ITC PROMOTING MICROINSURANCE THROUGH INSUREYO DIGITAL PLATFORMBenon Sengendo
InsureYo is a micro-insurance system developed by the Insurance Training College (ITC) with support from aBi finance holdings limited seeking to create an ecosystem in which customers of SACCOs can purchase micro-insurance products from Insurance Companies through their SACCO by use of the InsureYo Web Application, Mobile App or USSD.
The project was launched to address the gaps left by conventional insurance players whose products are not suited to the agricultural communities, small enterprises, and members of Tier 4 Financial Services. Using the InsureYo platform, consumers, and members of Tier 4 Financial services especially SACCOs now have access to micro-insurance products.
This year, after the signing of MoUs among 5 insurance companies and 10 SACCOs within Central and Western Uganda, ITC embarked on an onboarding exercise as a springboard for participating SACCOs to effectively sell microinsurance products on the platform. SACCO staff received insurance training with an emphasis on the available micro-insurance products on the platform and digital security.
The College also supported each SACCO with tablets, banners, and signposts to boost their awareness efforts about the service.
InsureYo provides a cost-effective way of distributing micro-insurance services and products by minimizing the administrative overheads of managing numerous low premium policies. The InsureYo app is available on the Google play store.
The project was conceived following a partnership between ITC and ILO financed by FSD Uganda to build the capacity of the insurance market through a Training of Trainers and several market training on microinsurance. As a result, ITC today offers a fully-fledged Certificate programme in Microinsurance.