aYo Zambia has passed the one million customer mark in one year of its existence inspite of launching at the onset of Covid-19 pandemic in February 2020.
In a statement made available to the Zambian Business Times – ZBT, the microinsurer aYo Zambia is further aiming to double its market share in 2021 as it looks to give many Zambians as possible access to insurance.
The company offers hospitalisation and Life Insurance Cover through two insurance products, ‘Send with Care’ and ‘Recharge with Care’ and has seen access to insurance services and related claims grow in its first year of operation.
aYo Zambia’s ‘Send with Care’ and ‘Recharge with Care’ products cater for all MTN subscribers. aYo Recharge with Care offers life and hospital insurance cover every time customers recharge their MTN airtime.
aYo Zambia chief executive officer Andrew Nkolola, said consumer anxieties around Covid and its related economic challenges had heightened awareness of the need for protection and overall help in the event of either loss of life or hospitalisation.
“We are committed to helping our customers secure their financial wellbeing in these challenging times. In 2021, we will continue to put a strong emphasis on further benefit and cover enhancements to cater to the evolving needs of our customers and the market,” Nkolola said.
Insurance penetration in Zambia like bank accounts had been slow owing to the traditional distribution and customer acquisition models that key market players had adopted. However, Just like the way mobile wallet accounts have transformed the penetration of basic banking services, micro insurance via mobile phones is expected to push insurance penetration to a whole new level.
