Product and Value Proposition
GBODJEKWE, which means ‘retirement savings’, is an innovative micro-insurance product specifically designed for self-employed professionals, enabling them to gradually build up an affordable and secure retirement fund. With premiums starting from 1,100 CFA francs per month, the product makes life insurance accessible to a wide audience whilst meeting the specific needs of self-employed professionals, who are often excluded from the traditional social security system. Developed in partnership with mobile network operators, GBODJEKWE is fully digital, offering end-to-end management via the MyNSIAVie mobile app available on the Play Store. This solution combines simplicity, autonomy and modernity, whilst strengthening the relationship between NSIA Vie Assurances and its customers, and represents a significant step forward in microinsurance in Benin. Accessibility: With premiums starting from 1,100 CFA francs, GBODJEKWE makes micro-insurance accessible to the self-employed and young professionals, offering them affordable financial protection tailored to their means. Furthermore, the platform offers an e-wallet enabling customers to gradually build up their savings via their Mobile Money account, with payments automatically deducted on each due date once the premium amount has been accumulated.
Response to emerging risks:
The product meets the specific needs of the self-employed, who are often left without social security cover, by guaranteeing them a payout in the event of the death of a close relative – a situation that usually affects savers’ business activities; this payout is a death benefit that is not deducted from the accumulated savings and therefore protects the accumulation of retirement savings.
Choice of technology:
NSIA GBODJEKWE is fully digitalised and integrated with mobile network operators, enabling a seamless and self-service user experience. Customers can take out policies, manage their contracts and, soon, access services directly via the MyNSIA Vie mobile app, securely and instantly. Intermediaries can enrol customers on the same platform, track all their customers and receive weekly commission payments. Subscriptions and payments are tracked and accessible in real time via a dedicated back office. An automatic reminder for outstanding payments is sent weekly via SMS to each customer. End-to-end subscription and premium payment are also available via USSD for customers who wish to use this method. Customers are also given the option to set up direct debit during the subscription process to reduce the number of unpaid instalments. Development strategy: The Gbodjekwe solution is based on a strategy of proximity, influence and on-the-ground effectiveness to engage with private sector stakeholders in the long term.
The key measures implemented are:
- A brand ambassador partnership has been in place for three years with a nationally renowned public figure with whom the target audience strongly identifies. The aim is to build trust and encourage adoption of the product,
- A dedicated sales team has been set up to raise awareness and actively promote the product on the ground,
- The provision of digital sign-up points in new modern markets, located as close as possible to retailers,
- The organisation of sales promotions in markets on the last Saturday of every month across the whole country,
- The organisation of quarterly prize draws with three prizes on offer to encourage more subscriptions. - The organisation of subscription roadshows across the country’s major cities to boost awareness of the product,
- A public communication strategy focused on interactive radio programmes in local languages.
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