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Coronavirus hits Cameroon’s Insurance sector, Prudence Beneficial makes sweeping reforms to adapt

Beside the tragic human toll of the coronavirus, the s already having considerable economic impacts, posing major challenges to the global supply chain and certain business sectors such as airlines, travel and leisure, and causing significant stock market volatility and some precipitous falls. As businesses are affected, the Covid-19 puts a spotlight on insurers who can expect to be inundated with general inquiries and claims across multiple different lines, whether that be for health, life or non-life cover. 

 Balancing the need for responding to this influx of activity in the contact centres with a quickly shifting remote workforce is an area that insurers are working to address. And in Cameroon where almost 200 people have been diagnosed with the coronavirus, one Insurer is adapting to the pandemic with some reforms.

 The CEO and Chairman of Prudence Beneficial Insurance Eddie Ford Brown believes that, “The wellbeing of our clients, staff and agents is our number one priority . In over 170 years, we have always delivered on the promises made to our customers regardless of the crisis we faced.”

The measures unveiled by the company are:

  • Providing existing and new customers, staff and agents with a range of additional Covid-19 insurance cover at NO cost. Including benefits for death and hospitalization related to Covid-19.
  • Waiving pandemic exclusions written into policy language for existing customers.
  • Reducing waiting period for new cover
  • Simplifying claim procedures and enabling claims to be made via WhatsApp.
  • Setting up dedicated Covid-19 claim teams.
  • Enabling customers to buy insurance without face to face contact with agents.
  • Providing additional training and incentives to agents to continue to provide advice and access to insurance at this time.

These measures we are told will be effective even the company shuts down temporarily.  “We will continue to offer innovative solutions that help you and those you love navigate these uncertain times.” Ford Brown indicated.

Though Insurance companies in some African countries are witnessing a spike in the purchase of some packages like the life insurance, barely 2% of the country’s population has access to insurance.

This however is no disappointing factors for the sectors as the Association of Insurance Companies is upbeat over bright prospects. “The insurance sector is transforming and innovating, and the actors in this sector are primarily concerned by this fundamental wave. They have an obligation to innovate in order to sell their product to a larger public.” As ravaging as Covid-19 is, the pandemic might just be blessing in disguise for Cameroon’s Insurance sector.