Yesme Neequaye's Story

Speedy claims processing pays off

Yesme Neequaye is a hairdresser working hard to make a living in Korle Gonno in Ghana. Yesme was one of the first clients to join a pilot test of a voluntary funeral insurance product with Sinapi Aba Trust (SAT) launched in August 2008.

With of a group of 25 neighbours, she insured herself and her mother and father at the Korle Gonno branch of SAT for a total monthly premium of approximately $2.80.

Unfortunately, five months later her father died. Yesme made a claim on her insurance policy and received a cheque for $2,000 on January 20th just one week after filing her claim on January 13th.

Rapid claims processing is a major goal for MicroEnsure. It is made possible by the sophisticated MIS system employed in the back office processing and by professional support and training for the loan officers of MFI partners.

Genevieve Sackey, MicroEnsure's Ghana Country Manager, commented, "After the sadness of losing her father, Yesme was very happy to receive her cheque at the group meeting and also surprised at the prompt payment.

"In fact, her example prompted 20 other people to express an immediate interest in insurance and we are expecting 50 people to sign up by the end of February. It has been so encouraging to see how peer endorsement not only encourages trust in insurance, but helps to spread the safety net that microinsurance provides through the local community."