Silvermoon helps expand footprint of microinsurance into Nigeria

For many people who see insurance as a luxury, one accident or setback can become a life-altering blow.  aYo Holdings, as a technology service provider to Sanlam, has been offering its innovative insurance solutions to people in Uganda, Ghana, Zambia, Côte d’Ivoire, Cameroon and most recently, Nigeria, making access to insurance cover easy, affordable and an everyday commodity.

The sixth African market to welcome aYo Holdings, Nigeria, has one of the lowest insurance penetration rates in Africa at less than 1% of GDP, according to Kayode Odetela, Chief Executive Officer of aYo Nigeria.  At the recent press brief held in Lagos to officially launch aYo Holdings in Nigeria, he went on to say that the company aims to change the perception of insurance by dealing with one of the most important challenges, which is trust.

Since its launch in 2017, aYo has grown its client base to over 20 million and has facilitated the payment of over $2 million in claims.  In order to process this vast amount of information quickly, efficiently and accurately, aYo uses Silvermoon’s LUNOS platform for their policy management.

Due to the open nature of LUNOS, aYo is able to offer hospital cover, life cover protection and other general insurance offerings via both Unstructured Supplementary Service Data (USSD) and Progressive Web App (PWA) services to the African markets – a carefully crafted solution to suit the specific challenges posed by limited internet connectivity and smartphone usage, as well as irregular-income earners.

LUNOS offers its clients a myriad of flexible options to customise their products according to the unique demands of each project.  These options can be seamlessly added or removed and the project can be altered without delays because of LUNOS’s unique approach to product migrations.

Silvermoon is proud to be part of this initiative to make insurance readily available as an essential tool in securing financial health against unexpected events as aYo continues to expand its footprint in Africa, driving financial inclusion and shaping the future of microinsurance on the continent.