Uganda has become the first African country to market SureBuddy, a new android application for insurance.
The new application was launched on Friday in partnership with Africell, one of the major telecommunications companies in the country.
With this application, the users are expected to download and then watch a minimum of 180 adverts that come along with it on a monthly basis, approximately six adverts a day, to unlock their cover.
The repair value
Under the free cover, several offers like repair of broken screens of smart phones are made available to the user, through the application’s partners like Phone Doctor.
However, a consumer is expected to pay a maximum of 10 per cent of the repair value, considered as administration fee.
Advertisers cover all the costs, which in return enable SureBüddy to use the revenue to reward the user directly with cover.
Smart phone penetration
SureBuddy spokesperson Johan Basson said Uganda was one of the countries with the fastest smart phone penetration and therefore would have a significant growth on both the application and users.
However, the penetration levels of insurance in Uganda were still low.
The scenario, according to Uganda insurance association, was due low levels of sensitisation amongst the population, and the impression created that insurers did not pay claims.
SureBüddy also intends to roll out into 11 sub-Saharan Africa countries, as well as India, Turkey, Indonesia, Philippines, Pakistan and then South American countries.