Econet Eyes Dominance In Insurance Industry

Diversified telecommunications and media group, Econet Wireless Zimbabwe is eying dominance in the insurance sector after announcing its entry into the Insurance and Pension Commusion (IPEC) regulated industry yesterday.

Econet’s signaled its move into one of Zimbabwe’s most lucrative sectors through its new innovative short term motor vehicle insurance service branded EcoSure Moovah. The insurance product is expected to offer unparalleled value and matchless convenience to the motoring public through its digital payments systems subsidiary Cassava.

EcoSure Moovah will offer vehicle insurance cover, ZINARA and ZBC licence discs under one package. To add more customer value, Econet’s new service delivers insurance cover notes and license discs to the customers’ premises at no extra costs. Conveniently, the service’s subscriptions are all payable directly from the customer’s mobile phone through USSD *901# or access the service via the EcoSure Moovah mobile application on GooglePlay and AppSore.

Eddie Chibi who is Econet’s Cassava FinTech Zimbabwe’s Chief Executive Officer said the group was looking forward to build dominance in the insurance sector with its technology powered solutions which has seen the company’s diversified subscribers enjoying maximum convenience over the past decade.

“This innovation, which follows in the footsteps of our phenomenally successful EcoSure Funeral cover and our existing pioneering, mass market products, is sure to shake the industry for the good of the motoring public,” said Eddie Chibi said, referring to EcoSure, the company’s popular mobile funeral insurance product, which has also provided cover to over 2 million Zimbabweans.

“Not only will EcoSure Moovah offer choice and flexibility through the option of customers to pay their premiums monthly, but it will also offer incredible value addition through bundled benefits of up to $5.000 at very competitive and affordability premiums,” said the Cassava boss.

Cassava FinTech is the Econet group’s subsidiary in charge of rolling out financial technology and other digital payments services. Among Cassava’s product portfolio is the award-winning mobile money service EcoCash, which now boasts of over 8 million customers in Zimbabwe alone, and has been lauded for its immense contribution to financial inclusion in country.

In his presentatio, Cassava’s Chief Commercial Officer, Givemore Jojo said the company believes it is on course to help grow the low insurance penetration levels in the country to the target of at least 20% set by the Insurance and Pensions Commission of Zimbabwe.

 

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