Challenge
Low insurance penetration in many African countries left many people without financial protection in case of health issues or accidents. Traditional insurance models were not effective in reaching the mass market.
Description
The 3 for Free model involves telecom companies paying premiums on free insurance products for their clients as a marketing investment. This approach increases insurance penetration and customer retention for telecom companies while providing free insurance to the clients.
Outcomes
- Launched 7 insurance products across Africa in a single year
- Achieved high penetration rates in various countries
- Provided life, accident, and hospital cash cover with no exclusions for free
- Achieved significant social impact, including increasing insurance penetration from 1% to 17% in Zambia
