The main innovation of NASCI insurance business solution is the creation of a proprietary back-end tech platform which creates a mechanism for both registration and payment. Policy holders register using handheld devices to fill in some basic identification details which process takes approximately two minutes.
Premium payment is collected via automatic deduction of prepaid airtime credit; unlocking a new payment channel that makes insurance affordable and accessible.
Distribution is carried out by a trained agent force. NASCI agents make the initial contact with potential policyholders, providing product education about all aspects of the policy including basics like the cost and the coverage level. Pre-sale, the customer will receive a confirmation SMS plus a monthly reminder of their coverage status and amount to be deducted.