The will to
SUCCEED LEVERAGING MOBILE TECHNOLOGY TO BRING INSURANCE PRODUCTS TO ALL ZAMBIANS: ANDREW NKOLOLA, CEO, AYO ZAMBIA BY JACKIE MUINDE
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nsurance penetration in Zambia, just like the rest of the African continent, remains below the global average due to a number of factors, chief among them being a lack of awareness and a lack of trust by consumers in traditional insurance companies. aYo is, however, not your traditional insurer. It is a modern insurance company that leverages the power of technology, analytics, and mobile and digital channels to make life and hospital insurance accessible to millions of people across the African continent. It helps that it has the backing of Africa’s telecommunications giant MTN, which has an estimated 280 million subscribers across the continent. In a market like Zambia, where the Insurance market is expected to grow at a CAGR of more than 17% during the period
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2020 and 2025, aYo was certainly going to be successful given the relevance of its products to average Zambian consumers. "We offer primarily life and hospital cash insurance, and by life, we mean a small ticket insurance that is affordable and linked to an individual's general usage of their mobile phone subscription in terms of either airtime or mobile money services if you like,” Andrew Nkolola, CEO aYo Zambia tells CEO Business Africa. Today, aYo enjoys a subscriber base that is a little over 3 million customers. That is a remarkable feat for a company that is barely 2 years old.The company's success can be linked to the affordability of its products. "What we have tried to do is to link a level of affordability and accessibility and simplicity to our offering. That, by and large, gives benefits relating to the unfortunate death of a policyholder and or hospitalization over a specified period," Andrew elaborates. "So, we believe our offering is quite valuable and fills the need and void, especially for people with irregular income and that are exposed to quite a few risks around that daily living." A relatively easy way of onboarding into the insurance program has also attracted customers in their millions. With aYo, customers only need to be active subscribers of MTN from where they can register for the insurance through a short USSD code. By enabling payment through MTN Mobile Money or recharge cards, aYo has also made it easier for customers to easily manage their insurance premiums, further encouraging uptake among many Zambians. Andrew, a Zambian-born and bred insurance professional, knows firsthand the need to make insurance simple to onboard and affordable to maintain. “At a personal level, I have had relations, friends, and relatives
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