MobiLife is Africa’s first 100% 'built for mobile' life insurance, using the power of smartphones to bring effective insurance solutions to low-income consumers.
CEO: Frank Schutte
Market: South Africa
Product: Mobile life insurance
Sponsor: Omidyar Network
THE Problem and Solution
At 27 percent, South Africa has one of the highest unemployment rates in the world. This has contributed to the exclusion of many people from access to banking and insurance products. While South Africa has a well-established life insurance industry, customer outcomes are often poor and disproportionately affect low-income households with expensive acquisition costs, low claims pay-out ratios and high policy lapse rates. Only in 2016, the industry sold 7.1 million risk policies but also cancelled over 6 million policies.
MobiLife believes that no family should go hungry due to the loss of a breadwinner.
MobiLife is Africa’s first 100 percent “built-for-mobile” life insurance, using the power of smartphones to bring effective insurance solutions to low-income consumers. The company has innovated to deliver FoodSuranceTM, which pays a weekly grocery voucher for up to 5 years after the passing of a breadwinner. FoodSurance keeps food on the table when a breadwinner no longer can. Uniquely, MobiLife products allow customers to skip premiums whenever they need to, with the guarantee that the policy will never be canceled.
- Operates on cloud-based technology for easy deployment into any territory.
- Offers FoodSurance product which allows client’s family members to receive weekly grocery voucher for up to 5 years after the main account holder passed away.
- Provides Never-Lapse product which is a funeral policy lapse; it allows customers to skip premium payment whenever they want to.
- Offers digital direct interactions with customers via chatbot integration.
The Value Proposition
- Provides accessible, flexible and simple life insurance products to the low and middle income market.
- Offers a range of innovative insurance products entirely via smartphones.
- Platform accessible on any mobile device, from anywhere, at anytime.
- Processes all policy and underwriting on mobile devices from end to end.
THE LEARNING AGENDA
MobiLife is aligned with the Catalyst Fund learning agenda. Their challenges as we know them could help answer the following questions within the learning pillar of:
- 10x Better Value Propositions: How can inclusive insurtech best leverage Artificial Intelligence to support customers remotely and effectively (i.e. to automate customer service), thereby further reducing overhead costs?
- Ecosystems & Partnerships: How can inclusive insurtech best leverage partnerships to successfully build off of existing brands, customer bases, and distribution channels?