Consumer anxieties around Covid-19 and its related economic challenges have raised awareness of the need for protection in the event of either loss of life or hospitalisation, says microinsurer aYo Intermediaries Ghana Limited CEO, Francis Gota.
aYo has seen a strong increase in its customer base since the start of the pandemic, with more than 5.5 million customers on its books by 31 May. The company offers Hospitalisation and Life Insurance Cover through its two insurance products, ‘Send with Care’ and ‘Recharge with Care’.
Last year, the company paid claims of GH¢2,421,787 to more than 8,000 customers. In all, aYo Ghana has paid out GH¢5,050,715.00 over its four years in existence.
“The pandemic has had a major effect on all sectors of Ghana’s economy. Despite these difficult times, we are committed to securing the financial wellbeing of our customers, and ultimately see a future where everyone uses insurance because technology makes insurance relevant, accessible, and easy to use,” said Mr Gota.
Microinsurance is widely regarded as a powerful enabler of financial inclusion in African markets, providing a much-needed social safety net that helps vulnerable people and particularly people with low incomes to stay afloat when the unexpected happens.
Nearly 5 million subscribers are currently using aYo’s Recharge with Care product, which offers life and hospital insurance cover every time customers recharge their MTN airtime. Customers can receive up to GH¢100 for each night they are admitted to hospital, and up to GH¢6,000 life cover for themselves and one family member who is registered on the policy.
How to sign up
For Recharge with Care, subscribers sign up by dialling *296#, selecting option 1 and following the prompts. They have the option to sign up for either MyLife Cover, MyHospital Cover, or both. The insurance cover is valid for 30days for a premium of GH¢4.00.
Subscribers can file claims using the same process (*296#, option 1, option 7, and follow the prompts.) Alternatively visit https://app.ayo4u.com/ to files claims. Valid claims are paid directly to the claimant’s mobile money wallet.
MTN MoMo subscribers can send MoMo through aYo Send with Care by dialling *170#, select option 1 (transfer money) and then option 3 (Send with Care) on the mobile money menu to get up to GH¢30,000.00 hospital and life insurance cover and up to GH¢3,000.00 life cover for their family members (receiver of the MoMo).