BIMA partners with Pakistan’s largest mobile operator Jazz to introduce accident insurance
This new insurance offer provides Jazz’s subscribers and their families financial security in case of personal accident or injury. The most affordable Silver plan starts at just PKR 1.44 (US$0.01) a day with maximum insurance cover of PKR 200,000 (US$1,896). Thanks to MILVIK’s mobile insurance platform, Jazz customers can sign up for the product via their mobiles and daily premiums will be deducted automatically from their prepaid mobile credit. Straightforward claims process ensure that claims will be paid within three days of filing. The product is underwritten by insurance company Alfalah Insurance.
Currently only 10% of the population in Pakistan have access to insurance. By combining MILVIK’s digitalised insurance model and mobile technology, the partnership will drive insurance penetration and fuel financial inclusion in the country.
MILVIK has already proven the demand and scale potential for this mobile insurance model in Pakistan previously. Having initially launched in 2016 with Warid Telecom, which merged with Jazz last year, MILVK has now reached 1 million customers, becoming one of the fastest-growing insurance service providers nationwide.
Osman Haneef, CEO and Managing Director of MILVIK Pakistan, commented: “We believe that mobile technology holds the key to unlocking the full, mass-market potential of microinsurance. This landmark partnership with Jazz will provide millions of families across Pakistan with access to low-cost insurance that will protect their financial future during times of distresses. As mobile penetration in Pakistan almost surpasses 70%, mobile represents an increasingly important model for delivering vital financial services to consumers across the country,”
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Published 4 December 2017