AfyaPoa is a unique and affordable health-financing product that offers comprehensive health coverage for the whole family. It aims to enable low income workers and in particular those in the informal sectors to manage health-related risks. The product is value added to cover other related risks faced by this segment of the population. The product is managed and distributed by Insurance for All (IFA) Insurance Agency Ltd. And underwritten by Sanlam Insurance Company Ltd. And Prudential Insurance Co.Ltd.
The target Market:
The informal sector is an important segment in the Kenyan workforce, contributing approximately 28.4% of its GDP. According to the economic survey of 2017 employment within the Jua Kali sector stood at about 14M persons, accounting for about 80.2% of the total employment in the country.
This population has an average daily income of KES 600-800 (13,200-24,000 per month) of which an estimated KES 100-200 is disposable income (KES 3,000 -6,000 per month).
To strengthen their standing in the market place, improve operating conditions as well as mobilize financial resources amongst themselves, workers in the sector have formed various informal/formal groups such as welfare associations, SACCOs, merry go rounds etc. These groups are ideal market aggregators and can be used to improve the uptake of Micro-insurance products.
The upcoming gig economy, which currently employs over 30,000 informal workers, also provides a great market opportunity .Through the various gig platforms we can decimate information on the product, get workers to register remotely and collect payments whenever the worker fulfills a gig.