1. INTRODUCTION
The life insurance project was initiated and successfully rolled out as part of the chairman’s vision. The objective was to provide comprehensive life insurance coverage to our members across various countries/regions under Africa Federation.
A Request for Proposal (RFP) was issued; A total of 4 companies participated in the bidding process. After thorough evaluation based on Affordability, Reliability, Price, Coverage, age limit, add on benefits and turnaround time (TAT) in processing the claims; M/S Zamara Risk & Insurance Brokers Limited was selected as intermediary and the award letter was issued to them. The selection of M/S Zamara Risk & Insurance Broker Limited Insurance has proven effective based on the outlined criteria.
Prior to the project implementation, a social media awareness campaign, online discussion forums, Question /Answering sessions were conducted.
2. PROJECT ROLLOUT
- The AFEDLife insurance became active on 1st January 2024 and shall expire on 31st December 2024.
- The intermediary for AFEDLife insurance scheme is M/S Zamara Risk and Insurance Broker Limited.
- The underwriter for the AFEDLife Insurance scheme is M/S Old Mutual Life.
- A total of 244 members enrolled themselves for the AFEDLife insurance scheme (As of 23rd May 2024).
- We had three categories for the AFEDLife schemes, The table below stipulates:-
3. DEMOGRAPHICS
The tables below show the statics of those members who enrolled themselves for AFEDLife insurance scheme according to their respective Jamaats, regions, Countries, Type of Schemes, Age, Total insured amount, Premium amount. The table below stipulates further:-
A. Jamaat, Region & Country
Analysis
Many of the enrolments were from Dar es Salaam, indicating a high concentration of our members in this region. Other regions showed lesser enrolment, which might require targeted awareness and engagement efforts. Increase efforts to raise awareness about the insurance scheme in regions with lower or completely no participation through their respective Jamaats.
B. GENDER DISTRIBUTION
Analysis
A higher number of male enrolments compared to female participants; With coordination with constituent Jamaats to develop strategies to promote the life insurance amongst female members, addressing specific concerns/barriers they might face.
C. DISTRIBUTION ACCORDING TO AFEDLife Schemes
Analysis
- Most members preferred the USD 100,000 coverage scheme, which suggests a strong preference for higher coverage options.
- We may have demand for lower coverage options. The board will consider many schemes for higher and lower options.
D. FINANCIAL SUMMARY
The total insured amount for AFEDLife insurance scheme is USD 17,900,000 against the total premium of USD 78,909. Therefore, One USD premium insures USD 226.84.
The table below shows the total insured amount for each category, region/country wise.
Analysis
- The total insured amount reflects significant coverage extended to members, ensuring substantial financial security.
- The premium paid aligns well with the total insured amount, indicating a balanced financial commitment from members.
4. CLAIMS
As of 30th May 2024, there were no death claims, Critical illness, Permanent disability, last funeral expenses claim. However, we did have one case concerning a spouse’s last funeral expenses. The table below shows the summary of disbursement.
Members should ensure that they complete the dependent information form via the link that was shared earlier. This step is crucial to ensure that all necessary details are updated- and available for any future needs.
RECOMMENDATIONS
- The constituent jamaats should promote this project more.
- Feedback and Improvement – Gather feedback from members about their enrollment experience and the benefits they perceive from the insurance scheme. The feedback to refine and improve the insurance offerings and the enrollment process.
- Continuous Monitoring – Regularly monitor the participation rates and the effectiveness of the insurance scheme. Adjust the strategies based on ongoing analysis to ensure the project meets its objectives and member needs effectively.
- Benefit Awareness – Conduct regular training sessions to ensure comprehensive understanding of the benefits provided and the claim procedures.
Conclusion
The rollout of the life insurance project has been a significant milestone, successfully covering 244 members with substantial financial protection. Continued efforts to enhance participation and improve member experience will ensure the sustained success of this initiative.
CHB – YOUR HEALTH IS OUR PRIORITY
Secretariat
Central Health Board of Africa (CHB)
4th June 2024