Equitel subscribers will now have access to a mobile-based insurance product, called Riziki Cover. According to the company, the solution aims to ease the financial burden associated with lost daily income from one’s employment or personal business in case they are admitted to hospital.
The Riziki Cover has been introduced by a partnership between Equitel, Equity Insurance Agency, Britam as well as technical service provider, Inclusivity Solutions. It is accessible to Equitel subscribers who use airtime from Kshs 100 or make Mobile Banking transactions worth Ksh 1,000 or more per month.
Equitel subscribers can activate Riziki Cover by dialling *745#. In case of hospital admission for a period of three consecutive nights or more, a registered subscriber who meets the requirements will receive a fixed payout for every night spent in a hospital.
The cash payout will be Kshs 400 per night for a subscriber who uses airtime from Kshs 100 or makes Mobile Banking transactions worth Kshs 1,000 or more per month. The cash payout will double to Kshs 800 for a subscriber who uses airtime from Kshs 100 and makes Mobile Banking transactions worth Kshs 1,000 or more per month.
“We are proud to introduce this unique service to all our Equitel users who can now secure their daily earnings through Riziki Cover. It is easy and convenient to sign up and offers benefits that are accessible instantly. Our subscribers will now have peace of mind as they focus on getting back to full health in the event of sickness or injury,” said Jack Ngare, the Managing Director of Finserve Africa.
“Riziki Cover is the first step in our digital journey. With this innovative product, our customers can buy insurance and register claims using their mobile phones. We are excited to roll-out this product and partnership with Equitel, Britam and Inclusivity Solutions. This is the global trend whereby services are being offered digitally and through devices,” said David Muchiri, the General Manager of Equity Insurance Agency.
Britam Micro Insurance has said that the partnership will facilitate the provision of the cover to more people. “The partnership with Equitel goes a long way towards increasing insurance penetration. We now have the capability to cover over 1.8 million subscribers with the Riziki cover through a fast and efficient mobile platform,” said Charles Muyodi, General Manager, Britam Micro Insurance Business.
Muyodi said Riziki would cover all hospital admissions, as long as the illness, injury or condition requires a subscriber to be admitted to hospital for three consecutive nights or more.
On his part, Jeremy Leach, Chief Executive, Inclusivity Solutions said that the launch of Riziki Cover is
the start of an exciting new range of digital insurance products for Equitel.
“Through our expertise in designing, building and operating digital insurance businesses, we are thrilled to be able to launch this comprehensive digital insurance service with our partners, Equitel, Equity Insurance Agency and Britam” he added.
Equitel subscribers can upgrade their cover to ‘Riziki Plus Personal Cover’ or ‘Riziki Plus Family Cover’ by paying monthly premiums of Kshs 140 and Kshs 620 per month respectively. For these premium products, Equitel users will receive a cash payout of Kshs 2,500 per night for hospitalization of three consecutive nights and above on the Riziki Plus Personal cover and an equal cash payout of Kshs 2,500 per night will be given to the subscriber in case any of his/her dependents (a registered spouse and children who are under 18 years are hospitalised for three nights and above through the Riziki Plus Family Cover.