Why Traditional Bank Transfers Do not Work
In sub-Saharan Africa, 60% of adults do not have a formal bank account. When an insurer wants to pay a claim, traditional bank transfer reaches a minority of beneficiaries. For others, settlement is by check (if the client has an account) or cash at the counter -- a slow, costly, and risky process.
Mobile payments (M-Pesa in Kenya, Orange Money in Senegal and Cote d'Ivoire, Wave in Senegal and Mali) reach any policyholder with a mobile phone -- which is over 85% of the population.
Concrete Advantages for Insurers
Mobile payment settlement is not just a customer convenience -- it's a major operational advantage for the insurer:
- Reduced settlement time: from 7-10 days (bank transfer) to under 24h (mobile payment)
- Eliminated counter fees: each cash settlement costs EUR5-15 in management fees
- Complete traceability: every transaction is timestamped and traceable, eliminating disputes over settlement
- Reduced settlement fraud: mobile number as unique identifier eliminates double payments
How YourSmartFlow Integrates Mobile Payments
YourSmartFlow automatically triggers a mobile payment as soon as a claim settlement is validated. The workflow is simple: broker validation, insurer validation, automatic payment to the beneficiary's phone number. Average time drops from 7 days to under 24 hours.