A NEW radio drama by Tigo Bima launches on Wednesday on Clouds FM with the aim of familiarising Tanzanians about the benefits of insurance.
The drama is one of the first radio initiatives of its kind, and will run twice a day for eight weeks on the Jahazi and Leo Tena programmes.
The project is launched by Bima, a leading provider of mobile-delivered insurance in Tanzania which sells life and hospitalisation insurance in Dar es Salaam through Tigo’s mobile network. Speaking during the launch, Tigo General Manager Mr Diego Gutierrez said: “Mobile networks like Tigo have a vital role to play in providing affordable financial products to the mass market.
“Just as mobile technology has revolutionised the way we transfer money all across Africa, we are now set to see the same phenomenon with mobile insurance. Tigo is proud to be at the forefront of this crucial step forward for Tanzania, its economic growth, and its prosperity.”
The drama’s objectives are to raise awareness about the affordability, accessibility, and value of insurance products for emerging consumers in Tanzania.
An estimated 4.6 million Tanzanians (19 per cent of adults) are covered by insurance, but these individuals mostly have compulsory insurance through their employer, or embedded insurance through loans. Voluntary take-up of insurance in Tanzania is still virtually negligible-- less than 1 per cent of adults.
Mr Christian Karlander, Country Manager of Bima Tanzania, said: “Insurance products can provide a vital safety net for Tanzanians and their families when the worst happens-accident, hospitalization, or death.
“KingaYaMoyoWangu” is one of the first awareness initiatives of its kind, harnessing the broad reach of radio to educate the underserved about financial protection. Its objective is to address some of the misconceptions which exist about insurance, and to demonstrate that insurance is for everyone: it can be affordable, accessible and trustworthy.”
In Dar es Salaam, Bima has registered more than 500,000 customers after just two years of operations, with79 per cent of its customers having an income of less than 2.50 US dollars (about 4,125/-) a day.
Its product prices start from as little as 750/-, and Bima guarantees that valid claims will all be paid within 72 hours of receiving the necessary documentation. At the highest level of cover, 4,000/- a month, Bima pays out up to 600,000/- in case of hospitalization or death.
Insurance products can be bought at Tigo customer service centres or over the phone, and administration is done mostly via mobile phone. The project is funded by the European Investment Bank, via LeapFrog Labs, a subsidiary of one of Bima’s investor companies.