There seems to be no stopping the rise of microinsurer aYo Intermediaries Ghana Limited. After only five years in business, the company has around 8 million customers, and it underlined its ambitions by walking away with two awards – Mobile Insurance Leadership and Best Growing Intermediary Firm of the Year – at the Ghana Insurance Awards 2022.
The awards capped an impressive 2022 thus far for the company, which has already signed up 1.3 million customer’s year to date. aYo offers Ghanaians easy to use, quick underwritten hospital and life cover through its two insurance products, ‘Send with Care’ and ‘Recharge with Care’.
Francis Gota, the CEO of aYo Intermediaries Ghana, said the company was striving to create a future in which everyone uses insurance. “Our goal is to provide a richer customer experience by optimising our services across all touchpoints, adding value, and positively impacting our customers’ lives by offering relevant, affordable, accessible, and easy to use insurance products that meet the needs of our existing and new customers,” he said.
The company is 100% owned by telecommunications giant MTN, and Gota believes the recent boom in usage of MTN’s MoMo is a ‘significant opportunity’ to drive growth in aYo’s existing markets. With Ghanaian consumers becoming more comfortable with digital products and transactions, the company plans to roll out additional MoMo-related products in the coming months, including an additional feature to Recharge with Care called Recharge with Care Annual Insurance policy which was recently launched to the public.
“We’ve been seeing a steady growth in awareness of aYo and insurance in recent years, and the awards we received have only increased our credibility among the general public, and driven greater recognition of our presence in the industry. Our goal is to rapidly increase the number of Ghanaians covered to drive greater financial inclusion, and improve their lives and those of their loved ones,” he said.
How to sign up with aYo
For Recharge with Care, subscribers sign up via our Progressive Web App (PWA), app.ayo4u.com or by dialling *296#, selecting option 1 and following the prompts. They can sign up for MyLife, MyHospital, or both. A maximum premium of GH¢6.00 provides cover that is valid for 30 days.
Subscribers use the same process for filing claims (*296#, option 1, option 7, and follow the prompts), or via the PWA (Progressive web app) . Valid claims are paid directly to the claimant’s mobile money wallet.
MTN MoMo subscribers can send MoMo through aYo Send with Care by dialling *170#, select option 1 (transfer money) and then option 3 (Send with Care) on the mobile money menu. This will give them up to GH¢30,000.00 hospital and life insurance cover for themselves, and up to GH¢3,000.00 life cover for their family members (the receivers of the MoMo).
For Recharge with Care Annual Insurance policy feature, subscribers can sign up by simply dialing *928*101# and follow the prompts or visit any MTN branch or our Call Centre agents will contact customers on 0244300000 for further assistance.
Annual Insurance policy cover is a one-time premium of GH¢130 for 12 months with a static Life Cover Benefit of GHS6,000 for the policyholder and one family member, GHS120 per night for Hospitalization Cover for the Policyholder and a 10% No Claim Cashback bonus. Customers can also buy additional Life Cover for other family members at an extra fee.