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DIVERSIFIED medical services provider Corporate 24 has signed a partnership deal with two funeral assurance companies with the aim of maximising its market share and instil customer confidence.
Vineyard Funeral Assurance and Ruvimbo Funeral Services are the companies that signed the deal yesterday in Harare.
In an interview, Corporate 24 chief executive Dr Mike Joka said the deal is meant to provide customers with products at affordable rates.
“This partnership is a solution that is tailor-made to provide customers with the most affordable products. We have included cash payback plans in our policies and we have decided to partner reputable funeral companies in order to enhance the symbiotic relationship between us,” he said.
Under the cash payback plan, when a member dies, Corporate 24 will pay an amount to the family of the bereaved and the money will either be paid in cash or in some form of a package by the funeral policy provider.
“The funeral companies will be marketing their policies to Corporate 24 members who in turn would be marketing their medical policies to the funeral policy providers. This will go a long way in boosting market share and viability.”
Vineyard Funeral Assurance managing director Mr Solomon Chikanda said the partnership was a welcome development that should be emulated by other players in the industry.
“The signing of such a partnership is an eye-opener and players in both industries should emulate it because this goes a long way in instilling customer confidence as well as exhibiting our innovativeness as industry players,” he said.
Funeral Association of Zimbabwe president Mr Eddie Gomba hailed the innovativeness shown by the two corporates saying it was a sign of maturity among the players in the funeral industry.
“Such partnerships should be hailed because they provide customers with affordable products where a member of a funeral company can easily access a medical aid policy at an affordable price without hassles. This goes a long way in increasing earnings among the companies involved as well,” he said.
Vineyard Funeral will be selling medical aid policies on behalf of Corporate 24 on commission basis
while the same goes for Corporate 24 where it would be selling funeral policies on behalf of funeral assurance companies thereby maintaining a symbiotic relationship.
Corporate 24 started operating in 2008 with its focus on providing medical cover for corporates but has since diversified its business to cover individuals as well.
Dr Joka said at first the firm was sceptical about providing medical cover to individuals because of the risks associated with the then prevailing economic environment.
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