Kenya: Yu Top-Ups Earn Clients Life, Disability Covers
Mobile services provider yuMobile has partnered with Jubilee Insurance and MicroEnsure to launch a unique insurance scheme that rewards yuMobile subscribers with a renewable monthly life and disability cover based on the amount of airtime they recharge each month.
yuMobile subscribers must dial *555# to gain access to the product dubbed 'yuCover' which MicroEnsure CEO Richard Leftley described as the country's first insurance product to be delivered through mobile phones.
"The yuCover product rewards subscribers who are loyal to the yuMobile network and so the more airtime subscribers buy in this month will determine how much free insurance they'll earn in the following month. If you spend more on airtime with yu, then you'll earn more free yuCover," he said.
Jubilee will be the underwriter of the cover that underlines the growing convergence between mobile phone operators and financial services companies, notably banks.
Customers must top up at least Sh100 each month to be rewarded with free insurance cover worth Sh10,000 shillings the following month.