thebrokernews Podcast Episode 6: Newton Bezeng and BeNew Insurance’s mission to revolutionize microinsurance in Africa

Insurance often seems like a distant luxury to many, but the story of Newton Bezeng and BeNew Insurance is a beacon of hope and innovation. Newton, founder and CEO of this disruptive micro-insurtech company based in Cameroon, has dedicated over a decade of his life to making insurance accessible to all, regardless of their financial capacity. In thebrokernews podcast, he spoke about his inspiring career, the motivation behind BeNew Insurance and the innovative solutions the company is using to tackle prevailing societal challenges.

The connection of Newton Bezeng to the insurance industry goes back to personal experiences in his Cameroonian community. He vividly remembers the story of a widow named Ma Puli whose death plunged her family into financial hardship. While this scenario is not an isolated case, it reflects a widespread problem in many African communities where traditional insurance is either unaffordable or misunderstood. Determined to change this situation, Newton’s vision for BeNew Insurance was born, explicitly aimed at improving the financial situation of those who cannot afford traditional insurance.

Pioneering microinsurance solutions

Founded in 2008, BeNew Insurance distinguishes itself as a microinsurance technology company that develops insurance solutions tailored to the individual needs of its customers. In contrast to typical insurtech companies that build technology platforms to sell existing products, BeNew Insurance develops BeNew develops insurance products that utilize technology to ensure affordability and accessibility. With micro-group life, micro-farming and micro-health insurance, BeNew aims to empower communities by providing them with financial security commensurate with their means.

Newton explained that low insurance penetration is a significant problem across Africa, particularly in Cameroon where the rate is below 2 percent. In response to the ongoing challenge of who can afford insurance, BeNew has introduced policies for as little as US$1 per month so that people in precarious financial circumstances can protect their future.

Development of sustainable solutions

One of the outstanding features of BeNew Insurance’s business model is the integration of environmental responsibility into its insurance offering. To address the dual challenge of low insurance penetration and environmental sustainability, BeNew has launched a program that allows customers to collect recyclable materials such as plastic, paper and iron to pay their insurance premiums. This creative approach not only provides a solution for those who struggle to pay their premiums in cash, but also actively engages communities in protecting the environment.

Newton’s comments in the podcast highlighted how positively this initiative has been received by customers, particularly in neighborhoods affected by flooding due to plastic pollution. By converting waste into recyclables, BeNew enables individuals – particularly women who may have more flexible schedules – to make a positive contribution to their household and community while counteracting environmental degradation.

Marketing with a focus on the community

Because BeNew knows that in many African countries, insurance is not simply bought, but sold, the company takes a grassroots approach to marketing. It works with local community groups and associations and presents its solutions directly to those who stand to benefit the most. Through contact with group leaders and the direct involvement of its members, BeNew effectively builds trust and raises awareness of the importance of insurance.

Outlook: Expansion and partnerships

Although BeNew has already made significant progress in Cameroon, Newton has his sights set on the larger African market. He plans to expand BeNew’s innovative solutions to other countries with similar challenges once the company has consolidated its domestic operations. However, the road ahead is not without obstacles. As Newton openly admitted, the company is looking for technology partners to enhance its operational capabilities and funding to support its growth and capacity building.

The podcast made it clear that Newton Bezeng and BeNew Insurance are not just advocates of microinsurance, but also trailblazers committed to redefining financial security in Africa. With a mission that combines empathy, empowerment and environmental sustainability, BeNew will inspire a new generation of innovative solutions that put people and the planet at the center.

The future of microinsurance in Africa

Newton’s passion for insurance and social responsibility resonates and demonstrates that entrepreneurship can lead to profound systemic change. BeNew Insurance continues its pioneering work, reminding us that with purposeful leadership, innovation and community engagement, we can change lives and ecosystems for the better. The future of microinsurance in Africa looks bright, and BeNew’s development is one to watch with excitement.

Binci Heeb

Listen and read also: thebrokernews Podcast Episode 5: The Transformation of the Insurance Industry – Insights from Silvia Signoretti