Key appointments at aYo boost African growth plans
African insurtech aYo Holdings this week made two key appointments, as it augmented its team to drive growth across the continent.
Ayo named Ivan Welch as its new chief customer acquisition officer and Miles Bloemstein as its chief operating officer, a move the company says is part of its vision to become the largest insurance technology platform in Africa.
With 20 years’ experience, Welch, who has already been with aYo for four years, is tasked with driving the new customer acquisition strategy through various distribution channels, with a specific focus on digital marketing and sales.
According to aYo, his position will also include ‘a commercial, legal remit and administrative oversight, and support of the company’s subsidiary operations’.
For Bloemstein, another 20-year insurance industry veteran, his new role will be overseeing the day-to-day operations of the business, working closely with executive and product teams to grow the platform and its system and channel capabilities, says the company.
Launched in Uganda in January 2017, aYo has operations in Uganda, Ghana, Zambia and Côte d'Ivoire, while other markets are being readied for launch later this year.
The company, which provides micro-insurance solutions for hospital and life cover directly to a user’s mobile phone, has 20 million customers on the continent and has already paid in excess of $2.2 million in claims.
Marius Botha, Group CEO, aYo, said Welch and Bloemstein’s expertise are key to the company’s drive to enable the distribution of ‘affordable financial services products to people who have never had the opportunity to engage in financial services before’.
Welch said: “The industry has so much scope for development, as it is massively underserved in Africa. With aYo and our shareholders, MTN and Sanlam, I believe we have the right offering, platforms and ability to scale to serve this market.”
Bloemstein added: “We must constantly find ways to keep our clients engaged and be able to have access to insurance. Due to low disposable income levels, insurance adoption and trust in insurers, we are being challenged to produce ‘out of the box’ solutions to keep our clients engaged and active.”