MicroEnsure and ImaliPay have joined forces to provide digital insurance products to gig workers in Africa.
The companies will leverage the partnership to provide cover against health, death, disability, property destruction, and Covid-19.
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Initially, the companies will offer microinsurance products to gig workers in Kenya.
The partners in their press statement said that the product can be customized according to worker’s needs and their level/proportion of income generation.
MicroEnsure East Africa country manager Wairimu Njoki said: “We are delighted to be partnering with ImaliPay to boost the rising gig economy by providing social protection through innovative, need-based insurance. This is in line with our audacious goal of insuring the 4 billion un/underinsured lives globally.”
The insurance penetration level is fairly low in the country, mostly due to constrained distribution channels and faulty product design.
ImaliPay co-founder Tatenda Furusa said: “At the very heart of our business, we are concerned with re-defining our customer experience by providing a wider product basket and prioritising the products that are most important/necessary to our customers. Insurance sits right at the forefront of our customer needs and we’re happy to be catering to those needs with this collaboration.”
MIC is focused on providing end-to-end micro insurance products to the mass market at affordable premiums.
ImaliPay on the other hand is a financial services platform with a focus on offering credit, savings, and insurance to Africa’s gig economy platforms.
