Oliver Kazunga, Senior Business Reporter
CASSAVA Smartech Zimbabwe’s EcoSure has unveiled United States dollar denominated packages that will give Zimbabweans the opportunity to get insurance cover without worrying about the challenges of value erosion on their policies.
In recent months, the RTGS dollar has been losing value against the US$ due to financial distortions in the parallel market.
In a statement, Cassava Smartech Zimbabwe chief executive officer Mr Eddie Chibi said the new packages would further drive insurance inclusion and ensure customers’ policies maintain their value.
“We are mindful of the need to preserve our clients’ value and so we have fully embraced the multicurrency regime with a view to give our EcoSure customers the opportunity for them to pay their insurance in US dollars, so that they also get their pay-outs in US$,” he said.
Mr Chibi said the EcoSure US dollar packages would leverage off Cassava’s other successful product, the EcoCash Foreign Currency Account (EcoCash FCA), which would be the source of the monthly premium payments.
“The EcoSure US dollar packages will allow customers to access funeral assurance packages with premiums ranging from US$$1 per month, with pay-outs of up to US$$5 000, depending on the plan assured,” he said.
Mr Chibi explained that for a one US dollar premium per month (US$1), a customer would get a US$$1 000 pay-out; for a US$2 monthly premium, they would get a US$2 000 pay-out, while for a US$5 premium, they would get a US$5 000 pay-out.
Interim EcoSure chief executive officer Ms Natalie Jabangwe said customers could access the US$ packages on their phone by simply dialing *900#.
“They can also maintain both the RTGS denominated package and the US$ packages. In the event of an emergency, a customer can submit their claim at any Econet Shop or EcoSure Funeral Service Partner, and the US$ pay-out will be deposited into the customer’s FCA wallet.”
EcoSure, the largest provider of funeral insurance cover by customer base, has transformed the lives of many Zimbabweans through affordable micro-insurance products.
It has harnessed the power of technology to allow Zimbabweans the convenience of getting affordable insurance cover by simply using their phones.
Meanwhile, Cassava Smartech’s On-Demand Services business that signed up more than 20 corporate partners during the Zimbabwe International Trade Fair (ZITF) period, is eying more than 1 000 business partnerships in the next three months.
Cassava On Demand Services chief executive officer Mrs Dorothy Zimuto said the fast-growing business was looking to unlock value and optimise assets while creating a new digital economy across the continent.
“We are targeting over 1 000 business and corporate partners by the end of our second quarter, in August of this year,” said Mrs Zimuto.
Cassava On Demand Services offer mobility and logistics services under the VAYA brand, with services cutting across all sectors of the economy, including but not limited to ride hailing services, ambulance, small parcel deliveries as well as van and truck deliveries, among others.
Mrs Zimuto said Cassava On Demand provides digital solutions by offering partnership-based platforms and leveraging on mutually beneficial business relationships with other on-demand service providers.
“With our on-demand services, the opportunity for business partnerships is huge and exciting because our model is a win-win model,” she said. — @okazunga.