African insurtech aYo Holdings, created by telecommunications giant MTN, has launched its operations in Cameroon with innovative insurance products that offer local consumers affordable accident and death cover.
aYo launched in January 2017 in Uganda and has since reached 20 million customers across Uganda, Ghana, Zambia and Côte d’Ivoire, whilst other markets being readied for launch later this year. The company has paid in excess of $2,2 million in claims.
Laetissia Enonga CEO of aYo Cameroon, estimates that less than 2% of Cameroon’s population currently has insurance. “Most people think insurance is a luxury product, but we want to show that people with all levels of income can get peace of mind at an affordable cost, to help take care of their financial health in the face of unexpected events,” she said.
One key product will be available at launch once consumers sign up to aYo.
aYo Recharge+ underwritten by Sanlam Life Cameroon, rewards the first 100,000 MTN MoMo (Mobile Money) users with free accidental hospitalisation cover and life cover each time they purchase MTN bundles via MoMo. Customers can also take advantage of the AutoBoost, paid-for, functionality to get even more cover with every MTN bundles purchase or airtime recharge, in case of hospitalisation due to accident or illness.
With the free component of aYo Recharge+, each time a customer uses their MoMo wallet to purchase MTN bundles, they get 8 times that amount as accident cover and 12 times that amount as life cover.
In addition, aYo Cameroon will introduce a pre-paid version of the Recharge+ product, allowing customers to pre-fund their insurance premium for a 12-month period.
When customers take advantage of AutoBoost to buy additional cover, this amount is multiplied by 100 for additional accident or illness hospitalisation cover up to 200 000 FCFA and multiplied by 200 for additional life cover up to 300 000 FCFA.
For example, if a user spends the minimal premium of 25 FCFA (bundles or airtime) they will get 30 days cover of 2500 FCFA (x 100) for hospitalisation (accidental or illness), and 5000 FCFA (x 200) for death, and at each recharge, their cover will also grow accordingly.
Customers can sign up by using the USSD code *126*296# or the mobile web app , www.ayo.co.cm.
“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 insurance will be most helpful,” said Laetissia.