Working with IFAD, Valyou introduced an insurance product targeted to the underbanked in Pakistan
About
Applicant name: Valyou Sdn Bhd
Innovation Name: Telenor Web Doc Insurance for Easypaisa remittance recipients in Pakistan.
Innovation Type: Campaign
Website: http://www.valyou.com.my
Mission: Working with IFAD, Valyou introduced an insurance product targeted to the underbanked in Pakistan.
Innovation Description: Valyou, supported by IFAD grant launched a campaign which offered a WebDoc Health Services Insurance covering recipient of remittances from Valyou Malaysia to Easypaisa in Pakistan. This insurance is provided for FREE, with a coverage of 1 year to the beneficiary of the funds received via Valyou Malaysia into the Easypaisa Wallet in Pakistan.
The WebDoc Health Services Cover entails:
• 5 Tele-Doctor consultation in a month for the immediate family members
• In Patient Cover for up to PKR 5,000/- a month or PKR 60,000 annually.
• No waiting period applies; cover starts at day one.
• Doctors services are available from Monday – Saturday 9:00am – 9:00PM
The campaign enables by Valyou, working together with Easypaisa all recipients of remittances from Valyou Malaysia are automatically contacted to offer them the insurance product.
Innovation Inspiration: A market assessment was done to understand the need for financial services (savings, loans and insurance) for the underbanked customers in Pakistan. For insurance, due to the lengthy duration to realize its benefits and lack of trust were the main reasons for disinterest to subscribe to the service.
The recommendation was to create better financial inclusion through continuous awareness and sampling. Thus offering a FREE 1 year trial of the WebDoc Insurance for the recipient of remittance from Malaysia will help them understand the importance of having an insurance that helps them during time of need.
Who benefits from the innovation most? This campaign benefitted the receivers of remittance, who mainly unbanked and live in rural locations of Pakistan. In a short 5 months, we have disbursed close of 900 insurances to the recipients from Malaysia.
While this initiative is funded by IFAD as part of a grant provided to Valyou to advance financial inclusion in Pakistan.
What are you most proud of about your innovation? With this campaign, Valyou is able to push two benefits to its remittance receivers in Pakistan. Firstly, they are getting used to receiving money using a digital channel into their Easypaisa Wallet and secondly, they are able to sample for FREE this Web Doc Insurance product which offers coverage to the entire immediate family.
Status of Innovation: In-market
Innovation Active Since: 10/01/2019
Applicant Type: Public Company
Headquarter City: Kuala Lumpur
Headquarter Country: Malaysia
Year Founded: 2016
Main Category
Main Category Choice: End-user Experience
Why do you think you should win this category?:
Valyou has been advancing to always create financial inclusion for both senders in Malaysia and receivers in Pakistan. We have provided customers with an avenue to send money and receive money via a mobile wallet, offering convenience for customers. This campaign extends the financial inclusion to the senders’ beneficiary by offering them a FREE insurance coverage for 1 year.
With the introduction of insurance product in the receivers in Pakistan we hope to create awareness and take up of insurance products in the future once they realize the benefits of it.
Secondary Category
Secondary Category Choice: Remittances For Social Impact
Why do you think you should win this category?
Valyou has been advancing to always create financial inclusion for both senders in Malaysia and receivers in Pakistan. We have provided customers with an avenue to send money and receive money via a mobile wallet, offering convenience for customers. This campaign extends the financial inclusion to the senders’ beneficiary by offering them a FREE insurance coverage for 1 year.
The recommendation to create better financial inclusion is continuous awareness and education and developing products that suit the needs of the customers, from smaller timeframe for insurance. With the introduction of the sampling of the insurance product in the receivers in Pakistan we hope to create awareness and take up of insurance products in the future once they realize the benefits of it.
Team Members
Full Name: Jasbir Kaur
Role: Head of Business
Linkedin: https://www.linkedin.com/in/
