MicroEnsure, a UK-based microinsurance intermediary, has announced a new partnership with Airtel Kenya, a subsidiary of Indian mobile phone company Airtel, and Pan Africa Life, a Kenyan life insurance company, to launch a mobile life insurance product in Kenya [1]. The product, called “Bima Mkononi”, which means “money in your hands” in Swahili, will be available to Airtel’s 3 million mobile money subscribers in Kenya. The product will provide life insurance coverage of KES 25,000 (USD 284) for KES 15 (USD 0.17) per week or coverage of KES 100,000 (USD 1,140) for KES 45 (USD 0.51) per week. Customers with prior conditions will not be denied coverage, and no paperwork is required. The plan will be open to all Kenyans between the ages of 18 and 75.
MicroEnsure reportedly has also announced its new regional manager for Africa. Mario Ariza, a US national, will be joining MicroEnsure’s Nairobi office with five years experience working in Africa [2].
As of 2012, Airtel Kenya serves 4 million subscribers. MicroEnsure provides microinsurance products to approximately 3.5 million clients in the Caribbean, Africa and Asia as of 2012. As of December 2012, Pan Africa Life held total assets of USD 194 million.
By Megan McGowan, Research Associate
About Airtel Kenya:
Airtel Kenya is a subsidiary of the Indian telecommunications company Airtel. It was launched in 2000 as Kencell, rebranded to Zain in 2008 and finally Airtel in 2010. As of 2012, Airtel Kenya serves 4 million subscribers and offers services including Airtel Money, a money transfer service, prepaid and postpaid mobile phone services and internet access.
About Bharti Airtel:
Founded in 1995, Bharti Airtel (Airtel) is an Indian telecommunications company headquartered in New Delhi, India. Airtel operates Airtel Money, where users can transfer money, pay bills and perform financial transactions directly from their mobile phones. As of August 2012, Airtel’s total assets were at USD 636 billion. Airtel has approximately 261 million subscribers across 150 countries.
About MicroEnsure:
MicroEnsure was founded in 2005 in the UK as a wholly-owned subsidiary of Opportunity International, a US-based nonprofit microfinance network created in 1974. MicroEnsure was known as the Micro Insurance Agency until 2008. As an insurance intermediary, it provides a range of products including health, life, property and weather index-based insurance to approximately 3.5 million poor clients in the Caribbean, Africa and Asia as of 2012. In 2013, the International Finance Corporation (IFC) and Omidyar Network acquired equity stakes in the organization as part of its transition to a for-profit entity.
About Pan Africa Life:
Founded in 1947, Pan Africa Life is a Kenyan life insurance company. Pan Africa Life offers individual and group offerings including Flexi products (FlexiSaver, FlexiEducator, FlexiAnnuity). As of December 2012, Pan Africa Life had an annual operating revenue of USD 7 million and held total assets of USD 194 million.
Sources and Additional Resources:
[1] MicroEnsure Press Release: Airtel Kenya Partners with Pan Africa Life and MicroEnsure to Offer Mobile Life Insurance, October 1, 2013, http://www.microensure.com/news.asp?id=277&start=0
[2] Information sent directly to MicroCapital from MicroEnsure.
MicroCapital Story, August 28, 2013, “MICROCAPITAL BRIEF: Bharti Airtel, MicroEnsure Launch Mobile Microinsurance Service in Africa,” https://www.microcapital.org/microcapital-brief-bharti-airtel-microensure-launch-mobile-microinsurance-service-in-africa/
MicroCapital Story, January 22, 2013, “MICROCAPITAL BRIEF: MicroEnsure to Tap Data from Meteo Rwanda to Provide Weather Index Insurance for Farmers,” https://www.microcapital.org/microcapital-brief-microensure-to-tap-data-from-meteo-rwanda-to-provide-weather-index-insurance-for-farmers/
MicroCapital Story, November 28, 2012, “MICROCAPITAL BRIEF: MicroEnsure Ghana Unveils “Edusave”, Incorporating Insurance, Savings, and Education Finance,” https://www.microcapital.org/microcapital-brief-microensure-ghana-unveils-edusave-incorporating-insurance-savings-education-finance/
MicroCapital Universe Profile: Airtel Kenya, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Airtel+Kenya
MicroCapital Universe Profile: Bharta Airtel, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bharti+Airtel
MicroCapital Universe Profile: MicroEnsure, ?https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroEnsure
MicroCapital Universe Profile: Pan Africa Life, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Pan+Africa+Life#Description_140_word_limit_
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