BIMA’s operation in Pakistan, MILVIK Mobile Pakistan, partnered with the country’s leading telecom operator Jazz, and Alfalah Insurance Company to lead a landmark awareness campaign in Sheikhupura designed to educate consumers on the value of insurance.
This was the largest education event of its kind in the community: 38 information kiosks were setup across the region of Sheikhupura and a team of 270 insurance agents came to the city to speak with local residents to raise awareness of insurance and explain its role in helping people build financial resilience.
As well as an education drive, a number of open-access health camps were set up to provide free medical consultancy to the residents of Farooqabad and Sheikhupura, where hundreds of people received blood pressure tests, blood glucose tests and a range of free basic medicines.
Currently only 10% of the population of Pakistan has access to insurance – putting millions of low-income families at risk of significant financial difficulties in the face of a health crisis like an accident or work-place injury.
The event looked to increase low insurance penetration levels and raised awareness of Jazz BIMA – an affordable, hassle-free mobile-delivered accidental insurance product designed to provide Jazz customers and their families with financial security. Promoting financial literary and awareness of products and services will be key to achieving the country’s financial inclusion targets.
Available to Jazz’s 53 million+ subscribers, the most affordable insurance plan of Jazz BIMA starts at just PKR 1.46 a day with maximum insurance cover of PKR 200,000. Thanks to MILVIK’s mobile insurance platform, Jazz customers can sign up for the product via their mobiles and daily premiums will be deducted automatically from their prepaid mobile credit. Straightforward claims processes ensure that valid claims are paid within three days of filing.
Speaking about the event, Osman Haneef, CEO and Managing Director of MILVIK Mobile Pakistan, commented: “Given the high mobile penetration rates, mobile-enabled insurance has the significant potential to provide underserved, low-income consumers with vital financial services, giving them financial security even in times of crisis. However, far too many people still don’t understand what insurance is and customer education will play a key role in driving insurance uptake. Through our initiative we hope that the community of Sheikhupura would come to appreciate the value and financial protection insurance provides.”
Syed Babar Ahmad, Head of Value Added Services at Jazz, said, “We’re pleased to be holding this large-scale event with MILVIK and Alfalah to bring financial education to the public. Insurance provides people with a financial safety net when unexpected circumstances strike and with mobile-delivered insurance such as Jazz BIMA, we are able to open up access to insurance on an unprecedented scale, giving people the means to secure financial protection for themselves and their families. By offering our customers a truly valuable product, we are also playing a key role in driving financial inclusion.”
“At Alfalah Insurance, we’re committed to creating innovative, modern insurance products for customers. We are very pleased to be partnering with Jazz and MILVIK to bring affordable insurance offerings to Jazz customers,” said Nasar us Samad Quershi, CEO, Alfalah Insurance Company. “Customers need to trust that they can receive speedy financial support when they are facing life’s challenges. Together with our partners we have developed an efficient claim process which ensures claim payment within 72 working hours of submission of supporting documents.”
MILVIK has already proven the demand and scale potential for the mobile insurance model in Pakistan previously. Having initially launched in 2015 with Warid Telecom, which merged with Jazz in 2016, MILVK has now reached 1.5 million customers, becoming one of the fastest-growing insurance service providers nationwide.
28 February 2018