Telecommunications company Telkom has partnered with Britam Holdings to bring a mobile-based insurance solution that will see customers benefit from a custom made mobile and insurance bundle. This includes mobile data, voice minutes, SMS, personal accident and last expense insurance.
The solution dubbed Life Bila Noma, offers two options, the Life 200 and Life 300. The Life 200 bundle goes for only Ksh. 200 monthly cost, and will provide monthly insurance personal accident cover for up to Ksh. 20,000 and a monthly last expense of Ksh. 20,000. The bundle will also offer a 1 GB mobile data bundle, 25 any-net minutes, 100 on-net minutes, 25 SMS to any network.
The Life 300 costs only Ksh. 300 monthly, and will also provide monthly insurance personal accident cover for up to Ksh. 20,000 and a monthly last expense of Ksh. 20,000. The bundle also offers 1 GB mobile data, 50 any-net minutes, 100 on-net minutes, 50 SMS to any network.
The Life Bila Noma bundle can be purchased via USSD *444#, using a Telkom mobile line.
According to official records, 439 passengers died in motorcycle-related incidents last year, more than double the 217 fatalities in 2016. Annual registrations for new motorcycles have also more than doubled in the last five years, with 252,601 new listings compared to 123, 539 in 2016.
Speaking at the launch of the Life Bila Noma bundle, Eric Achola, Director of Marketing at Telkom Kenya said, “At Telkom, we believe that access to mobile data is a fundamental human right and we remain dedicated to providing Kenyans with the much-needed innovative solutions to access this resource. Apart from looking for the next great competitive offer that will provide our consumers with more value for their communication and data demands, we are also aware of the crucial role that mobile innovation plays in increasing insurance penetration levels.”
According to the Association of Kenya Insurers (AKI) Industry Survey 2019, Kenya’s insurance penetration fell to 2.43%, the lowest in 15 years and the lowest quartile in the world. Part of the remedies to increasing the insurance penetration levels have been linked to a combination of technological adoption and mobile phone access through micro-insurance using small-scale, low-cost, and low-risk products.