Briefly, what is the strategy that Samb’a Assurance has put in place to develop microinsurance in Gabon?
In addition to financial inclusion, Samba achieves insurance inclusion, allowing us to achieve total inclusion. Through partnerships made with the main microfinance institutions (EMF) in Gabon, such as EDG, Sodeg, Cofidec, Ariane Finance, Express Union and Fidelis, we cover the entire territory. Today we are present in these agencies and we offer micro-insurance solutions adapted and accessible to the clients of these MFIs and therefore to the Gabonese population.
Can you introduce to our readers the various micro insurance solutions offered by Samb’a Assurances?
In terms of solutions, we cover loans and family insurance. For traders, we have designed the “Samba Box”, which is a guarantee that covers the point of sale of the business against the risks of fire, actual damage and theft. For the agricultural sector, Samba insurance covers farmers through “Samba agricole”. Its guarantees make it possible to safeguard the interests of women and traders who transport goods, food and animals from the agricultural sector from point A to point B. It is the very first time that this type of insurance exists in the Cemac zone. We also offer comprehensive non-life insurance for very small enterprises (SMEs), SMEs, etc., which helps secure businesses. In these there are necessarily people who work there. So securing businesses also means securing people. We give them access to “Samba health” solutions, which relate to medical consultations, admissions, medical examinations, medical evacuations, etc. We have just signed a contract with the consultant “First Assistance”, which is almost the first assistance in Africa and the most present in the Cemac zone.
Together with our partner, we have developed two micro-insurance solutions for the Gabonese population. The first of these is travel assistance to enable our customers to conduct their business when traveling abroad. Together with our partner, we have designed a guarantee that covers the journey in terms of medical aspects, repatriation of remains or advice abroad. We have set up a repatriation guarantee line which targets both members of the diaspora and Gabonese communities.
In the event that one of our policyholders dies, on the one hand, this contract will take care of all the administrative formalities, the transfer of the remains either by plane or by car, from the place of death to where they will be buried in Gabon or abroad . So here is the selection of products that we sell. They are available. Anyone can subscribe to it either through our network, which includes brokers, EMFs, mutual health insurance companies, funeral homes, churches, associations, tontines. This network, established in accordance with the Cima Code, has undergone two training courses. The first was conducted by Samba management on sales techniques, and the second by French expert Marc Nabeth who stayed in Libreville.
How do Samba’s solutions differ from other insurance companies?
The micro-insurance solutions designed by Samb’a stand out from those of other insurance companies by their adaptation to the real needs of the population and the insurance costs. Insurance Book 7 stipulates that insurance premiums may not exceed an amount of 3,500 Fcfa monthly and an annual amount of 42,000 Fcfa. All of our micro insurance solutions are within reach of all budgets. This means that Samba can claim to be the country’s insurer and not just the insurer of the weaker sections of the population through its guarantees. This is shown by opinion polls and surveys that have been carried out for this purpose. This is because our solutions, in addition to taking into account the needs of the population, also correspond to the vision of the new authorities, who want to make financial and insurance inclusion one of the levers to fight poverty.
What is the short, medium and long term outlook for Samb’a insurance?
Samba’s ambitions are sub-regional. It intends to expand when possible after the success of the model in Gabon, to expand its activities through the Samb’a Finance group, of which I am the director and founder, in all the member states of Cemac, Ceeac and Cima. We will in due course request either fundraising on the Central African Securities Exchange (Bvmac) or to meet and interest other investors in our project.
