#CommunityStories: Bluewave an Insurance Agency, Innovating the face of insurance in Kenya

By Editor
  Published 17 Oct 2017
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Let’s face it! For most Kenyans, especially low-income earners, insurance is associated with descriptions such as expensive, unnecessary, a luxury, a rip-off, unsustainable, that’s for the rich… get the drift? Well, there’s good news at last! Bluewave, a Kenyan microinsurance company, and specialist is set to change all this through its amazingly innovative products. Here is how….

What if there was a legitimate health, Life, and disability insurance cover where one can pay weekly premiums of 20 bob… Yes, you read that right! 20 Kenya Shillings! Would you sign up? We certainly would! This is a true game-changer from Bluewave Insurance, making it easy and affordable for Kenyans from all walks of life to get insurance cover for the people and things that matter most to them.

Insurance is about peace of mind. A good policy is meant to ease the financial burden of tragic events that most people are unable and often unprepared to face on their own, yet very few Kenyans have insurance. According to a recent survey by health service provider Daktari Africa, only 12 percent of Kenyans have insurance, which is equivalent to 480,000 out of the country’s population of about 40 million people. Distressing statistics!

Many people have the perception that insurance cover is only for the rich and yet, arguably no one bears the brutal brunt of tragedy harder than the low-income earners. For this tier, missing a day of work due to ill health means foregoing a day’s wage; a huge sacrifice that most can’t afford to make. If one loses a loved one, chances are that he/she will have to resort to fundraising through family, friends, and well-wishers to raise money to bury the deceased during an already trying time. There are countless cases of disability as a result of accidents, whereby victims do not get easy access to insurance for financial remuneration to bring them back to their feet “quite literally”

Blue Wave Insurance Company understands only too well what many fellow Kenyans face. Using research, innovation, and technology, the Company has come up with insurance products that resonate with the common mwananchi and provide innovative solutions that will attract the masses while creating a self-service solution. Imarisha Jamii is a good example: Open to anyone between the age of 18 and 65 years old irrespective of any pre-existing medical conditions. This health, Life (Funeral) and disability insurance cover costs as little as KShs. 20 weekly. To register users simply dial the short code *643# on their phone and then select the Imarisha Jamii option. They then have the option of paying either a weekly or a monthly premium via Safaricom’s M-PESA service.

The product is underwritten by Jubilee insurance; Kenyans leading insurance company, a true strategic partner for an insurtech startup. This partnership has seen Bluewave apply its technology capabilities to improve clients’ enrollment, product service (customer service) and the claims process through a digital platform. Any Kenyan with a simple basic feature phone can now get access to insurance, be served and lodge a claim at the comfort of their home, breaking the barriers of the tedious process previously required, of having to fill out claim forms and walking into the nearest insurance branch to receive service. Bluewave has also addressed the most common customer complaints of delayed payment of claims. One only needs to follow simple instructions to make a claim via their mobile device and once verified, these claims are paid out via M-PESA.

This is a truly revolutionary product. Welcome to a brave new world of shockingly affordable and accessible insurance. Welcome to Bluewave! insurance. easier. better.

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