MTN Ghana launches insurance service

MTN Group has partnered with Hollard Insurance to pilot mi-Life, a Mobile Money life insurance service, in Ghana.

Through this partnership, the companies hope to dramatically reduce the cost of insurance .

MTN said yesterday that MTN Mobile Money customers would be able to buy life insurance via their handsets. Customers would be able to submit claims, queries and make premium payments using handsets, said Bruno Akpaka, GM for Mobile Money in Ghana.

The new service was designed to meet the growing demand for insurance services across developing markets, MTN said.

Pieter Verkade, Mobile Money executive at MTN Group, said buying insurance through cellphones was another example of the possibilities customers have with MTN Mobile Money.

Jeremy Leach, head of micro- insurance for Hollard , said mi-Life would transform insurance in emerging markets, making it relevant for the majority of people whom insurers have ignored.

“Whilst we have had considerable success in the low-income market, where we generate over 190m in premiums , we believe this partnership will take the market to the next level,” he said.

MTN has Mobile Money services in 11 countries and at the end of December had 4,3-million Mobile Money customers.

mochikot@bdfm.co.za