French online insurance broker Baloon has started to offer medical insurance, moving on from motor business.
In particular, Baloon started marketing the product in Senegal last month. The plan charges an annual premium of CFA200,000 ($337) to insure a couple and two children.
The plan covers hospitalisation fees, surgery, medical tests and medicine. According to the company's website, the coverage is half of the bill when the insured is hospitalised, up to FCFA500,000 per year.
The size of the market in Senegal is estimated at 10m, with Baloon aiming to capitalise on the potential that has been achieved in auto insurance, reported Africa ActuDaily.
Mr Bertrand Vialle, founder of Baloon, said that up to 70,000 people have shown interest in Baloon motor plans. “Among these, 70% are interested in our health segment."
Baloon, established in 2017, harbours pan-Africa ambitions. It currently operates in four countries: Ivory Coast, Niger, Cameroon and Senegal.
Mr Vaille said that the brokerage has already received approval in Benin and Gabon to offer motor insurance in these markets.
The online broker aims to reach the informal sector and has seen some success. About 30% of its customers have not bought any insurance previously.