the aYo Family Cover product in less than a month since its Madina Market launch.
After the Kasoa launch, the third selected place for the product launch will be Kumasi, the Ashanti regional capital.
The aYo Family Cover which is underwritten by Sanlam Life Insurance Ghana allows Ghanaians to get hospital and life cover for themselves as well as their direct and extended families digitally.
The launch of the new product follows the introduction of other hospitalisation and life products such as Send with Care, Recharge with Care, and Recharge with Care Annual Cover.
Mr Gota noted that the company capitalised on the growing market demand for insurance products for the whole family to create the Family Cover product.
First of its kind
The newly launched product which is the first of its kind in the competitive Ghanaian insurance industry allows policyholders to add up to six people including themselves to enjoy the benefits of the product.
Mr Gota added that the product would also allow customers or policyholders to insure six family members between the ages of 1 and 69 on both life and hospitalisation cover at a premium of GH¢15 each per policy, for a maximum of GH¢300 hospitalisation benefit per night for each family member.
Aslo, policyholders and family members each get a maximum of GH¢15,000 life cover. Insured lives on the policy remain covered up until the age of 80, the CEO stated.
“As with aYo’s existing products, the Family Cover - customers must maintain an active Mobile Money (MoMo) accounts to pay premiums and claim.
For premium payments, customers get the flexibility to pay their premiums monthly, quarterly, or annually via MoMo and receive a 10% cash back on no-claims”.
Customers can enjoy this new product by dialling the USSD code *296* and select the Family Cover option to sign on. As with Send with Care, and Recharge with Care, valid Family Cover claims are paid directly to the claimant’s MoMo wallet without any hassle.
Francis Gota, CEO aYo Ghana speaking at the launch muted that
“In Ghana, we value togetherness, support, and security, and as a result, we continue to develop insurance solutions that meet the needs of Ghanaians, necessitating the emergence of Family Cover, which not only benefits family members but also reduces financial burdens on dependents”.
Mr Gota further explained saying,
“The vision of aYo is to create a future in which every Ghanaian not only buys but also uses insurance, with the goal of increasing financial inclusion”.
“Today, every Ghanaian can buy insurance on the go, using their mobile phones. Offerings like Family Cover provide a much-needed social safety net that helps vulnerable people and particularly people with low incomes to stay afloat when the unexpected happens”, he said.
Mr Gota therefore used the occasion to encourage market women, businesspeople, low and middle-income earners to subscribe to the aYo Family Cover product and all the other products of the company to secure their lives, families, and friends.
Partnership with Sanlam
The Head of Microinsurance at Sanlam Life Insurance Ghana, Ken Owusu Nantwi said, “in the past insurance was perceived to be something meant for the rich but since the arrival of aYo Ghana that perception has whittled away. This is because aYo’s innovative and affordable insurance products have changed that perception,” he explained.
Mr Owusu Nantwi was quick to add that people often weep over their dead relatives due to the cost of funerals, but now aYo has created the platform for everybody to get help in their times of need.
Previously, insurance covers only one person, however aYo has included the families and friends also, he said.
MTN Ghana rep at the launch, Daniel Arthur reiterated that MTN Ghana in partnership with aYo is committed to providing simple solutions to address the needs of their customers.
Former Chairman of National Media Commission (NMC), Nana Kwesi Gyan-Apenteng who was the guest speaker at the Kasoa New Market launch, said that with affordable insurance packages like aYo Family Cover, the days when families depended on a few well-to-do relatives to finance funerals are becoming a thing of the past.
He told the traders: “Up till date older men like me, continue to foot funeral bills for families – but you have the opportunity to change that in your generation by patronising affordable insurance products like aYo Family Cover so that when the unexpected happens in your family you can also contribute your quota”.
Nana Gyan-Apenteng continued: “No matter your income level, aYo can make you become important in your family.”
To this end, he appealed to Ghanaians, especially the traders to use their social media platforms to spread the good news about the affordable insurance products being offered by aYo so that their families and friends can benefit from them.
Police advise
The Kasoa Police Commander, Timothy Dassah who also graced the event advised the traders to buy into the aYo products for the betterment of themselves, families, and friends.
“I have had insurance cover for the past 20 years and I can assure you it helps in times of need”, he stated.
Subscriber Base
aYo Intermediaries Ghana recently announced that it has reached 8 million subscriber base milestone in five years. The figure (8 million subscribers) represents about 25% of the over 30 million Ghanaian population.
The company also paid claims in value of GH¢14 million to 40,000 policyholders or customers, showing its commitment to the economic wellbeing of its customers in the country.
aYo Intermediaries Ghana which is a subsidiary of the MTN Group was established to distribute insurance solutions to MTN subscribers in Ghana, Nigeria, Cote D’Ivoire, Uganda and Zambia and across Africa.
We attribute the significant growth of the subscribers to timely payment of claims to policyholders and leveraging on technology to give policyholders an awesome customer experience.
The company’s growth is also attributable to its sustained micro-insurance campaigns supported by MTN Ghana to improve household resilience to eventualities.