Mobile insurance is fast becoming an alternative distribution channel for underserved customers, particularly in emerging markets
Telecare is a mobile insurance service from telecom service provider Telecel, in partnership with Zimbabwean insurer Zimnat Lion. From as little as 45 cents per month customers can be on the Telecare Single Value cover, which covers up to US$5,000 local travel, and provides hospital cash back of up to $20/day.
Telecel says that its partnership with Zimnat Lion is meant to drastically reduce the cost of insurance to the ordinary person. The process of joining the service by dialing *808# from a mobile phone is simple and cost effective and ultimately reduces the cost of delivering the product.
The distribution of Telecare Mobile Insurance through mobile redefines convenience as almost everyone has a mobile these days. It’s a win-win situation for both customers and service providers. The underlying mobile technology platform enhances affordability, penetration and ease of access for customers and creates a new revenue stream for service providers. This insurance product is also a great example of evolving partnerships in the emerging digital landscape aimed at creating great value for customers in a highly cost effective manner.
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