Tigo launches micro-insurance product
As part of measures to enhance the growth of the micro insurance sub-sector , Tigo Ghana in partnership with BIMA Ghana and Prudential Life have launched an insurance policy.
The policy called the Tigo Income Protection Policy Plan aims at providing immediate insurance to customers who face various forms of challenges.
The insurance sector has not seen much growth as majority of Ghanaians are not convinced of the need to take an insurance policy.
Statistics shows that Ghana’s insurance sector has made poor inroads with micro insurance penetration currently at 28%.
Speaking to Citi Business News, Chief Commercial Officer of Tigo, Tara Squire said Ghanaians must change their mentality on micro insurance to enjoy cover during a mishap.
“Currently the micro insurance penetration in Ghana stands at about 28% and we believe that with the SIM penetration in Ghana well over a hundred percent, there is room for micro insurance to grow,” he said.
He explained that micro insurance targets people who do not have bank accounts and do not have any level of income that enables them to access the regular insurance product on the market.
“But what it also does is that it provides convenience to people who are on the go who want to transact via the mobile phone which is what Tigo is all about,” he said.
“So we have introduced a new product that you can access via your regular mobile telephony activity with Tigo and we believe that it will further improve the penetration of micro insurance in Ghana.” he added.
About Tigo Insurance
Tigo Insurance is a partnership between Tigo, BIMA and Prudential Life that delivers life, accident and hospital insurance to Tigo’s subscribers in Ghana.
Three policies are offered under the programmes which are Tigo Xtra-Life, Tigo Hospital Support and Tigo Income Protection Policy