MicroEnsure Kenya recently launched Fearless health insurance that has approved a claim within 7 hours. This is bucking the trend versus traditional insurance pay out processes that can take multiple days or weeks to pay the benefit to the client.
The MicroEnsure Fearless team received notification of the claim by Martha Auma, after she had spent 2 days in hospital and in less than 7 hours the claim had been approved, with Martha receiving payment within 24 hours of notification of the claim.
“Fearless’ Cover Timam” is a product MicroEnsure is offering on a Direct-to-Consumer basis in Kenya, selling through field agents to customers in Nairobi and is a new approach for MicroEnsure. Kenyan insurance penetration currently stands at 2.75%, creating big opportunities for insurers to grow in this expanding economy and microinsurance can be an attractive entry point for new, low income insurance customers. Fearless’ Cover Timam offers an affordable product, covering risks: Life, Accident, Hospital Cash, and Telemedicine, bundled into a single package for premiums as low as $2.00 a month (approx. 200 Ksh), distributed through field agents and with the administrative processes delivered by MicroEnsure’s proprietary product platform, MicroEnsure is aiming to deliver more value to the end customer.
Martha Auma’s story is detailed below.
Customer: Martha Auma
Amount received: 5000Ksh [Approx. $49 USD]
In January 2014, Martha lost her husband to a car accident. The previous year she had lost her younger sister to cancer, leaving five young children that Martha took in as her own. She was left with the responsibility of being the sole breadwinner for the five children. She started a small business selling fish, which she did for a few months until her health started deteriorating. Soon after she was diagnosed with diabetes. The diagnosis was a strain on her and her family. She changed her diet, purchased medication and made regular visits to the hospital for check-ups. Martha still remained responsible for the school fees and other house bills, and the stress and strain resulted in her developing high blood pressure.
In November 2017, a Fearless agent met Martha near here home and explained the product, and its benefits. She felt it was a good product at a reasonable price that she could afford to pay. She didn’t have the money at the time, but promised to purchase the next time. When the agent returned the next week, Martha purchased the three-month cover for 497ksh. (approx.$4 USD)
On 21 January, a Saturday night, she wasn’t feeling well, and she couldn’t sleep. She asked her daughter to take her to the hospital the next day. Sunday morning they went to Thika nursing home where she took the necessary tests and found her blood sugar had become dangerously low, and her blood pressure had spiked. After two nights in the hospital she contacted MicroEnsure using the number on her membership card.
The claims team from MicroEnsure Kenya contacted Martha immediately to initiate the process to confirm the claim and verify her documentation. From the time Martha contacted MicroEnsure, to the time that her claim was approved was only 6½ hours. On the very next day she received cash on her Mpesa account, a much needed 5,000 ksh (approx.$49.00 USD) to help pay for her medical expenses.
The following week the MicroEnsure Kenya Fearless team visited Martha at a clinic nearby her home, giving her flowers, fruits and a smile. Martha was is in the process of recovery and was very impressed by the quick turnaround in receiving her benefit. She is very thankful for having Fearless Insurance, and appreciative of MicroEnsure and the claims team, saying, “I had doubted it because I don’t trust insurance companies, some don’t pay, but now I believe in it and am very happy because it’s effective and efficient.”
About Fearless Insurance
Fearless Insurance is an insurance policy for Kenyans aged between 1-65 years. Cover Timam (4-in-1) provides Hosipesa (Hospital Cash), Unlimited SMS-a-Doctor telemed service, Accidental Permanent Disability, and Life for the subscriber and up to five family members at a premium payment of Ksh 200 for one-month, 500 Ksh for three-months, or 2,000 Ksh for one-year. Fearless Insurance is underwritten by Pan Africa Life, newly renamed Sanlam, and powered by MicroEnsure. To register or for more information, call a Fearless Agent at 0792.592.820.