TIGO Insurance has paid out 25,000 claims worth GH¢11 million (US$2.4 million) to insured families in Ghana since its launch in 2010.
This marks a significant milestone for Tigo Insurance, which is managed by BIMA and underwritten by Prudential Life, and reaffirms its commitment to provide customers with financial protection.
To mark the 25,000 claims milestone, Tigo Insurance has also introduced a ‘No Claims bonus’ that will reward loyal customers who have not made claims with free airtime and data.
Formerly Tigo Ghana, AirtelTigo has now partnered with BIMA, a leading micro insurance provider with operations in 14 countries, in 2010 to provide its subscribers with simple and affordable access to insurance products underwritten by Prudential Life, one of the top life insurers in Ghana and the world.
BIMA’s mobile insurance technology enables customers to sign up for products on their mobile phones where daily payments will be automatically deducted from their mobile credit.
The accessibility and affordability of Tigo Insurance products has played a key role in helping drive the insurance penetration rate in Ghana from 8% in 2010 to 29% in 2015.
Since BIMA entered the market in Ghana in 2010, it has sold over 5 million policies and 1.6 million customers currently signed up on Tigo Insurance.
Russell Haresign, Country Manager of BIMA Ghana, commented, “The 25,000 claims demonstrate our commitment to help families get through challenging times. With the introduction of the ‘No Claims Bonus’, we also want to show that loyal customers who fortunately didn’t have to claim are also being rewarded in the form of free airtime and data.”
Justice Yaw Ofori, Commissioner of the National Insurance Commission, congratulated Tigo, BIMA and Prudential Life on their work in making insurance more accessible.
“Insurance penetration in Africa is still extremely low, so it is particularly encouraging to see that Ghana is making such advancements. It has been a delight to partner with Tigo and BIMA and we look forward to bigger strides ahead,” commented Emmanuel Mokobi Aryee, CEO from Prudential Life Insurance Ghana.
BIMA’s technology platforms create a paperless experience and enable scale, while the agent force distributes products and provides customer education.
This tech-enabled approach is the key to BIMA’s growth, reaching 24 million subscribers in 14 markets across Africa, Asia and Latin America.