Econet Wireless has launched “EcoSure Moovah”, a short-term motor vehicle insurance product targeting the over one million uninsured vehicles in the country.
Econet’s venturing into short term insurance comes two years after the launch of EcoSure Funeral Cover, the company’s mobile funeral insurance product that has to date provided cover to over two million Zimbabweans.
Speaking at the launch of EcoSure Moovah in Harare yesterday, Cassava FinTech Zimbabwe chief commercial officer, Givemore Jojo said they were targeting the uninsured vehicle market.
“The vehicle population, we are advised, is over 1,2 million plying our roads in this country and as Chibi (Econet’s Cassava FinTech Zimbabwe chief executive officer Eddie) said only about 400 000 are insured and have got Zinara (Zimbabwe National Road Administration) licence discs, that is too low a number. But, most importantly, what does this say to us? It says we have actually got more vehicles on the roads that are not insured than those that are insured,” he said.
“Allow me to introduce the new kid on the block, EcoSure Moovah… what does this deliver? EcoSure Moovah is your cover on your road and is a brand for motor insurance covering third party, comprehensive and everything in between.”
Basically, Econet will leverage off their 4 847 014 EcoCash clients (as at the end of the first quarter) to get them to sign up for the motor insurance product.
Clients will purchase a four-month motor insurance package that includes the Zinara discs and offer perks which include 10 litres of fuel, airtime, $500 funeral cover, $2 000 accident cover and a free $50 per day hospital cash back cover, among other perks.
Chibi said they wanted the product to follow in the footsteps of EcoSure Funeral Cover.
“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. 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,” he said.
He said motorists would have multiple payment options to renew their vehicle insurance, on their mobile phone via USSD (Unstructured Supplementary Service Data), mobile application or on the internet.
Insurance and Pension Commission (Ipec) chairperson Lynn Mukonoweshuro said such innovations would transform the insurance sector in Zimbabwe.
“We at Ipec do believe that technology and technical innovation are now determining the growth of the insurance industry in Zimbabwe. So today marks a new chapter in our efforts to drive the insurance inclusion agenda and our push for insurance penetration growth from the nearly 5% to beyond 20% by the end of 2019. I do believe if we all play our part, we can achieve that,” she said.