28.01.2017 Business & Finance

PEG& BIMA To Reward Solar Customers with Free Insurance Cover In Ghana

28.01.2017 LISTEN
By Isaac Kofi Dzokpo

As part of its efforts of providing quality healthcare to Ghanaians , a global Micro -Insurance and health pioneer company called BIMA and PEG Africa has taken a giant step by rewarding Solar customers with free insurance cover.

Briefing Journalists in Accra , the Executive Officer of PEG Africa Mr. Hugh Whalan , hinted that PEG and BIMA have already conducted a successful pilot project of providing insurance to over 2000 families.

Adding that, they will now scale the program nationwide , providing a vital financial safety net that creates an even more affordable way for Ghanaians to fund energy needs.

This exclusive hospitalization insurance product pays out for every night spent in hospital as a result of illness or injury.

More so, for peace of mind, the PEG hospitalization product is underwritten by Prudential Life, a company with 1,268 trillion USD in assets under management and 49,000 employees.

" PEGS provides financing for solar products to low -income households on a 12 month rent-to-own plan.

PEG's typical customer lives in a rural area and earns $5-$10 per day, spending up to 30% of that income on poor quality fuels such as kerosene, candles and batteries", he noted.

This he said, while these customers have little ability to purchase a solar home system for cash , the payment plan offered by PEG allows them to purchase it over time, building ownership in the asset over 12 months with daily payments of 50 cents.

One of the primary reasons that PEG's customer cease repaying their solar loan on-time is a health emergency that requires hospitalization .

"Poor consumers often have little or no savings, and an expected emergency or health issue can mean they spend the following months living hand -to-mouth .

Rising this challenge, PEG worked with BIMA to create a unique insurance product that is specifically tailored to the kinds of emergency situations by a poor rural household ", he explained.

According to him, has worked hard to design a product around the needs of their customers and the results from the pilot are very positive.

"We are excited to be the forefront of our industry , being the first player to provide these kinds of value -added services to rural consumers.

With this cover, customers have the security of knowing that unexpected healthcare costs won't limit their ability to access life-changing solar power", he said.

According to him , PEG is a leading pay-as-you- go financing company in West Africa, operating in Ghana and Ivory Coast that provides credit for useful and productive assets to off-grid customers.

The Country Manager at BIMA Mr. Russell Haresign , noted that PEG hospitalization product means that a period of illness or injury should not prevent the family from paying for the services since it needs to succeed.

We are very proud to work with PEG, creating an innovative solution that tackles a business challenge whilst creating real value for customers.

According to him, BIMA uses mobile technology to deliver affordable insurance and health products to low-income consumers in emerging markets and families cannot access these vital services through traditional channels .

By: Isaac Kofi Dzokpo/

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