Strengthening empathy-led innovation, Fairfirst Insurance partners with Koko marking another Insurance Industry First

25 May 2023 | News

Fairfirst Insurance is well known for being an innovative and future-ready company that aims to deliver value-added services leveraging the latest technology to offer an empathy-led user experience to its customers. In another industry-first, Fairfirst has partnered with Koko, one of Sri Lanka’s leading ‘buy now pay later’ platforms, to ease the burden of making large lump-sum payments for their insurance premiums.

Since its initiation in 2020, by the reputed e-commerce marketplace Daraz, Koko which focused solely on providing services for Sri Lankan debit cardholders, gained the trust of over 1.5 million customers and 1000 merchants within a considerably short period of time. It is an application that allows customers to pay online or offline for their purchases, whether clothes, electronics, supplements, travel and tourism, and now, insurance in 3 interest-free instalments within 60 days from the date of sale.

Acknowledging the indisputable benefits of Koko in bridging an accessibility gap in the Insurance market, Naheed Zainudeen, Koko’s Head of Commercial for Financial Services stated, “Koko has consistently worked towards the empowerment of its users wherever their needs may be. Unlike traditional credit & EMI plans, Koko does not hold the full purchase amount but instead allows payments to be split into 3 simple instalments repaid every 30 days. This provides our users with the cashflow flexibility & the hassle-free experience they need to access critical services like Fairfirst’s Insurance plans, thus aligning with Koko’s key goals of changing its customers’ lives, one transaction at a time.”

Joining hands to introduce insurance via this platform has enabled Fairfirst, a general insurer focused on making insurance more affordable and accessible, to offer a variety of insurance solutions that suits one’s needs through a convenient instalment scheme.

Regarding their continuous progress in meaningful innovative services, Dilshan Rabbie, Fairfirst’s Digital Solutions Manager stated, “At Fairfirst we are passionate about continuous investment in meaningful, efficient and value-driven innovation. This is especially true in the current situation, where the focus on making society more resilient by helping our customers bridge their protection gap is key. This is why we provide meaningful innovation because our customers deserve the best at every touchpoint of their journey with us.”.

With a passion for making complex insurance solutions simple and accessible, Fairfirst is a leading insurance company that is part of the Canadian-based Fairfax Group. Serving individuals, businesses and institutions, the company offers its out-of-the-box solutions via its team of 1400 professionals, who work across a service centre network comprising 58 branches. Putting innovation, fun and excitement back into the insurance industry, Fairfirst is fast becoming an industry leader that people turn to and trust.

Picture Caption:
01. Head of Commercial for Financial Services, Koko
02. Dilshan Rabbie, Manager Digital Solutions, Fairfirst Insurance


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