Absa Life Zambia and Airtel Mobile Commerce Ltd (Airtel Money) have unveiled the Umoyo Funeral Cover which is a digital insurance product powered by Inclusivity Solutions, a leading provider of digital insurance technology.
The Umoyo Funeral Cover is a unique offering that provides comprehensive funeral cover to all Airtel customers. The product comes as a package offering coverage to the entire family at an affordable premium of k20 per month for a cover of K7,500 each for the customer and their spouse and K1,875 each for children up to a maximum of five.
Speaking at the launch at Radisson Blu Hotel, Minister of Technology and Science, Hon. Felix Mutati said one of the key measurements of a growing economy is easy access to financial services for its population.
“This Government has emphasised time and again how financial inclusion is a key strategic agenda and more recently we have seen significant digital uplift of financial services in the banking sector, where customers can now complete transactions on their mobile phones that previously required a series of approvals and steps at a physical branch,” Mr. Mutati said.
Adding: “Today we are witnessing the expansion of such services to insurance. With this product offering, customers will be able to acquire insurance from the comfort of their homes, offices and even while on the street by simply accessing the service on the Airtel Money platform using USSD. This is in line with our ministry’s belief that technology is the foundation for economic growth and sustainability,” Mr. Mutati said.
Absa Life Zambia Ltd Managing Director Mr. Collins Hamusonde, expressed his excitement at the partnership with Airtel Money and the opportunity to provide affordable funeral cover to Airtel Zambia customers.
“We are delighted to partner with Airtel Zambia to bring this innovative product to our market. This digital insurance launch speaks directly to key objectives that are driven by Government through various financial regulatory bodies. The product is affordably priced to meet the needs of the market with the aim of reaching out to as many Zambians as possible and help reduce the burden of losing a loved one,” Mr. Hamusonde said.
And Airtel Money Country Director, Mr. Andrew Chuma said Airtel Money was dedicated to providing its customers with convenient digital solutions for navigating life even in the most difficult moments. The product can be purchased directly from Airtel customers’ mobile phones by dialing *115#
“We believe that partnerships such as this one help deliver value for customers. The prospect of loss and profound grief can be overwhelming, therefore planning ahead of time can help in handling the financial burdens that come with such unfortunate circumstances. It is for this purpose that our partnership with Absa Life Zambia exists to provide a convenient and affordable funeral plan for our customers,” Mr. Chuma said.
Inclusivity Solutions Head of Operations, Mr. Sam Ndori, also expressed his delight at the partnership and opportunity to anchor the technology behind the innovative digital solution.
“We are thrilled to partner with Absa Life Zambia and Airtel Money to power the Umoyo Funeral Cover. Our award-winning digital insurance platform enables us to support the access of underserved customers, and we are excited to bring this innovative product to customers in Zambia,” he said.
About Absa Life Zambia Ltd
Absa Life is a well-established long term insurer fully licensed by the Pensions and Insurance Authority (PIA) and firmly positioned among the top financial services providers in the country. Absa Life Zambia Ltd is part of Absa Group Limited, one of Africa’s largest diversified financial services groups. The Group has a presence in 12 African countries and representative offices in London and New York. Absa is a truly African brand with global reach, inspired by the people we serve and driven by our purpose of bringing possibility to life. Absa Group offers an integrated set of products and services across Corporate and Investment Banking, Business Banking with solutions for SMEs, Retail Banking and wealth and investment management and Insurance.
About Airtel Mobile Commerce Ltd
Airtel Mobile Commerce Ltd, trading as Airtel Money is the dedicated mobile money platform for Airtel Africa. Airtel Money offers mobile money services including payments, microloans, savings and international money transfers. The distribution model of kiosks, mini shops and dedicated Airtel Money branches enables customers to access the funds they need.
Airtel Money aims to increase financial inclusion and meet the needs of millions of customers in Africa who have little or no access to banking and financial services. Through the dedicated MyAirtel app, customers can manage all their online needs seamlessly.
About Inclusivity Solutions
Inclusivity Solutions designs, builds and operates inclusive digital insurance solutions. Inclusivity Solutions partners with mobile operators, insurance companies and other financial distribution partners to deliver insurance solutions through digital channels, that meet the needs of emerging consumers and achieve long-term social and financial impact.