In September 2015, Telenor India launched “Suraksha”, India’s first mass market free insurance product in partnership with MicroEnsure and Shriram Life.
In just 10 weeks since launch, Telenor Suraksha has gained more than 10 million subscribers and is opening up new avenues for access to insurance to the masses.
“This really is a phenomenal number” says Richard Leftley, CEO MicroEnsure. “When we launched this product, we knew that it would be offering something that the mass market in India needed, but we could never imagine that so many people would subscribe in just the first few weeks.
What this shows is that the mass market in India are in desperate need of good, affordable and honest insurance products and I’m proud of the fact that Telenor Suraksha powered by MicroEnsure has been able to address this need.”
As a ‘first of its kind’ initiative in the telecom industry, Telenor Suraksha powered by MicroEnsure is available for free to all of Telenor India’s existing 48 million customers together with all potential new customers across its six operating circles.
Leftley continues: “The scheme has the potential to empower society through financial inclusion, by offering millions upon millions of people access to vital life insurance cover, free when they top up their mobile phone.
Each subscriber is provided with a personalised and achievable mobile target each month – which is itself a particularly unique aspect of this proposition – and by simply recharging their mobile phone to this amount, all of Telenor India’s 48 million customers will have access to this most crucial of insurance, to a value of a hundred times of the monthly recharge total.”
In a country like India, challenges such as scale, culture, language, geographical access and regulation have meant that a new, unique approach has had to be taken in order to make this a success.
What has been delivered is a multi-lingual offering across India, allowing users to seamlessly apply for, and manage, the whole process through a mobile phone via USSD and SMS. The structure of the product and delivery is solely through the mobile phone, meaning it is accessible to all.
There are no complicated application processes or forms and the unique underwriting means that there are no exclusions; everyone is covered.
The other truly innovative feature is the way in which cover is calculated. New subscribers get the product free for the first two months and need do nothing else. After the initial two months their personal offers are calculated on an individual’s basis, meaning the benefit is tangible to them, there are no grouped tiers as per ‘standard’ insurance products.
• Telenor Suraksha gives protection up to 100x the value of recharge made
• Offers two months of free cover to all new customers
• Customers do not pay premiums and no documentation is required
• Maximum cover of Rs 50,000 per connection for a month
“MicroEnsure is proud to be able to offer this revolutionary product to the mass market in India. It demonstrates that it is possible to make it easy to sign up, pay premiums and make claims using the mobile phone, all without the normally laborious administration associated with a financial product such as insurance.
10 million customers in just 10 weeks is an achievement that has never been seen before, with Telenor India we are reaching new heights and making insurance a reality for 10’s of millions of people, those people that really need it the most.”
All Telenor India customers can register for the service by calling the customer call centre, by dialling the self-help menu *121# or opting-in at a Telenor store.
For every recharge made by the customer, a 100x insurance cover will be provided and no additional paperwork is required for existing customers registering.
MicroEnsure is a UK-based mass-market insurance specialist. Founded in 2002, MicroEnsure now serves 18 million customers across multiple countries in Africa and Asia and concentrates specifically on developing innovative products aimed at the mass market, covering a range of risks faced by individuals every day. MicroEnsure develops unique product lines with multiple carriers and is involved throughout the value chain from distribution to administration roles.
About Telenor India:
Telenor (India) Communications is a wholly owned company of Norway-based Telenor Group and offers mobile telephony services under the brand Telenor. The company launched it services in 2009 and till recently was known as Uninor in the market. Telenor’s pre-paid GSM mobile services are commercially available in the six circles of UP (West), UP (East), Bihar (including Jharkhand), Andhra Pradesh, Maharashtra and Gujarat. It will soon start commercial operations in Assam. Together, these circles account for more than 50% of India’s population giving Uninor the ability to serve every second person in India.
Telenor has positioned itself as Sabse Sasta operator in India and offers value for money and relevant voice and Internet services to 47.55 million subscribers. Its three-pillar strategy of being the best in basic services, mass-market distribution and low cost operations has helped the company grow to the 4th position in customer market share in its operational six circles.
For more information, please visit www.telenor.in | www.twitter.com/telenorINnews
About Shriram Life Insurance:
Incorporated in 2005 and commenced business in 2006, Shriram Life Insurance is the most profitable life insurance company in the country. Company’s cumulative profit stands at Rs 249 crore in ninth year of its operation. The company offers a bouquet of products in both the individual and group segments. Shriram Life has already insured more than 1 crore lives and has cumulative new business premium of over Rs 3600 crore.
The company also has an outstanding Underwriting Record; Underwriting profits have emerged every year without a break. Recently, the company bagged the best “Underwriting Initiative of the Year” at ‘Stars of the Industry awards by 94.3 My FM’ for innovation in relaxing the underwriting standards to suit the customer base. Shriram Life was conferred as ‘Best Life Insurance Company – Insurance Sector’ by ABP News BFSI Awards in February 2015.