adminBianca Mlilo, Business Reporter
ALTFIN Life Assurance has come under fire for alleged failure to pay claims to its clients despite continued deductions.
Altfin Assurance is a subsidiary of Altfin Holdings Limited, the suspended parent company, which holds a controlling stake in Altfin Life Assurance and Altfin Health.
Disgruntled clients in Bulawayo who spoke to Business Chronicle said they were told that the city offices were no longer functional and consequently all claims had to be processed via the Harare offices.
They claimed all efforts to their claims hit a brick wall with management reportedly playing hide and seek.
“I submitted my claim on the 10th of May 2015 at the Harare offices and was told that my claim would be processed within 24 hours. We’re now in June 2016 and I still haven’t received my money,” said Paul Kuzowamunhu.
“I then approached the Bulawayo office but found that they had been closed down. I called the Harare offices and they told me the Bulawayo branch had been closed. They said everything was being handled by IPEC (Insurance and Pensions Commission) because Altfin was under judicial management.”
Another client who spoke on condition of anonymity fumed: “Altfin is consistent in deducting money from people’s salaries yet it’s problematic to pay out those claims. The best thing they could do right now is to stop taking premiums. One wonders how many people are being duped of their money this way.”
Altfin Life Assurance administrator only identified as Rubaya declined to comment, referring all questions to the group chief executive officer Gift Noko, whose mobile phone rang unanswered while his landline numbers would not go through.
Altfin Insurance’s operating licence was cancelled in January 2015 by the Insurance and Pension Commission after it failed to raise the required minimum capital of $1,5 million.
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derick.khumalo