NAIROBI, Kenya, Apr 6 – Kenya CIC Life Assurance Company, a subsidiary of CIC Insurance Group, has introduced a novel way of buying life insurance using mobile phones.
Customers can now purchase or renew life insurance covers by loading airtime to their mobile phones.
Dubbed ‘CIC Bima Credo’ it is structured in a way that the policy subscriber will do all the transactions from the mobile phone.
Managing Director of CIC Life Assurance, Ezekiel Owuor, says the service is currently available to Safaricom subscribers where a portion of the loaded airtime goes towards paying premiums for the Life Insurance.
“CIC Bima Credo is the first of such services in Kenya, and as a micro insurer, it falls within our overall corporate strategy to break down insurance into manageable and affordable premiums. With this service, we are able to expand access, while simplifying and making life insurance in line with our brand purpose of helping people achieve financial security,” Owuor said.
The first step in operationalizing the CIC Bima Credo is to roll out the firm’s popular Last Expense Cover, which ensures that the policy holder is fully provided for in case of demise.
In order for the cover to kick off, the subscriber is required to purchase airtime from the CIC Bima Credo Till number 181818 and follow the simple sign up steps. In the process, the customer will receive two automated text messages, one from Safaricom confirming the airtime loading and a second one from CIC Bima Credo confirming payment of the life insurance premium.
One Kenyan shilling of airtime purchased from the CIC Bima Credo Till Number 181818, entitles a customer Sh4.20 worth of life insurance cover, with the initial limit for Last Expense cover set at Sh200,000. Once the customer has attained the maximum limit during the first year, any subsequent airtime purchase is rolled over to the premiums for the next year.
“We take cognizant of the fact that funerals can be expensive and may wipe away a family’s savings. The Last Expense cover is designed to give bereaved family members peace of mind as they mourn and give a descent send off to the departed one,” he added.
Owuor explained that the CIC Bima Credo service is designed with modern realities and character of insurance customers in mind.
Bima Credo comes at a time when a large majority of our population is youthful and technologically savvy. It provides this population, numbering in the range of 20 to 25 million, a chance to be secured, further cementing CIC’s position as The People’s Financial Protector.