The innovation, which seeks to offer numerous benefits to subscribers and insurance companies, has been launched in Douala.
In Cameroon the number of people using mobile phones, or more specifically, smartphones, and computers is steadily on the rise. Access to internet through mobile phone is now widespread. Insurance companies have begun taking advantage of the opportunity to ride the wave. The innovation seeks more quality, cost-effective and quick services to insurance buyers.
The inception of e-insurance last week by Zenithe Insurance in Douala is a clear effort to take advantage of the multiple benefits in holding insurance policies in electronic form. With a click on an internet connected computer or phone potential subscribers can subscribe to an insurance product, while clients can make claims and make use of all other insurance service among others. While presenting the innovation in Akwa, Maxwell Ndecham, General Manager of Zenithe Insurance, said the adoption of e-insurance benefits the insurer from lower cost of operations (paper based processes are expensive), innovation and customisation of insurance products can be achieved at low costs. The distributor would benefit from reduction in client acquisition and servicing costs, the policy holder; enhanced accessibility for purchase and post purchase experience.
Other advantages: no risk of loss or damage of a policy as may happen with paper policies; the electronic form ensures that the policies are in safe custody and can be easily accessed when needed. All insurance policies, be it life, pension, health or general, can be electronically held under a single e-insurance account. Subscriber enjoys single point of service– there is no need to go to the offices of individual insurance companies for service, and less paper work.
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