Launch of a mobile microinsurance in Ivory Coast

Nov 28, 2012
Mobile operator Moov and Stamvie insurance signed an agreement on Wednesday November 21st to offer an insurance policy that is available via mobile phone.

The solution - called Moovprevoyance - will be easily accessible, especially to low-income populations living in the remote rural areas of Ivory Coast, often with no access to insurance branches.

"This is a unique partnership because it will allow for the collection of premiums via phone and will help protect our mutual customers, especially those with low incomes," said Gervais Atta, commercial director at Stamvie, as quoted by the newspaper Notre Voie.

"This is a product that will help modernise and organise activities within the informal sector," he added.

With 400 cfa francs (61 cents) spent each month, small traders, artisans and other parties in the informal sector can benefit from insurance, the company said.

A study of microinsurance in the CIMA zone, which includes Ivory Coast, shows that about 90 per cent of the population in francophone African countries is without social security coverage.

Carried out by the firm Desjardins International Development in 2011, it shows an overall distrust from the population towards insurance companies, primarily related to delayed payment of claims.

The efficiency of payment systems, with the development of remote systems via mobile phone, can therefore contribute to the development of the microinsurance sector in Africa.ADNFCR-2976-ID-801496865-ADNFCR