Econet set sight into Vehicle and Education insurance…Over 2 mln Zimbabweans on Ecosure funeral
By Insurance24
HARARE, Econet Wireless Zimbabwe says under its Fin-Tech segment, through the Ecosure brand, Insurer-tech is now the fastest growing segment with over 2 million Zimbabweans accessing funeral insurance.
The company in its financial statements for the year ended 28 February 2018, noted that it will in the next 12 months launch Vehicle and Education insurance both which are expected to trigger high take up from customers as they will provide valuable new services into the market.
“Insure-tech’s rapid growth is testimony of the pioneering spirit of the Company in addressing the needs of our society. This is a further validation of our business models that are highly customer focused,” Chairman Myers said.
Ecosure’s funeral insurance premiums range from as low as 50 cents per month with payouts ranging from $500 to $5 000.
It also has the Hospital and Accident cover of up to $10 000 in the event of an accident and a Hospital cash back plan of $100 per day.
Econet’s fin-tech segment encompasses the mobile money, banking, remittances and payment solutions.
Meanwhile, the mobile network operator achieved a 34 percent increase in revenue to $831.6 million compared to $621.7 million during prior year underpinned by strong performance across all subsidiaries.
Profitability significantly increased 265 percent to $132 million compared to $36 million in 2017. This was largely supported by austerity measures were implemented in 2015 that have yielded exceptional results leading to improvement in margins.