Micro insurer aYo named best digital insurance SME in Côte d’Ivoire
Barely six months after launch, microinsurer aYo Côte d’Ivoire has been named ‘Best SME in digital insurance’ at the recently held fourth annual AVATAR-AFRICA awards, which recognise companies for their contribution to the development of technology in Africa.
aYo won the award for its innovative use of technology to make insurance more accessible in Côte d’Ivoire. The company allows consumers to take out hospital cover and life cover by using their mobile phones and mobile money.
CEO of aYo Intermediaries Cote d’Ivoire Limited, Jean-Charles N’Gotta, said the award proves that the company is ‘on the right track’ on its mission to create a world where everyone has access to quality affordable insurance.
“With our easy-to-use and affordable solution, we’re bringing insurance to everyone in Côte d’Ivoire. We estimate that less than 2% of the Ivorian population has insurance. With aYo, people with all levels of income can get peace of mind at an affordable cost to help take care of their hospital bills due to an accident or illness, or their funeral expenses if the unforeseen happens and they pass away,” said N’Gotta.
aYo launched in January 2017 in Uganda and has reached more than 16 million enrolled customers across Uganda, Ghana and Zambia by the end of 2021.
“Insurance, and the peace of mind it provides, has become more important than ever in today’s fast-paced world, where risks are a part of our daily lives. You never know when you will have to pay to get back on your feet after an accident or an illness. Often, the cost is so large that it goes beyond your immediate financial capacity, and that is where aYo and our innovative products will be most helpful,” said N’Gotta.
Getting cover and claiming with aYo is as easy as dialling a USSD code (*296#) or by using the aYo web app from a mobile phone. Signing up, interacting, and claiming all happens without the need for any physical paperwork. When claiming, the required documents can be attached and sent via WhatsApp.
aYo Côte d’Ivoire offers two basic products.
aYo Recharge+ rewards MTN MoMo (Mobile Money) users by offering free accidental hospital cover and life cover each time they purchase airtime via MoMo. Customers can also use the AutoBoost functionality to get even more cover with every MTN recharge.
With the free component of aYo Recharge+, each time a customer uses their MoMo wallet to recharge airtime, they get eight times that amount as accident cover and 12 times that amount as life cover. When they use AutoBoost to buy additional cover (from 25 CFA to 300 CFA), this amount is multiplied by 200 for additional accident cover and by 300 for additional life cover.
aYo Kash+ offers cover for illness and accidental hospitalisation as well as life cover each time a consumer sends money, pays utility bills or school fees via aYo Kash+ and MTN MoMo. Each time a customer makes a person-to-person MoMo transfer or pays a bill using aYo Kash+, they get illness cover equal to the amount they spend in that transaction, accident and life cover for three times the amount transacted (after a 5% premium). When they pay school fees using aYo Kash+, they get life cover for twice the amount transacted (after a 2% premium)