An ambitious new product by Ethio-Life & General Insurance S.C. and Lumina Technologies PLC looks to introduce a first-of-its-kind digital life insurance service onto the market. The seventeen-year-old insurer unveiled a platform named after the technology provider, Lumina, at the Inter-Luxury Hotel on Thursday. It relies on the Fayda national Digital ID for registration and charges premiums starting from 415 Birr, while claims of up to 750,000 Birr may be settled.
Shimeles G. Giorgis, CEO of Ethio-life & General Insurance S.C., said the idea for the product came about from Lumina, which had conducted a feasibility study through Fasika Consult to assess the barriers for the adoption of life insurance in Ethiopia. Lack of awareness and inability to access nearby insurance branches were determined to be the leading challenges.
Shimeles recalled that while the insurer has been operating for nearly two decades, it has had limited success in attaining deep penetration for life insurance services. The insurer, which managed to collect around 734 million Birr in gross written premiums in the last financial year, relied on general business for 71% of its premium income.
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