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Micro-insurance plays a very important role in society. Just like everyone else, low-income earners are also exposed to risks. For 6 years Tigo insurance has reached out to those in the informal sector and low-income earners to help them manage their risk and vulnerability through Hospital and Life Insurance policies.

Through monthly deductions of GHC 1.50 for Hospital and Life Insurance policies, Tigo Insurance has been supporting Ghanaians to pay for their hospital bills and funeral costs in the event of losing a family member.

At a short ceremony in Accra to pay claims to various customers, the Claims Manager for Tigo Insurance, Nicholas Normeshie, said Tigo has since 2010 registered over 1.3 million customers and paid over GHC 5 million to some 8000 people as Hospital and Life insurance benefits.

He said although the process has been gradual, people have warmed up to the benefits of making small contribution towards an insurance policy and that includes low income earners. “We have several customers who have become ambassadors for Tigo Insurance because of our prompt payment of claims when they were admitted in a hospital or lost a family member. They have seen and felt the impact of putting away small amounts of money,” he emphasized.

He said, “Micro-insurance offers a promising alternative for low income earners and people in the informal sector to manage risk and use their assets more productively.”

He disclosed the differentiation for Tigo Insurance has been designing products that meet the needs of low income earners and keeping their premiums affordable. “Our claims processes are also easy, fast and convenient, it ensures that customers receive their benefits within 72hours,” he revealed.

He commended efforts by the National Insurance Commission, the Ghana Insurance Association and donor agencies such as GIZ for intensifying public education on the numerous benefits of insurance.

Tigo Insurance is managed by BIMA, a micro-insurance agent protecting low-income families in 14 countries across the world, and the policies are underwritten by Prudential Life.