adminMOBILE telecommunications firm Econet Wireless yesterday marked its re-entry into the insurance market through the launch of EcoSure, which will house a number of products. Econet once ventured into the insurance industry through the launch of a health insurance product, EcoLife, in partnership with a Namibian firm, TrustCo, which later collapsed owing to disagreements between the two.
The first of the products to be launched under the EcoSure brand is funeral assurance where subscribers can join by paying monthly installments of between $0.50 and $5 for cover of between $500 and $5,000.
“A lot more is coming under that banner called EcoSure,” said Econet chief executive Douglas Mboweni.
Under the scheme, Econet has partnered with seven funeral service providers including Doves, Cell and Fidelity in Harare as well as Kings and Queens, Nuffield and Family Funerals in Bulawayo.
EconetLife Services general manager Godwin Mashiri said EcoSure was underwritten by Econet.
“Claims will be processed within 24 hours,” he said, adding over 500 agents had currently been recruited.
“We’re targeting to have 1,000 agents within the next two weeks,” he said.
To encourage subscription, Econet said subscribers who joined between now and February 2015 would get $1,000 free cover.
Insurance penetration in Zimbabwe remains low as it is estimated at around 10 percent of the population. The cost of a decent burial remains beyond the reach of many due to the tough economic environment.
“EcoSure seeks to address issues of accessibility, affordability and availability,” said Mashiri.
EcoSure will, however, compete for market share with various companies, which have also launched a number of products targeted at the lower end of the market. – New Ziana.
Online Reporter