Korba, a leading Ghanaian multi-channel electronic platform, owned and operated by Halges Financial Technologies Ltd, has partnered with Prudential Life Insurance Ghana (“Prudential”), a leading life insurer, to provide life insurance cover, at no additional cost, for its active customers through its ‘Korba Care’ customer loyalty and rewards scheme.
The life insurance cover will provide financial support to Korba’s customers through two policy benefits – the Hospital Cash Plan (HCP) and the Death or Total Permanent Disability (TPD) Plan.
The HCP is a living benefit that provides financial support to the insured life upon hospitalisation. The Death or TPD benefit takes effect in the unfortunate event that an insured life passes on or becomes disabled.
Claims will be paid according to the level of transactional activity on Korba to customers or their named beneficiaries with sum assured up to GHS 10,000 for TPD or Death, and daily cash pay-outs of GHS 100 for up to 30 days of hospitalization.
Speaking on this partnership, Chief Enabling Officer at Korba, Nelson Korshi Da-Seglah, said “We are excited about this innovative partnership with Prudential and in particular the value-added financial support that we are able to extend to both existing and future customers.”
He added, “Working closely with Prudential Life, we have also ensured the policy responds effectively to the current realities of COVID-19. We at Korba understand that ‘we are’ because of our customers. As such, we are rewarding them with free cover as they ‘live their life’ by running their normal data and airtime top-ups, fund transfers and bill payment transactions on Korba.”
Joyce Sarpongmaa Asante, Head of Retail Strategy, explained that, “In addition to the benefits of the HCP and TPD/Death, customers are also entitled to complimentary COVID-19 cover. This includes a Diagnosis Benefit which pays a lump sum once an official diagnosis of the COVID-19 is received; a Hospitalization Benefit that provides the customer with daily cash pay-outs up to 30 days and a Death Benefit that pays a lump sum to the customer’s beneficiaries as a result of a COVID-19 death.
Matt Lilley, Chief Executive of Prudential Africa, said: “Today’s agreement with Korba is another important milestone for our business in Ghana and we are excited about its potential. It will add to the growth already achieved and positions us closer to our goal of becoming the leading life insurer in Africa. We look forward to working with Korba to help our customers get the most out of life.”
Emmanuel Aryee, Chief Executive of Prudential Life Ghana, said, “At Prudential we are passionate about helping people to get the most out of life. We share similar goals with Korba, which is to use innovation to drive value for our mutual customers that will simplify their lives. In this case, it is to de-risk their lives of future uncertainties and help them look into the future with confidence. This partnership presents a great opportunity to serve a market that is often overlooked by traditional channels of insurance, thereby contributing to bringing the benefits of life insurance to more Ghanaians”.