Pair in world first pilot with MTN
International insurance group Hollard Insurance and independent mobile financial services enabler MFS Africa, have launched the worlds first mobile money insurance service, mi-Life.
mi-Life is available through MTNs Mobile Money in Ghana and there are plans to roll the service out rapidly in other countries.
It will provide MTN Mobile Money users
with the opportunity to buy life
insurance via their mobile phones.
Users will also be able to initiate
claims, queries and make premium
payments using their handsets.
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, said Bruno Akpaka, general manager, mobile money, MTN Ghana. We look forward to working closely with MFS Africa and Hollard Insurance in continuing to expand our service portfolio.
In emerging markets, life insurance through mobile money is the next transformational step in the growth of mobile financial services, explained Jeremy Leach, head of micro-insurance for the Hollard Insurance Group. Hollard is well recognised as one of the leading insurers in alternative distribution and this is achieved through its philosophy of partnerships. Partnering with MFS Africa and MTN Ghana allows us to maximise access to meaningful insurance for the majority of people in emerging markets and drive value for all partners.
Added Dare Okoudjou, chief executive, MFS Africa: The launch of mi-Life is a sign that global insurers are beginning to recognise the potential of the mobile channel as a mechanism to expand their markets. By deploying our MFS-Box, we were able to quickly and efficiently help MTN Ghana and Hollard Insurance roll out this trail blazing service.
Mobile operators are looking to
deliver new and innovative products on
existing mobile financial service
platforms. Financial institutions are
looking to extend the reach of their
services as cost efficiently as
possible. We look forward to assisting
both in achieving these objectives,
Mobile money provides significant benefits to the insurance industry, the mobile operator, and the customer, through: Lowering costs, due to existing mobile money services offered by the operator; Providing a massive and efficient distribution platform using the operator platform; Improved communications with the customer eg using SMS reminders, interactive menus etc; Empowering customers to manage their insurance policies in a cost effective and accessible manner.