Solution DT Sacco partners with Jubilee Health Insurance and M-TIBA to launch Digital Health Cover.
Solution Sacco in partnership with Jubilee Health and M-TIBA launched a comprehensive and affordable health insurance cover dubbed “Solution Afya Medical Scheme”. The partnership will enable over 25,000 Sacco members and community-based organizations to benefit from the medical scheme through an extensive network of service providers across the country.
Solution Sacco becomes the first co-operative society to offer a medical scheme for its members. Solution Afya Medical Scheme is expected to play a significant role in advancing affordable health insurance coverage across Kenya while enabling members to access quality medical care.
The medical scheme will enable users to sign up and manage their health policies through M-TIBA’s mobile platform. The health cover with a minimum premium of as little as Ksh 4,265 annually, comes with an inbuilt maternity cover, last expense, and personal accident cover. Solution Sacco members under the Afya Medical Scheme will also access periodic medical checkups, health and wellness programs and trainings geared towards disease prevention in an effort to contribute to their socio-economic empowerment.
Solution Sacco Chief Executive Officer Daniel Marete noted that affordable premiums as well as leveraging digitization would increase the distribution of insurance products and ultimately extend insurance penetration in Kenya. “High premium cost has been one of the hindrances to insurance uptake in Kenya. Through this partnership with Jubilee Health and M-TIBA, we have set up a cover that meets the different health needs of our members. We are delighted to empower our Sacco members to access quality health cover without breaking their banks,” Mr Marete said.
Jubilee Insurance Group Chief Executive Officer Dr. Julius Kipngetich noted that embracing digitization will lower the cost of insurance products and enable consumers to meet their health needs. “The pandemic resulted in a priority reset with most individuals focusing on their spending habits, health, and wellness. Despite the changing priorities, consumers across the world are under financial pressure because of the increased cost of living. “Solution Afya Medical Scheme” will enable Sacco members to actualize their health priorities by giving them access to quality and affordable health cover,” Dr. Kipngetich said.
Majority of healthcare expenses are paid out-of-pocket in Kenya. This not only hinders access to quality care but also exposes households to poverty in cases of increased medical bills. Financial constraints and lack of knowledge of insurance products are the biggest barriers to insurance uptake. Utilization of digital platforms is key to creating understanding and increasing insurance uptake.
“With the large digital shift in the recent past, it is only correct that we bring affordable insurance solutions closer to the fingertips of our customers. Accessing Solution Afya cover through the M-TIBA platform will see members view the cover details, purchase, and track their insurance spend all through their mobile devices bringing convenience and affordable healthcare solutions closer to Kenyans. Continued collaborations between different healthcare players will ensure more people are granted access to effective, reliable, and very affordable insurance solutions across board,” said M-TIBA Managing Director, Moses Kuria.
Solution Sacco together with its partners will host educational sessions with members to demystify insurance and to discuss the benefits of the health cover in a bid to champion socio-economic empowerment.
Solution is a licensed Tier one Deposit taking Sacco established in 1976 with an aim to champion social-economic prosperity of its members. The Sacco is licensed and regulated by Sacco Societies Regulatory Authority (SASRA) with an asset base of over Ksh 7.5 billion with over 25,000 members drawn from different sectors: education, health, Cooperatives, Counties and National Government employees, MSMEs, Chamas and other community-based organizations.
Solution Sacco has positioned itself as a leading financial institution in the country and beyond by offering competitive member-focused savings and credit products and services. To meet its members’ dynamic needs, the Sacco established two subsidiaries; Suluhisho Letu Insurance Agency and Solution Housing and Investment Cooperative to cater for members’ dynamic needs.
Solution named best in Credit Management, Most Improved DT-Sacco
Solution Sacco topped the list of leading co-operative societies in the country, bagging top awards during the Ushirika Day celebrations. It was feted for being the second-best in Credit Management among the employer-based Saccos, Tier 1 category and emerged as second runners-up in the Most Improved DT Sacco ranking.
The awards came hot on the heels after the Sacco won the Chairman’s Award during the 2022 Meru Agricultural Society of Kenya (ASK) Show, where its stand was also recognized as the most interactive, informative and organized.
The Society has maintained a high growth momentum enabled by a good governance structure and a customer-centric business model. Its wide range of products and services are tailored to meet the different needs of a diverse membership, with the primary goal of uplifting living standards. The Sacco has consistently paid annual returns to members. This year members were paid dividends at 18% and interest on deposits at 13%, making Solution Sacco a choice financial institution to invest in.
Besides, Sacco members benefit more from its affordable and accessible credit facilities, which have enabled individuals, businesses, and institutions to accomplish development plans. Last year, the Sacco gave out loans and advances worth over Ksh5.99 billion to members.
