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.