Esoko Ghana is pleased to introduce a form of microinsurance called ‘Esoko BanbƆ’ as part of its bundled services to rural folks. Microinsurance is a form of insurance designed for low- and middle- income consumers in emerging markets. The insurance product is usually characterized by small premiums, simple features and benefits tailored to emerging customers’ needs.
Esoko BanbƆ is a life insurance product bundled with weather information, market prices and agricultural tips for rural dwellers in Ghana. The objective is to reduce the everyday risk for farmers and their family through insurance whiles bridging the knowledge gap in agriculture through information dissemination. The project also seeks to create an ‘insurance’ educated customer base to distribute a range of insurance products via digital platform.
Key partners for the implementation of Esoko BanbƆ in Ghana include the following:
➔ MicroEnsure, a UK based company specialized in the design and provision of specialized insurance services that enable millions of people to have protection against life’s risks.
In this partnership, MicroEnsure operates as the back office – directly in charge of product design/negotiation, training/client education, policy administration and claims servicing.
➔ Metropolitan Life Ghana is among the top five Life Insurance Companies in Ghana and is a leader in innovation and creativity. Met Life Ghana operates as a specialist Life Insurance company, providing client centric, reasonably priced and innovative life assurance solutions to meet the financial wellness needs of clients.
The company makes use of diverse channels to distribute its products including an agency network, broker and bank channels as well as other innovative ways of reaching the clients. It has presence across the country which brings the services and products to the doorstep of clients backed by technology. In this partnership, Met Life Ghana operates as a licensed insurer who pays claims. Met Life Ghana is the risk carrier/underwriter of the Esoko BanbƆ insurance product.