ZeeMicro (Zeepay Microinsurance)

We are addressing the common issue of financial insecurity among low-income communities and individuals. Our solution aims to mitigate the economic shocks caused by unforeseen events such as illnesses and death, which often disrupt the financial situation of low-income earners. These individuals may have to exceed their budgets or even borrow money to survive during such times. Through our accessible and affordable solution, ZeeMicro, we seek to empower individuals to safeguard their lives, build resilience, and pursue economic prosperity despite unpredictable circumstances.

Zeemicro is a product that was birthed from our partnership with UNCDF for the EU GrEEn project. The product was in its pilot stage during the first two years of partnership and now it is available to all remittance receivers through Zeepay. Currently we are working to expand it in the project regions, Ashanti and Western regions, and in other regions, Greater Accra. ZeeMicro is a 30-day microinsurance product that provides coverage for low-income individuals , specifically and currently Zeepay wallet holders who are remittance receivers. Remittances are the funds that migrant workers send back to their home countries, usually to support their families or to invest in their communities. Microinsurance products added to remittance transactions aim to provide financial protection to both the sender and the recipient of the remittance. Currently , Zeemicro covers the receive side, the receiver can sign up for our solution via our USSD of the Zeepay wallet. One does not have to input every personal data before signing up, since the person would have filled his KYC requirement upon opening of the account. Since the Zeepay wallet abides by the Data Protection policy through GDPR, it means data inputted when signing up for microinsurance is secured under this regulation. ZeeMicro policies have low premiums and offer modest benefits, which are designed to meet the specific needs of the target population. One can buy a policy with as low as GHS 2.50, and at their convenience, i.e., the customer’s wallet is not automatically debited at the end of the 30 day period. The policies cover a range of risks, including accident, disability, hospitalization and death.

Our solution serves all individuals, specifically low income individuals who have a Zeepay wallet and have received remittances on their wallet. Our microinsurance solution directly impacts individuals by providing them with a safety net against unexpected financial shocks. It offers financial security which brings peace of mind and allows them to be financially independent.

Our solution will also provide our agent network with business opportunities through cross selling of the product to customers. Agents will receive commission anytime they guide an individual to sign up for the product. ZeeMicro aims to empower individuals to make informed decisions about their future and transform lives by providing financial security and enabling individuals to build a more prosperous future for themselves and their communities.

Our team is composed of individuals who have diverse backgrounds ,skills, and experiences and who share a common goal of creating a solution that will provide users with an affordable and convenient way of securing themselves in times of uncertainties and financial crisis.

What sets us apart as a team is our proximity to the remote communities we serve through our agent network. Our agent network is located nationwide ,from the most populous city to the most deserted village. We have a total of 67,000 agents nationwide who work to ensure that the last mile has access to financial services, and out of this number about 30% of the agents have been trained on ZeeMicro and how to sign up customers. The team is incorporating incentives for customers who use our flagship product , Moneygram, to wallet for the first time. Through our agent network we will be able to provide incentives for these customers to increase uptake of the product.

Our team lead, who is a native of Ghana , has experienced firsthand the challenges of sending and receiving remittances, and has witnessed how unbanked struggle to access financial services due to proximity to financial service providers.  Through her participation in various financial inclusion projects, she has undergone various market research activities and community engagements with target groups to extensively understand the needs of the people, especially in rural remote areas.

To ensure that our solution meets the needs of our target population, the team,  including the project lead, have engaged in extensive market research and user testing. We have also conducted surveys, community engagements and interviews with potential users to understand their needs and preference when it comes to microinsurance. Through our market research, it was observed that the majority of our target group were remittance receivers hence we tailored the product to meet their needs.  As we scale, we will continue to use market inputs and ideas to tailor the product to continually meet the needs of users.

We selected the 'Growth' stage because our microinsurance solution has successfully launched on our USSD after piloting and is currently in use within multiple communities, especially in Ashanti and Western region. Since the pilot was focused in the Ashanti and Western region, we seek to expand the product to other regions where we have a large customer base, i.e., Greater Accra and Northern region. 

We are focused on expanding our reach, improving our processes, and building additional partnerships to support our growth. The 'Growth' stage is the right fit for where we are now, as we continue to progress and aim for broader impact.

We are applying to Solve because we believe in its mission to address global challenges through innovation and collaboration. Solve provides a unique platform to showcase our microinsurance solution and connect with a diverse network of stakeholders, including experts, investors, and potential partners. By participating in Solve, we hope to gain valuable insights, resources, and support to scale our solution and make a meaningful impact on the lives of underserved communities nationwide and eventually worldwide

Zeemicro is innovative in its use of software and mobile applications and open APIs to create a seamless,secure and cost effective platform for users including money transfer operators and other stakeholders to easily integrate and have access to financial services. 

Our solution addresses the challenges posed by traditional microinsurance, such as the lengthy registration and claims processes, by offering our product on a wallet via USSD.

Our solution is innovative because it: 

• Works on basic features phones which most informal low income workers already own and are familiar with USSD because of mobile money

• It is easy to sign up because of the simple user interface.

• has a Web version available for smartphone users

•  allows for interoperability using open API

• payouts from the claims are sent directly into Zeepay wallets wallets

Our solution aims to make insurance accessible and affordable for people who typically can not afford traditional policies. By offering coverage tailored to their needs and at prices they can afford, we're helping them protect their finances against unexpected events like illness or natural disasters. This means they're less likely to fall into poverty when something unexpected happens. We expect our solution to have a positive impact by giving people peace of mind and the ability to plan for the future without worrying about financial disasters.

Our impact goals for our microinsurance solution include reaching a specific number of individuals in underserved communities with affordable coverage and improving their financial resilience. To measure our progress, we are tracking metrics like coverage reach, financial impact through claims processing, customer satisfaction, and long-term outcomes. These metrics help us assess our impact, identify areas for improvement, and ensure our solution meets the needs of our target audience effectively.

We created our solution with low-income, migrant workers in mind who lack both financial and internet literacy. The solution would utilize a RESTful API that allows Zeepay to receive requests from our partner MTOs. Proprietary software and algorithms enable our remittance receivers to enjoy insurance cover via our partnership/integration with leading insurance companies. We also utilize an interactive USSD technology, which is widely used by mobile phone users and can be used on the most basic phone without an internet connection. 

A customer can register via USSD short code that allows users to sign on and purchase a policy. Beneficiaries of the insurance policies are also able to make claims via USSD short code. The claim process has been made simple for users  via USSD that has the basic KYC of customers and information concerning the policies can be accessed on the Zeepay website or from our agent network.

A total of 5 people are working on the solution, this includes the Financial Inclusion Head, IT lead, Technology analyst , Product Manager (Mobile Money),Product Manager (Remittances) ,and a group of salesmen to promote uptake through field activations

For the past two years.

We prioritize diversity within our team, actively seeking a range of perspectives in recruitment to foster inclusivity. Our flexible work policies accommodate different needs, promoting a welcoming environment for all. Ongoing training initiatives ensure that our team is equipped with the skills to embrace diversity effectively. Through open communication channels and celebrations of diversity, we cultivate an inclusive culture where all team members feel respected and valued.