Technology

Azuri targets low earners with insurance cover

azuri

Azuri chief executive Simon Bransfield-Garth. FILE PHOTO | NMG

Azuri Technologies, an off-grid solar power systems provider, has rolled out a micro-insurance cover targeting low-income clients without a regular income source. The new product, HospiCash, will see signed up customers claim up to Sh1,000 per day when they are hospitalised and are not able to work.

The innovation, in partnership with APA Insurance which is part of Apollo Group, covers up to Sh10,000 funeral expenses in the event the insured passes on.

“Many off-grid consumers find it difficult to access modern financial products and so combining Azuri’s reach and APA’s insurance allows customers to concentrate on making a full recovery rather than worrying about the loss of income from being hospitalized,” Azuri chief executive Simon Bransfield-Garth said in a statement.

The firm, which predominantly operates in Central Kenya, is backing on adds-on innovations to stave off stiff competition in the pay-as-you-go-solar power space. The suppliers, who recoup their costs and profit through instalments from customers via mobile money platforms such as M-Pesa, have taken advantage of the high cost of electricity connection to the national grid to penetrate largely rural homes.

“Off-grid consumers have been traditionally under-served by insurance providers because of the relative difficulty of access,” Apollo Group chief executive Ashok Shah said. “The partnership with Azuri provides a means to open up a range of financial inclusion offerings to this important customer base.”