Africa is Set to Have the First Blockchain Solution for Insurance Coverage

Humaniq has partnered with Jamii Africa Micro-Insurance to offer Insurance coverage to low-income earners in Tanzania. The next generation Blockchain company has a presence in more than 21 African countries where it is on a mission to improve the welfare of people who rely on informal sectors in their livelihoods.

The Blockchain Partnership will Increase Insurance Coverage in Tanzania at the Society’s Benefit

From the World Bank data, Tanzania is a low-income country as the gross domestic product per capita is a paltry $1000 dollars at nominal values. Jamii Insurance has been at the forefront of ensuring that low earners in the most populated and biggest East African Nation get the best coverage packages in times of disease affliction.

In Tanzania, only 4.5% of people have medical insurance coverage. 76% cannot afford medical care and most of them end up impoverished when they suffer any disease. This is because the patients’ families, friends, and relatives often take loans, sell their property and change their livelihoods to raise medical fees for their ailing kin.

On the bright side, Tanzania has a high mobile penetration rate of more than 80% where more than 40 million people are directly connected to mobile phone services according to the Tanzania Communications Regulatory Authority data. The Humaniq Blockchain is offering a platform for the people to use and interact with the Insurance company for policy coverage.

On the other hand, Jamii Africa Insurance is providing a low-cost micro insurance cover for as low as $1 per month which is very affordable even for the poorest of Tanzanians. The company is able to offer the affordable premiums due to the fact the business model is designed to cut insurance administration and other operations costs by as much as 95%.

The revolutionary insurance company has been able to offer over 40,000 insurance policies with over 400 hospital partnerships. The company’s impact on clients’ lives has been immense.

Insurance Via Mobile Platforms

Details indicate that Humaniq will offer Jamii Africa Insurance a platform where users will be able to buy insurance from their mobile phone apps. The app is already being used in Africa with over 400,000 users. The key features of the mobile platform are; bio-ID, wallet, E2E encryption, live support chat, and secure messaging. This app will, therefore, enable the Jamii Africa Insurance Company to offer comprehensive medical coverage for their insureds on a secure platform. They will be able to monitor their mission of improving the livelihoods of the African people.

Humaniq, on the other hand, will be able to reduce poverty in the emerging markets since medical fees are attributed to pushing people in this vast continent into poverty.

This is Just the Beginning

Jamii Africa insurance has a partnership with regional giants such as Vodacom and Jubilee Insurance. The two firms have a presence in countries such as Kenya, Tanzania, Uganda, Zambia, etc. On the other hand, Humaniq has a growing presence in Africa owing to its 40 brand ambassadors working at grassroots levels. Therefore, more African companies may adopt the new Blockchain model once the benefits become evident.