Hollard Life Assurance, a subsidiary of Hollard Ghana, has partnered with Cassava Fintech International and Vodafone, to launch a micro-insurance product to provide funeral and disability cover to underserved persons.
The insurance product, ‘MeBanb’, accessible through mobile phones, offers tailored packages for low funeral and disability premium cover to suit different personal needs.
The product is open to persons 18 years and above who use Vodafone mobile networks.
Mrs Patience Akyianu, Group CEO of Hollard Ghana, described ‘MeBanb’ as a significant milestone in the business’ quest to enable more people to create and secure a better future.
She said, “Our business goals are tied to our purpose to ensure access to insurance as a social good and an enabler of better futures,” adding that, the company had made it a point to be a catalyst to ensure change, through insurance products such as ‘MeBanb’ which serves the needs customers.
Mr Nashiru Iddrisu, Managing Director of Hollard Life, said “We developed MeBanb after engagement with potential customers in underserved markets who expressed interest to secure their financial wellbeing against unexpected incidences, such as funerals and disability.
However, he said, they also showed a reluctance to sign up for traditional life insurance products due to the seemingly unaffordable premium, modes of payment and claims collection process.
According to Mr Iddrisu, “MeBanb” eased the concerns as it was affording and giving everyone the opportunity to plan their future wellbeing simply through mobile money, in amounts that suit their pockets and with an equally simple claims process.”
Mr Martison Obeng-Agyei, Head of Vodafone Cash said, the decision to partner the MeBanb Insurance initiative was intuitive because it was yet another example of an innovative and affordable insurance product for Ghanaians.
“Inclusion is one of our pillars as purpose-led organisation and undoubtedly a critical prerequisite for equitable growth as a country’’ he added.
Mr Godwin Mashiri, Head of Cassava Fintech International, in charge of Mobile Insurance Business-the platform provider for ‘MeBanb’, expressed excitement about the partnership as it demonstrated its commitment towards a socially and financially inclusive future that left no African behind.
“It is our hope that the launch of MeBanb in Ghana will enable those who could not access affordable insurance cover to benefit from this product,” and assured that, it would continue to provide a platform to improve the lives of everyday people across the continent.