Tigo Insurance has paid out 25,000 claims worth GH 11 million (US $ 2.4 million) to insured families in Ghana as part of Tigo Family Care Insurance and Tigo Hospital Support since its launch in 2010.
Telecom operator, Tigo now AirtelTigo in partnership with BIMA, a leading micro insurance provider with operations in 14 countries and Prudential Life, one of the top life insurers in Ghana and the world has corroborated to provide subscribers with affordable insurance.
The number and magnitude of the payouts indicate the increasing prevalence of insurance in Ghana and the vital role it plays in ensuring financial stability for families.
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.
Tigo Insurance Division Manager, Madam Barbara Asante speaking with the media during the celebration of the 25,000 claims milestone said about 1.8 million Ghanaian lives have been insured with 1.6 million Ghananains registered on Tigo Insurance policies.
“Since its inception, Tigo Insurance has provided low and middle income Ghanaians insurance at an affordable rate through the use of their mobile phones and for as little as 10Gp or 7Gp per day, customers can earn life insurance or hospitalization insurance. Tigo pays over 300 claims every month, and valid claims are paid within 72 hours of complete documents being submitted” she added.
Russell Haresign, the Country Manager for BIMA, leading provider of micro-insurance and chosen partner of Tigo Insurance, added: “Working with Tigo has allowed us to reach this amazing scale.”
He further said ‘25,000 claims demonstrate our commitment to help families get through challenging times and proving to our customers that we are able to pay claims in a quick and efficient manner. It is our promise to customers that all valid claims are paid within three days and we are currently experimenting with WhatApp to make the claims process even easier.’
The Chief Executive Officer (CEO) of Prudential Life Insurance Ghana, Emmanuel Mokobi Aryee also said “Insurance penetration in Africa is still extremely low, so it is particularly encouraging to see that Ghana is making such advancements. We are pleased with the tremendous impact that our work has had on the lives of so many Ghanaians in protecting families from Life’s unforeseen circumstances. It has been a delight to partner with Tigo and BIMA and we look forward to bigger strides ahead.”