SMS enabled Metropolitan to be one of the first in the world to bring insurance to low-income, unbanked markets.
Financial services provider Metropolitan was looking for an efficient way to assist individuals who previously had little or no access to customer service or insurance. At the time, a large majority of South Africans didn’t have easy access to the insurance industry, or experience in the purchase process.
Metropolitan established a new business unit called Cover2Go which leveraged SMS and the mobile channel to help reach low-income markets. Now South Africans could instantly get access to life cover via SMS.
Cover2Go opened the door to life cover for those who had little entry to it before. The take-up of the new SMS-based insurance product yielded thousands of new policies in just a few months. These results were achieved without the involvement of an agent intermediary and very little marketing or promotion.