A note to employees

This is ebun from Verifi. This is such a kick ass company to build and it is very well set up for a really exciting 2019. We have a lot of great things lined up. Some will work, some will not but there is something just amazing about the spirit of this team and the intellectual exchange that manifests into products and features. We hope this shows in our work.

C and I are are involved in other businesses and of course we use Pay by Verifi in those businesses and we get to play on both sides of this product. On one hand we have the beautiful burden of building it and on the other hand, we are customers. Nothing like having the world as your laboratory.

This is a post about Health Insurance and why you should buy coverage. To be clear our partnership with Reliance HMO is a for profit partnership, we make money from it. We plan to continue to partner with insurance companies to offer the best plans out there.

About a month ago, a colleague came to me and said “Ebun I want to cancel my health insurance, I have paid for 3 months and I don’t use it”. My response was — great that you don’t use it, you don’t want to use it, it means you have been healthy. She said but that means I don’t need it! Ha I said, have you ever been sick? A rhetorical question of course and continued. When next will you be sick? Of course the hope is that the answer is never but is that realistic? Final question. When the winds of fate blows that nick or cut or malaria your way do you want to be with it or without it? If I have not bored you to death

This is the essence of insurance. You don’t want to need it — but gosh if you do — you better hope you have it.

Health Insurance is a fair deal. Some rudimentary math. You pay N3500 a month. Say the HMO covers 1000 people, they make N42 million a year in revenue. But they cover up to N1.2 million per person for the year, which means if everyone used it to capacity they would pay out 1.2Billion a year. One need not be a math wiz to realize that pooled risk and imbalance of usage is a core tenet of insurance. If everyone uses it, the HMO’s will be out of business.

Buy health insurance, it is one of the smartest financial decisions you will make. It is peace of mind and certainty in an unpredictable world.

With love

Ebun from Team Verifi