Customer Focus Sees aYo Zambia To Continue Local Growth
Microinsurer aYo’s impressive growth in the Zambian market continues, with more than 3.5 million enrolled customers in the company’s first three years in business – and CEO Andrew Nkolola (pictured) says there is more to come, as it looks to extend its offering with a range of new products and benefits.
aYo currently offers hospital and life cover to individuals through its flagship innovative insurance product, ‘Recharge with Care’. Now, a growing market demand for insurance for the whole family has prompted the company to create its new Family Cover product, which launched in Q4 of 2022.
The newly Family Cover product now allows all Zambians to get hospital and life cover for themselves and up to seven members of their direct and extended families without filling in a single form. The new product will also see all premiums collected (and claims paid) via the MTN Mobile Money (MoMo) platform.
“We’re broadening our insurance offering to add new value to the insurance landscape. We plan to introduce new benefits with higher value for existing products, and launching new products, including cover for personal property, at extremely affordable rates and with ease of access,” he said.
Nkolola says the rise of microinsurance is driving growing financial inclusion in Zambia, as customers need to maintain active MoMo accounts for claiming purposes. This has broadened the overall mobile financial services offering by including customer protection in addition to existing services such as savings and credit.
“aYo Zambia prides itself in putting the customer first. We tailor our products to our customer needs, like our recently launched device insurance. Our growth is a result of the simplicity, affordability, and accessibility of our services: our offerings address the challenges that people face daily and make it easy for them to sign up, and most importantly make claims using their mobile phones,” said Nkolola.
aYo offers life and hospital insurance cover every time customers recharge their MTN airtime. Subscribers can sign up by dialling *296# on their mobile phones, and use the same process for filing claims. Valid claims are paid directly to the claimant’s mobile money wallet without any hassle.