Report 14th International Microinsurance Conference 2018
Field trip
By Thomas Loster From conference proceedings to practice: The 14th International Microinsurance Conference once again featured an excursion. Conference participants were able to see on the ground how insurance solutions are designed and accepted by customers. On 9 November 2018, we accompanied representatives from Madison LIFE to the central bus station in Lusaka.
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Just click before going on a day trip – travel and burial insurance in Zambia
Patrick Kasase Mumba is General Manager for Microinsurance at Madison Life Insurance in Zambia. He was the leader of the excursion and, to begin with, brought us to the Millennium bus station in the capital. There we met 42-year-old insurance broker Evans Ngosa. In the station it was hot, loud and muggy. Buses were manoeuvring into line, horns were sounding and all the diesel engines were rumbling. Evans waved us over to an area beside a waiting room with a pool table. He has been travelling around as a sales representative for MLIFE for 15 years. “I meet one of my main target groups here,” he tells us. “Bus drivers. We have just launched a travel and accident insurance product (Madison Domestic Travel Insurance Policy).” The cover has been designed for anyone who travels – school pupils and students, business people and entire families – and, of course, professional drivers too.
“They are constantly on the move. I have 280 customers here,” Evans told us. The cover is well graduated with a modular structure. Standard, silver, gold and platinum versions are available depending on the payment amount. The risks covered include accidental death, disability resulting from an accident, medication and hospital costs. “You can buy the policy for yourself or for a group. In the latter case, up to 10 people can be covered,” he explained. “Or, of course, you can take out cover for the whole family.” There is even a student rate. Spontaneous customers can insure themselves for a single trip or journey – or purchase permanent travel insurance. “A single trip costs 5 kwacha (roughly €0.40),” said Evans. The monthly premium for long-term cover is 60 kwacha (approx. €4.50) with a payment amount of 12,000 kwacha (approx. €925). For a monthly premium of 40 kwacha (approx. €3), you receive a payout in the event of a claim of 6,000 kwacha (approx. €460).
98 — At the central bus station, Patrick Kasase Mumba (left) from Madison Life Insurance in Zambia introduced us to Evans Ngosa (right), who looks after 280 customers in the station. Singhala Evans (centre) is a bus driver. He has a burial insurance policy and told us his story. 99 — Evans Ngosa patiently answers questions from participants on the excursion about the Tilitonse burial insurance and the new travel cover.
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