Francis Gota
MICRO INSURER aYo Intermediaries Ghana Limited, has just celebrated five years in business by breaking through the 7 million customer mark.
The company expects to add another 1.8 million customers by the end of 2022 as awareness of insurance surges in the local market.
Francis Gota, CEO of aYo Ghana, who disclosed this, said the market perception of insurance is changing rapidly among consumers, with micro insurance doing much to dispel the myth that insurance was only available for the higher income earners, the educated, and formal-sector employees.
“We saw a significant increase in awareness of financial service products like micro insurance during 2021, with growing numbers of Ghanaian consumers purchasing cover to protect themselves and their families in the event of hospitalisation or loss of life,” said Gota.
Micro insurance is a powerful enabler of financial inclusion in African markets, providing a much-needed social safety net that helps vulnerable people and particularly people with low and irregular incomes to stay afloat when the unexpected happens.
aYo Ghana offers Hospital and Life Insurance cover through its two insurance products, ‘Send with Care’ and ‘Recharge with Care’, and has paid out more than GH¢ 7.7 million claims in the past five years.
“With aYo you can now purchase insurance on the go for GH¢6, right from your mobile phone. Phone penetration and technological advancements in Ghana have made it much easier to reach clients and provide better and more cost-effective service,” said Gota.
But while business is booming, there’s no time to rely solely on past achievements, says Gota. “Our goal is to enhance the levels of customer experience we offer, add value and positively impact the lives of our customers by providing relevant, accessible and easy to use insurance to all Ghanaians,” he said.