Ghana’s leading microinsurance company, Ayo Intermediaries Ghana has launched affordable, convenient and seamless digitalize motor insurance policy dubbed ‘aYo Pay & Drive”.
The policy, which is underwritten by Sanlam General Insurance, comes in three categories – comprehensive, third-party as well as third-party, fire and theft.
Registration for the policy and payment of premiums for each of the three can be done either on aYo App or by dialling *928*102# on all networks. Premium to be paid for each category will depend on the type of vehicle and the what the vehicle will be used for – private or commercial.
Once payment is made, the customer will receive a digital sticker on their phone, and can either print it out and stick it on the vehicle, or the customer can present the digital one on the phone any time the police asks for it.
The aYo App channel also allows the customer to set reminders, so that the system will automatically remind the customer when payment is about getting due.
The service also allows customers to purchase insurance for periods between seven days (one week) all the way to one year, making it convenient and affordable for people who cannot afford to always purchase a cover for one full year.
Prior to now, aYo Insurance only provided life covers under its Recharge with Care (RwC), Send with Care (SwC), RwC Annual Cover and RwC Family Cover, all of which covers death and hospitalization, under which they have paid out over GHS18 million in claims to more than 45,000 policy holders.
Speaking at the launch, the Chief Executive Officer (CEO) for aYo Ghana, Francis Gota said the aYo Pay and Drive policy has been meticulously crafted with the needs of customers in mind, especially those who own multiple cars but drive them occasionally.
Also among the target groups are Uber/Bolt/Yango and taxi drivers who make weekly sales; private car owners who cannot afford upfront yearly cover, and those who only realize their motor insurance has expired when the police stops them.
“We understand that their lifestyles are dynamic, and their insurance needs are ever-evolving. That’s why our policy allows them the flexibility to purchase insurance for a week, month, or a year, tailored to the specific vehicle they wish to drive at any given time. This flexibility not only provides unprecedented convenience but also ensures that customers get covered exactly when they need it,” he added.
Mr. Gota believes that, in today’s fast-paced world, convenience is key, and he is convinced the AyoPay and Drive policy brings insurance into the palm of their customers’ hands, with just a few taps on the smartphones, they can purchase and manage their motor insurance on aYo seamlessly, anytime, anywhere.
“The insurance penetration rate in Ghana is less than 2%. I firmly believe that the insurance penetration rate will rise with appropriate investments in innovation and technology that provide consumers with comfortable and enjoyable experiences”, he stated.
He assured customers of further innovation and improvements to the service base on feedback from their discerning customers.
CEO of Sanlam General Insurance, Mabel Nana Nyarko Porbley said she is thrilled to be part of an exciting journey into the future of insurance, where they are leading the path of insurance inclusiveness and offering solutions that are dear to the hearts of Ghanaians.
Mabel Porbley said the Pay & Drive Motor product represents a significant milestone in their shared commitment to providing unparalleled service and support to customers with an extremely user-friendly interface and seamless functionality, where any vehicle owner or driver is able to purchase insurance for short periods of time, whether seven days, 10 days or whatever number of days one would desire an insurance cover for.
She explained that, trotro drivers and Okada riders are not obliged to have the aYo Pay and Drive cover, but individuals who use their motorbikes and vans for delivery service are welcome to purchase policies.
The Sanlam CEO said they have collaborated with MTTD, DVLA and all the necessary stakeholders in the country for proper authentication of the insurance cover in order to avoid harassment from police on the road.
She therefore urged Ghanaian drivers to sign in into this policy because it is paperless and streamlined to give them the best of digital experience, and enables them to complete all insurance transactions online, saving them time and reducing their environmental footprint in today’s world of Environmental Social and Governance (ESG) awareness.
