Cassava Smartech Insurtech business grows

Cassava Smartech Insurtech business grows

Staff Reporter

HARARE, Cassava Smartech’s Insurtech business continues to grow in the positive territory buoyed by writing new short term and life insurance policies as it grows the customer base for all insurance products.

“New products and alternative payment channels were introduced leading to a doubling of our short-term insurance customers,” the company said in a trading update for the period to May 31, 2021.

The group’s Insurtech businesses include the Moovah, a short-term insurance product that allows customers to get cover for property, vehicles, household contents, personal effects and other assets in a hustle free and convenient way.

It also has a EcoSure, a micro insurance product provides affordable and innovative insurance solutions directly from mobile phone.

EcoSure Funeral Cover gives affordable packages that suit every pocket with the cash benefit.

During the period under review, the group’s mobile money business experienced steady growth over the period recording a 60 percent increase in transaction values.

“The increase in transaction values was largely driven by an increase in wallet funding. Active customers also continued to recover during the period,” it said.

The group’s banking services, Steward Bank’s revenue contribution remained stable in the quarter and is expected to increase going forward following the successful implementation of a core banking system upgrade finalized in April 2021.

“The Bank’s performance was driven by higher transaction values as well as growth in interest earning assets.”

The group noted that the bank’s loan book is growing in line with our growth strategy on interest earning assets and the bank expects an increase in transaction volumes post the implementation of the system upgrade.

The group’s Vaya Agritech business, according to the group was suppressed due to weather conditions that resulted in a delay in servicing land preparation work for winter cropping.

The Healthtech business experienced significant growth on the back of increased demand for health services as a result of the Covid-19 pandemic.