(Business in Cameroon) - About a month ago, insurance firm Prudential Beneficial and MTN Cameroon launched an insurance product to guarantee education in Cameroon, credible sources reveal. According to the sources, the subscription costs and premium fees for the package are exclusively paid via MTN mobile money.
By dialing a dedicated shortcode, subscribers can subscribe to the products by paying XAF500. Once subscribed, they will receive a code to keep and present when they are submitting claims. The yearly premium for this product is XAF1,750, entitling the insured students to XAF50,000 for primary school children, XAF75,000 for secondary school students, and XAF250,000 for university students in case of accidents that stop parents from paying school fees.
This partnership between Prudential Beneficial and MTN Cameroon diversifies the low-cost insurance offer from telecom operators. Before MTN and Prudential, Orange Cameroon and Activa were already active in this segment. Overall, these partnerships between telecom operators and insurance companies will boost inthe surance penetration rate which is currently 2% in Cameroon, per official figures.