Micro Insurance
KontoMoney’s agency banking model is designed to extend a wide range of financial services, including micro insurance, to underserved and remote communities across Nigeria. Micro insurance services are crucial for providing financial security and risk management to low-income individuals and small businesses
Dimensions of Micro Insurance
Life Insurance
Coverage: Financial support to beneficiaries upon the policyholder’s death.
Benefits: Manages funeral expenses and loss of income.
Eligibility: Minimal documentation, available to all.
Health Insurance
Coverage: Medical expenses, hospitalization, medication.
Benefits: Reduces financial burden from medical emergencies.
Eligibility: Inclusive, targets low-income individuals and families.
Property Insurance
Coverage: Loss or damage to property (homes, shops).
Benefits: Compensation for natural disasters, fire, theft.
Eligibility: Minimal requirements, available to individuals and small businesses.
Agricultural Insurance
Coverage: Losses from crop failure, livestock death.
Benefits: Financial stability for farmers.
Eligibility: Available to farmers and agricultural workers.
2. Accessibility and Distribution
Role: Intermediaries bringing insurance to communities.
Training: Specialized in insurance products and customer assistance.
Reach: Urban, semi-urban, and rural areas.
Documentation: Minimal paperwork for easy sign-up.
Enrollment: Agents assist with forms and policy terms.
3. Premium Collection
Frequency: Monthly, quarterly, or annual payments.
Methods: Cash at agent locations or mobile banking.
Low Premiums: Tailored to the financial capacity of low-income individuals.
4. Claims Processing and Settlement
Efficient Claims Handling
Simplified Process: Minimal documentation for claims.
Agent Assistance: Help with documents and claim forms.
Timely Settlements
Quick Turnaround: Prompt claims settlement.
Transparency: Regular updates on claim status.
5. Security and Compliance
Compliance: Adheres to National Insurance Commission (NAICOM) guidelines.
Product Approval: All products meet national standards.
Protection: Robust measures including encryption.
Confidentiality: Restricted access to customer information.