Old Mutual Health Revamps Small and Medium-Sized Enterprises (SME) Health Insurance Product
NAIROBI, KENYA, June 10, 2024, … Old Mutual Health, the health insurance arm of leading financial services provider, Old Mutual Group, has revamped its SME Health insurance product, taking into consideration the distinct needs of small and medium-sized enterprises (SMEs).
The enhanced solution marks a significant step forward in providing comprehensive healthcare coverage with unmatched benefits to SMEs and their employees.
The revamp was guided by findings from the Old Mutual Financial Services Monitor (OMFSM), revealing a strong entrepreneurial culture among Kenyan consumers. Many are self-employed or run small businesses with few employees. Starting a business ranks second in savings goals, especially among those under 50, and 22% are “Polyjobbers” earning extra income alongside their main job.
With over 70% being informally employed, most working Kenyans lack employer-provided products like health covers, leaving many to resort to personal loans for unexpected expenses like medical costs.
The revamp aimed to meet the changing demands of healthcare and business while also enhancing support for SMEs to foster their growth and inclusion. The new product targets SMEs with 3-100 employees aged 18-65, offering lifelong coverage upon onboarding for long-term security and support.
Other features of the revamped Old Mutual SME Health insurance cover include:
* Inclusive Coverage: Tailored for registered organisations with a minimum of three employees, ensuring accessibility to comprehensive healthcare for even the smallest of businesses.
* Immediate Coverage: Unlike conventional insurance policies, this product eliminates waiting periods upon enrolment, granting immediate access to vital healthcare services.
* No Co-payment: By eliminating co-payment requirements, this insurance solution alleviates financial burdens, allowing insured members to seek medical attention without worrying about additional out-of-pocket expenses.
This is in addition to the previous product offerings including flexibility in cover selection, personal accident protection, hospital cash benefits for longer stays, volume discounts, adaptable coverage for 3 to 100 employees, and critical illness cover with a cash pay-out of KES 750,000 for specific illnesses like cancer and stroke.
This insurance offering is set to transform how SMEs approach employee health benefits, empowering businesses to prioritise the well-being of their workforce amidst today’s healthcare challenges.
“We are excited to introduce our enhanced SME Health insurance cover, tailored to the unique needs of small and medium-sized enterprises,” said Ken Omami, GM Health Business, Old Mutual
“With immediate coverage, comprehensive benefits, and lifelong renewability, this solution reinforces our commitment to supporting SMEs and their employees in achieving optimal health and wellness.”
