Malawi’s leading mobile network provider Airtel Malawi leaves no stone unturned in revolutionizing the digital world as regards the use of phones in enhancing the country’s economic growth via its Airtel Money product.
After striking partnerships with various institutions in areas of bill payment, bulk money transfer among others, Airtel Malawi is now a partner of Smile Life Insurance Company on cash transfer through Thandizo Funeral Policy.
Making the announcement in Blantyre, Smile Life Chief Executive Officer Stan Singo said his company was excited with the partnership since a number of Thandizo Policy clients did not have easy access to banks.
“Since we launched Thandizo Policy in 2011, clients have complained of cumbersome queues in the banks in their effort to deposit a small amount of money.
“This partnership will greatly assist us in reaching out to rural masses as it would empower people financially,” said Singo.
Among other things, Singo explained that the partnership would make it easy for existing clients to pay premiums and maintain active policies.
“At the same time, Airtel Money will make it easier for our clients to get paid their benefits or claims regardless of their location or proximity to our offices,” he said.
According to Singo, plans are underway to facelift the Airtel partnership by enabling prospective clients to apply for the Thandizo Policy through SMS questions.
“We will in turn do our underwriting based on the answers and details given and then accept the request for cover through the same system,” explained Singo adding that such systems, tried in countries like South Africa, would facilitate the availability of access to Thandizo Policy so long there was an Airtel network.
In his remarks, Airtel Malawi Deputy Managing Director Maurice Newa said the launched insurance electronic money transfer via airtel money was destined to change peoples’ lives.
“Insurance customers will now have peace of mind and the freedom to achieve their goals courtesy of our partnership with Smile Life,” said Newa highlighting that the partnership was destined to redefine and transform the insurance payment mode in Malawi.
Newa observed that Airtel Malawi strives to make the mobile handset an instrument of changing peoples’ lives for the better and facilitate access to banking, education, healthcare as well as insurance among others.
This partnership stands to help government in escalating market penetration of insurance services or products in Malawi from the current 3% penetration.
Smile Life is a wholly Malawian owned company which was introduced in 2009 and its Thandizo Policy, boasting of monthly premiums of as low as less than MK200, is a mass market product that covers funeral arrangements to the policy holder and their immediate family members e.g. spouse, children and parents.
Airtel Malawi launched its Airtel money property earlier this year to modernize the mobile banking industry on the domestic scene. Recentlythe brand relaunched the property via a campaign dubbed ‘Airtel Money Reloaded’ to champion its growth, convenience, flexibility as well as affordability.
