Airtel subscribers who use over Sh250 airtime a month will benefit from free medical insurance pegged on their monthly airtime top up.
The insurance will cover both outpatient and inpatient with a minimum of Sh10, 000 and over Sh250,000 for life and accident cover depending on the monthly airtime usage.
The new program follows a partnership with both Pan Africa Life and MicroEnsure, it targets the 12.6 million people working in the informal sector. It also aims to inculcate insurance culture among Kenyans.
Airtel CEO Adil EL Youssefi said the product will help the telco attract revenue from frequent usage of its airtime and increase its subscriber base from the current 6 million subscribers.
“Airtel Insurance has been successful in Zambia, managing to increase the life insurance penetration from 1 per cent to 15 per cent since its launch last year,” said Mr El Youssefi.
According to Pan Africa Life CEO Stephen Kamanda, the product will help the insurer grow its penetration by tapping into the 79 per cent Kenyan population that already has mobile phones.
“There is space for insurance to grow in Kenya, only 3.5 per cent of the population has insurance covers, with this product, we foresee a jump to 5 per cent since majority of uninsured are from informal sector,” said Mr Kamanda.
