Airtel Zambia, a subsidiary of Indian telecommunications company Airtel, in partnership with Zambian insurance company Focus General Insurance and UK-based microinsurer MicroEnsure, is now including free life insurance coverage to mobile subscribers who pay ZMW 10 (USD 1.77) or more per month for their phone service. The service applies to customers of all ages and enrollment is automatic with coverage ranging from ZMW 1,500 (USD 266) to ZMW 10,000 (USD 1,800). The coverage in effect each month is based on the amount of airtime purchased during the month prior. The number of insured subscribers and Airtel Zambia customers has not been specified.
As of December 2013, Airtel claimed approximately 287 million subscribers in 20 countries across Asia and Africa. As of 2012, MicroEnsure provides a range of products including health, life, property and weather index-based insurance to approximately 3.5 million clients in Africa, Asia and the Caribbean.
By Meraj Husain, Research Associate
About Bharti Airtel
Founded in 1995, Bharti Airtel (Airtel) is an Indian telecommunications company headquartered in New Delhi, India. Airtel operates Airtel Money, whereby 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. As of December 2013, Airtel claimed approximately 287 million subscribers in 20 countries across Africa and Asia.
About MicroEnsure
MicroEnsure was founded in 2005 in the UK as a subsidiary of US-based nonprofit microfinance network Opportunity International. MicroEnsure was formerly known as Micro Insurance Agency. As of 2013, MicroEnsure is owned by members of its management, Opportunity International, International Finance Corporation (IFC) and Omidyar Network. As of 2012, MicroEnsure provides a range of products including health, life, property and index-based insurance to approximately 3.5 million clients in Africa, Asia and the Caribbean.
Sources and Additional Resources
[1] MicroEnsure: “Airtel Networks Zambia Plc Provides Free Life Insurance for Millions of Customers,” http://www.microensure.com/news.asp?id=293&start=0
MicroCapital, January 22, 2014, “Airtel, Nico Insurance Zambia to Offer Mobile Insurance,” https://www.microcapital.org/microcapital-brief-airtel-nico-insurance-zambia-to-offer-mobile-insurance/
MicroCapital, October 22, 2013, “Airtel, EcoBank Partner to Provide Mobile Money Services in Africa,” https://www.microcapital.org/microcapital-brief-airtel-ecobank-partner-to-provide-mobile-money-services-in-africa/
MicroCapital, August 28, 2013, “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 Universe Profile: Bharti 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
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Sama Money Acquires Première Agence de MicroFinance, Entering Microcredit Market in Mali
- MICROCAPITAL BRIEF: China Mobile’s Zong Unveils PayMax Payment Service in Pakistan
- MICROCAPITAL BRIEF: Oikocredit Loans Yellow of Uganda $5m for Off-grid Solar Energy in Africa
- MICROCAPITAL BRIEF: Universal Insurance Launches Mobile App, Referral Platform in Nigeria
- MICROFINANCE PAPER WRAP-UP: “Mobile Money, Interoperability and Financial Inclusion;” by Markus K Brunnermeier et al; published by National Bureau of Economic Research (NBER)
