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Insurance Bundle for Jumia Market Vendors

AXA Mansard Group recently entered into a partnership with Jumia; this allows AXA Masard to become the exclusive provider of insurance products and services through Jumia Market's online and mobile platforms.

In Nigeria, the partnership initiative has kicked off with the development of an insurance bundle for Jumia Market’s vendors. This insurance package is in three different variants; Basic, Standard and Deluxe which primarily covers fire, theft and damage. Depending on the level of risk exposure, vendors can choose amongst the package variants.

The product configuration and details are shown below:

Product Configuration
Coverage Basic Standard Deluxe
Property Damage check check check
Motor check check
Motorcycle check check
Goods-In- Transit check check
Employer's Liability check
Group Life check
Public Liability check
Fidelity Guarantee check
Optional Coverage Basic Standard Deluxe
Marine Cargo check check check
Benefits
Description Basic Standard Deluxe
Theft at Point of Delivery check check check
Claims payment within 48 hours check check check

Coverage within a particular variant cannot be removed whilst a vendor is entitled to the benefits irrespective of the bundle he/she chooses.



Description

Property Damage: Helps protect the warehouse and/or goods the vendor sells through Jumia from fire, special perils and burglary as well as accidental damage. Motor/Motorcycle Cover: The comprehensive motor insurance provides compensation in the event of accidents, vandalism of vendor’s delivery van/motorcycles.

Goods-In- Transit: Helps cover accidental damage of goods when they are in transit from one point to another (e.g. from a vendor’s warehouse to the customer’s address).

Theft at Point of Delivery: Helps cover theft at the point the vendor is delivering the order product(s) to the customer.

Employer’s Liability: Provides benefits to employees in the event that they sustain any injury which may result in death or permanent disability. Group Life: Provides lump sum benefits for the dependents of an employee at his/her demise.

Public Liability: Provides compensation to the vendor against all sums that the vendor might become legally liable to pay in respect of accidental bodily injury to any person (whether or not death results), accidental loss of or damage to third party property.

Fidelity Guarantee: Indemnifies against infidelity of an employee which leads to financial loss. It covers for the loss of money, goods and/or stock arising from dishonesty, embezzlement or misappropriation of vendor's funds &/or property by employees.



BENEFITS OF INSURANCE PACKAGE TO VENDORS

Discounted Rates
The pricing of the insurance lines that make up the packaged policy is discounted and cheaper than pricing individual lines as a stand-alone.

Specific to Vendors
The insurance lines are aligned to address the risks inherent in vendors operations to allay owners of their insurance concerns.

Benefits Inclusion
Policy packaging allows the introduction of benefits that create value-added services that are key to operations of Jumia Market's vendors. These benefits are provided at no extra cost to the vendors.

Easy Policy Administration
It also allows vendors to consolidate the policy periods of their insurance policies and align premium payment to their cash flows.

Interested Vendors
Interested vendors should refer themselves to AXA Mansard Insurance by registering on the following link