Aella, a fintech start-up, has stated its readiness to provide quality health insurance coverage for over 500,000 Nigerians in 2020 by making available to them a 30-day, N800, 000 worth of health care cover whenever they signed up on its Aella app.
The company which recently launched Aella Care, a health insurance scheme in partnership with Hygeia; a foremost HMO in Nigeria to support the Federal Government’s drive in boosting the country’s insurance scheme, said the resolve to make it more attractive to get more people on board was arrived at when they saw the high number of those that signed up in their first pilot week.
This encouraged them to realize that more Nigerians will sign up on Aella health insurance plan if knowledge about the benefits of protecting them from the rising costs of healthcare services in the country is communicated to them.
It said paid customers and new users will have access to general consultation, pharmacy benefits, antenatal care/delivery services, accidents, and emergencies, dental care, surgeries, and more on them for free for 30 days.
Co-Founder and Chief Executive Officer, Akin Jones said to get under the health insurance care, interested persons must download the Aella App; Click on the Insure your Health Tab; Select a Plan; Look through your coverage and verify; Upload a payment method (which can be canceled after the free trial is over) and access is open for one to enjoy the benefits.
Jones said though Aella App was launched as a digital lending platform, the recurrent theme where 25 percent of the loans were being used to pay for medical expenses, second only to small business loans and other bill payments opened up to them the situation in the health insurance system.
The app, he said provides users with a super-fast medium to ensure their health, access loans, and pay bills. Its monthly subscription and credit payment model allows millions of underbanked users access services that have hitherto been inaccessible to them
As of 2016, only three percent of healthcare expenditure in Nigeria was paid for using Health Insurance, and to bridge this gap, Aella is using a four-pronged approach which includes trust, access, pricing, and education.
Jones said, “We believe that the reason more Nigerians aren’t obtaining Health Insurance is due to these four factors. (i) Trust: Customers do not trust that there are no hidden obligations and that insurance policies would effectively cover all that they are promising. (ii) Access: Customers do not believe that the hospital networks reach remote areas easily accessible to them in times of need. (iii) Pricing: Customers believe that low-cost insurance schemes do not provide adequate coverage. (iv) Education: Customers are not well educated about the costs and benefits of insurance.”
Aella’s mission, therefore, is to tackle these head-ons by ensuring that customers are aware of all charges associated with their chosen insurance plan and the differences between plans. Its partnership with Hygeia, Nigeria’s most trusted HMO will also allay the fears of many Nigerians regarding access and pricing.
The company said it will also constantly engage the public on its support of the government’s declared goal of Universal Health Coverage through the expansion of its health insurance and financial inclusion services.
Aella Care is a health insurance product that offers a comprehensive and accessible micro-health insurance service that overcomes obstacles that keep millions from accessing financial services. Obstacles such as geographical or regulatory inaccessibility, lack of access to banking institutions, confidence concerns, or needs that existing financial products cannot solve.
As part of its commitment to the fight against COVID19, it said it will be donating anti-microbial nano-coated copper masks to a randomly selected group of 2,000 users in partnership with Hygeia.