Very interesting idea to make insurance work in Africa. This is novel as it is an easier way to get insurance than paying money.
SureBüddy, an android application that has today launched into market, brings sponsored insurance and insurance related products to Uganda.
SureBüddy is simple and easy to use – the app renders advertisements, the consumer watches the ads, and then receives free cover as a reward. Ad images are non-intrusive, use very little data, and disappear with a click.
SureBüddy’s cover is sponsored for the user as all costs are paid by the advertiser. SureBüddy then uses the advertising revenue to reward the user directly with cover, and in this instance, the consumer benefits from watching advertisements.
Insurance penetration in Africa is amongst the lowest in the world, even though there is a crucial need for it. SureBüddy has taken insurance offerings to the people via technology – a platform to make these products less-intimidating, understandable and affordable.
To gain consumer trust towards free credible insurance plans, SureBüddy will implement the first phase of its service by providing screen cover in conjunction with Phone Doctor, and have partnered with Africell, one of the fastest-growing mobile telecommunications groups in Africa
Uganda, a country with a high smartphone penetration, is the first-to-market for SureBüddy. SureBüddy plans to roll out into 11 Sub-Saharan Africa countries, as well as India, Turkey, Indonesia, Philippines, Pakistan with South American countries to follow.
SureBüddy will work closely with Swiss Re, one of the biggest Reinsurance companies in the world, to ensure that they find the right insurance partners in every country.
“We are excited to work with an innovative company like SureBuddy and to support them with our expertise in this important growth region. It is clear that we need to consider clever ways of closing the ever increasing protection gap in the world. Swiss Re is committed to make the world more resilient, apply fresh perspectives and create smarter solutions with our clients to help the world move forward. SureBuddy will make sure that we get more protection to more consumers in a very innovative way.” says Thys Nieuwoudt, Swiss Re CEO Life & Health Africa.
For more information, you can go to the SureBüddy Facebook page.
Now the question is this: what is being insured? $10 per year or what. Users may need to ask that question!