To ensure continuity of education: Prudential Beneficial, MTN’s Mobile Money Corporation launch Degree Insurance.
By Elizabeth BanyiTabi
Leading insurance company, Prudential Beneficial, and MTN's Mobile Money Corporation have launched an innovative product, aimed at ensuring educational continuity of children whose parents may have died or become incapacitated.
The product, baptised Degree Insurance, was launched during an official press conference which took place on Monday at the conference hall of Krystal Palace Hotel in Akwa Douala. The ceremony was attended by top managing officials of both Prudential Beneficial and MTN Cameroon.
Speaking at the ceremony, the Chief Executive Officer, CEO, of Prudential Francophone Africa, Eddie Ford Brown, said that, the approach to micro-insurance coverage in Cameroon, with mobile digital solutions adds up to Prudential's ideals of "helping people getting the best out of life" and providing educational solutions that meet the greater common need.
Ford went ahead to recount the story of a young man who had lost his parents and could not afford an education due to lack of money. He said: "We want to put an end to seeing children on the streets begging money when they should be at school ...we want children to be able to continue their education up to the university level".
Nkwenti Handsome Brain, CEO Prudential Cameroon, revealed that Prudential Group, despite being the top provider in health insurance coverage, insurance penetration in Cameroon is less than 2%. This weak level of penetration, he said, could be explained by the public's general belief that insurance companies dupe people of the money.
However, Nkwenti used the opportunity to reassure customers of the viability of Prudential