OYE is a Fintech in Kenya that provide a platform for commercial two-wheeler riders to get access to financial services including insurance. The platform runs predominantly through USSD and mobile App. They are a start-up and began operation in January 2020 and has since on boarded over 10,000 riders onto the platform.
Problem
OYE was looking to onboard motorcycle riders onto the platform and drive fuel consumption at certain petrol stations. The client reward targets with insurance as the incentive to drive uptake and fuel consumption through OYE Fuel partners.
Solution
OYE has partnered with MIC Global to provide usage based embedded insurance to the riders. MIC designed a need based Personal Accident cover with various benefits including temporary disability that allows the riders to still get income in case of a temporary disability due to an accident.
Implementation
The product was embedded on OYE’s offering with target fuel consumption being used as the trigger for coverage.
Results
The client has had a steady growth month on month with an average growth of over 150% per month.
The policies have grown to almost 13 times from month 1 to month 5.
Average claim amount is 200 USD.
Embedded Coverage for Today’s Digital World
