The product is expected to reach at least 100,000 families within two years
Kenya, 10th June, 2019…Kenya Women Microfinance Bank (KWFT) has partnered with AAR Insurance & Bliss GVS Healthcare to launch a medical micro- insurance cover targeting low and middle income earners in Kenya.
The product named KWFT Afyafit is a comprehensive and affordable medical micro-insurance at only Ksh19,800 for a family of six.
The product comes with an inpatient limit of Ksh 500,000, outpatient limit of Kshs 75,000, a generous maternity limit of Ksh100,000, dental and optical limit of Ksh10,000 respectively per family. KWFT Afyafit also covers chronic, psychiatric and congenital conditions as well as dialysis and physiotherapy.
The partnership will see KWFT recruit members to take up the medical micro-insurance as well as offer premium financing to clients, while AAR will be the scheme administrator under the arrangement and Bliss Healthcare, with a network of over 200 clinics countrywide, will provide health care services to KWFT AfyaFit clients.
According to the World Health Organization (WHO), nearly 80 per cent of the Kenyan population lacks access to medical insurance. The Ministry of Health estimates that 75 per cent of Kenyan households finance medical treatment out of pocket thus exposing them to financial shocks in the event of protracted illnesses like cancer.
“KWFT AfyaFit will ensure financial protection of the families by reducing the out of pocket expenditures which have pushed many families below the poverty line as they are forced to dispose off their assets & property to pay medical bills,” said KWFT Managing Director, Mr. Mwangi Githaiga.
“KWFT serves over 800,000 clients in 45 out of 47 counties in Kenya representing an underserved segment of the medical micro-insurance market. This product is affordable and comprehensive thus a game changer that the market has been waiting for.”
He added the move is timely as it will enable more Kenyans to sign up for private health insurance at an affordable price.
“This innovative product has an affordable pricing model and is in line with AAR’s commitment to align its business strategy to the national development goal of achieving universal health coverage,” said AAR Insurance Group Chief Executive Officer, Ms. Caroline Munene.
Bliss GVS Healthcare lauded the partnership saying it represents an innovative response to the pressing challenge of lack of affordable micro-health insurance in Kenya.