Airtel- Tigo Rwanda and Radiant Insurance Company have partnered to offer a new digital insurance product code named Ingoboka Cash to boost medical insurance services in the country. The product is part of efforts to digitize the insurance sector.
Ingoboka Cash is made up of two insurance products developed for Airtel mobile money customers towards medical care in case they stay in hospital for 3 nights or more in a row.
The two options are Ingoboka Cash y’ubuntu and Ingoboka Cash yishyuwe.
This product is only eligible to subscribers of Airtel money and will be able to access Rwf4, 000 per day to support their medical needs.
It is however limited to customers who will have used at least Rwf 1,000 or more in airtime in the previous month.
Supported by Inclusivity Solutions Rwanda Ltd, this product is expected to benefit more than 1.4million Airtel customers.
According to Phillip Amoateng the Airtel- Tigo Rwanda new Managing Director, the new product is designed to help in the digitization of Rwanda’s insurance business.
It is a commitment we have dedicated to the health and welfare of our customers, Amoateng noted adding that Ingoboka Cash is expected to further boost the uptake of insurance products in the country.
Rwanda’s insurance penetration has for many years stagnated at less than 3 per cent.
Experts like Jean Pierre Majoro, the executive secretary of the Rwanda Insurers Association (ASSAR), however believes that more innovative products like Ingoboka cash will increase the level of penetration and make the business more competitive and profitable going forward.
Meanwhile, Marc Rugenera, the Radiant Insurance Company Managing Director said such innovative products will help reduce the cost of premium especially medical insurance.
“It means we shall now be able to provide affordable insurance in addition to protecting citizens from potentially devastating unplanned events like sicknesses and related cases which may require financial input, he noted adding that the latest innovation will translate into quick and fast service delivery by the insurer.
According to Kibe Waringa, the Country Director, Access to Finance Rwanda, it is very important for sector players to embrace digital solutions to help increase insurance penetration in the country.
“We therefore believe digitization of insurance products and services will rapidly deliver appropriate solutions for the low-income people to mitigate risks and improve livelihoods in Rwanda,” he said.
The partnership between Access to Finance Rwanda, Inclusivity Solutions, Airtel and Radiant Insurance is yet another solution designed to disrupt the insurance market by accelerating the insurance penetration in the country.