By Staff Writer
Enwealth Financial Services recently won the second place in the deployment of innovation practices to facilitate wide coverage and inclusion.
The award was presented to the company at the second Africa Pensions Awards held in Abuja, Nigeria in September, 2016.
The African Pension Awards brings together regulators and administrators of pension funds from all over Africa, to showcase the continent’s achievements and innovation in pension administration and social security.
This year’s awards, hosted by the National Pension Commission of Nigeria, honored winners for excellence in innovations across five award categories namely; Innovation in Corporate Governance, Deployment of Innovative Practices to Facilitate Wide Coverage and Inclusion, Socio-Economic Impact of the Pension or Social Security System, Innovation in Risk Management and Innovations on Information, Communication and Technology Platforms for Improved Customer Service Delivery
“Visionary leadership, innovative culture and deeply entrenched organizational values have been the cornerstone on which we have been able to develop innovative financial solutions for the mutual benefit of our stakeholders.
This award confirms to us that we are indeed on the right track, moving from excellence to mastery and reflects positively on the success and growth of the organization,” said Simon Wafubwa- Chief executive Enwealth.
In October 2016, Enwealth also launched the Anaya Post-Retirement Health Care Fund (Anaya).
Anaya was developed in response to a trend analysis report backed by the Retirement Benefits Authority (RBA), which revealed that medical bills are among the key expense items that prove the most challenging for retirees living on a lower income.
This is compounded by the increasing health expenditure, which had grown to K Sh73.2 billion by 2015, while the percentage of admissions for people over 65 per cent stood at 34 per cent in 2013 compared to 25 per centa decade ago.
During the launch, the chief guest, Dr. Edward Odundo, CEO Retirement Benefits Authority (RBA) in his remarks said, “We at RBA are proud to have witnessed the Ministry of Finances’ amendment of the law in the 2016/2017 budget to allow workers to start saving for their medical insurance before retiring.
This ensures that they are better prepared to comfortably meet their healthcare needs and access hospitals of their choice for chronic, pre-existing and high risk conditions.”
“I am also proud of Enwealth Financial Services because they joined RBA in lobbying the Government to amend the law from as far back as 2012.
The launch of the Anaya Post-Retirement Health Care Fund, marks the beginning of a much needed solution for a growing population of retirees that is often forgotten, but will affect all of us sooner than later,” Odundo said.
With contributions as low as K Shs 2,000 per month, members of the Anaya Post-Retirement Health Care Fund will have access to quality healthcare services from over 400 hospitals and healthcare facilities locally and abroad.
Anaya will pay for insurance cover for members hence relieving them of the financial burden of bills incurred in the specified hospitals.
This will cover all diseases including high-risk pre-existing conditions that are not ordinarily covered by conventional health insurance covers for senior citizens such as cancer, diabetes, high blood pressure, amongst others.
“We are excited to pioneer the development of innovative, cost effective social security financial security solutions. At Enwealth, we believe in preparing for a better tomorrow today.
Anaya Post-Retirement Health Care Fund is the best option for workers in the market currently as it attracts much better return, guaranteeing growth for a workers’ hard earned income and at the same time cushioning them from a future filled with high medical bills,” Said Wafubwa during the Launch of Anaya.
“APA has been at the forefront of rewriting insurance rules, the partnership with Enwealth is a testament to our commitment to rewriting insurance rules for optimal coverage and enhancing insurance coverage in the market through product innovation.
Enwealth, developed the fund to help members save towards retirement with the sole goal of addressing their medical insurance needs. Apollo Asset Management will provide Fund Management services whereas APA will provide health insurance solutions at retirement. It is an excellent scheme that is simple, safe and affordable,” Ashok Shah, CEO, Apollo Group said.
Anaya is designed with levels of flexibility e.g. bronze, gold, platinum and silver that allows members choice of benefits class based on affordability and desired level of benefits. The product is open to both cooperates and individuals and anyone above age 18 years.
Members of Anya will enjoy optimal investment returns on savings which make it cheaper in terms of funding for the target medical benefit. Upon retirement, the money will be utilized to pay for medical premiums for covers offered by APA Insurance and to meet any additional health care costs.
10 Reasons Why You Should Join the Anaya Post-Retirement Health Care Fund
- On retirement, contributors enjoy accumulated savings and investment income earned making their healthcare services affordable
- Attractive benefits; inpatient, outpatient cover and optional dental and optical benefits
- Last expense insurance cover and other insurance benefits
- Flexible contribution modules – Platinum, Gold, Silver or Bronze
- High returns on investments
- Contributions may be tax deductible
- Contributors have access to pension backed mortgages
- Upon demise of the contributor, the accumulated savings are transferred to nominated beneficiaries
- Quality Healthcare with access to over 400 healthcare facilities in East Africa and abroad
- With accumulated savings and healthcare insurance, members will be able to enjoy financial security and peace of mind in retirement
1,818 total views, 0 views today