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October 10, 2021
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Jamii.one
Jamii.one
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Jamii.one
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Show 13. juni 2024
October 10, 2021
Jamii.one
for
Jamii.one
Kategori :
Type :
annoncoer
1 billion people in Sub-Saharan Africa do not have access to insurance. Lack of access to insurance impedes economic mobility and makes people vulnerable to financial shocks. The inability to build resilience against these shocks is a fundamental cause of why people are trapped in poverty, especially in low-income communities. Due to high manual administration costs, lack of data for risk and credit assessment, lack of data to identify the customer, and the lack of low-cost digital infrastructure to reach customers, it is financially unviable insurance companies to service the low-income segment. In Ethiopia, our main operating country, there is a 0.42% insurance penetration, resulting in majority of the population being uninsured. Moreover, foreign insurance companies are not allowed to operate in Ethiopia, making the market less competitive, and limiting the insurance options available in the market. To support themselves, 40 million people have organized themselves into community-based groups (CBGs), which is are communities of 50-200 people who meet on a weekly/monthly basis to pool together their savings as a means to “self-insure” or “self-bank”.
Jamii.one has developed a digital platforms that caters to the needs of both CBGs and insurance companies. We are a two-sided marketplace. On the one hand, Jamii.one has developed a free accounting app that enhances the existing structures of CBS so they can digitalise their paper records (member registries, bookkeeping ledger, member files, etc.). The Jamii.one app is user-friendly to ensure that those with low digital- and financial literacy can easily navigate themselves through the app. By digitalising their data on our free app, Jamii.one removes the expensive manual process for insurance companies and validates the authenticity of these groups and members. On the other hand. Jamii.one has created a digital infrastructure for insurance companies to reach people in groups. Our digital platform and data are a bridge for local institutions to reach a whole new segment that otherwise would have been too expensive and risky to serve. Jamii.one partners with local insurance companies and co-designs insurance packages that are specifically catered towards these groups, bringing financial inclusion to all. Jamii.one is making it possible for communities to offer their members more value, for insurance companies to reach the general population through data and infrastructure, and for people to protect their families and build resilience against poverty. Our current strategy is focusing on digitalising burial groups in Ethiopia, as these types of burial
Jamii.one is the leading insurtech company in Ethiopia with +350,000 users on its platform, and since April 2022, we have insured over +30,000 users as of February 2023. In Q3 2021, we changed our strategy and went from 20,000 users to 200,000 users in a year. In April 2022, we launched access to the most affordable group life insurance available in Ethiopia through our platform and have now insured more than 30,000 people, impacting 160,000 family members. The Jamii.one technology has been recognized by the UNDP (UNDP Digital X) as one out of 120 proven impact technologies that can be scaled. Our experience working with CBGs for four years has proven that once we earn the trust of a group, they fully trust us. We have created a gateway of trust with this segment, a digital infrastructure, and the data which will allow us to connect them with a suit of resilience-building financial services as well as capacity building.
Danish Digital Award hylder de bedste digitale projekter
