International insurance group Hollard Insurance and mobile financial services enabler MFS Africa launched what they say is the world’s first mobile money insurance service, mi-Life.
Available through MTN Ghana‘s Mobile Money, the new service provides users with the opportunity to buy life insurance via their mobile phones. Moreover, there are options to initiate claims, queries and make premium payments while on the go.
In terms of benefits, mi-Life is said to lower cost while providing a massive and efficient distribution platform using the operator platform. Furthermore, communication with the customer is improved (using SMS), while a customer itself is empowered to manage his or her insurance policies in a cost effective and accessible manner.
If a program succeeds in Ghana, the next step will be to roll it out in other countries.
Commenting on the news, MTN Ghana’s General Manager, Bruno Akpaka, said: “mi-Life is a pioneering service that breaks new ground in mobile financial services. We are excited to be the first operator to offer mobile money based life insurance to our customers. We look forward to working closely with MFS Africa and Hollard Insurance in continuing to expand our service portfolio.”