Fidelity Life Assurance unveils a new funeral cover product
Insurance24 reporter
HARARE, Fidelity Life Assurance has unveiled into the market a new funeral cover product called Fidelity Medicover, which is a unique Funeral Cover that offer policy holder’s free drugs cover.
General Manager Group Marketing at Fidelity Life Assurance of Zimbabwe Melanie Gumbo told Insurance24 in an emailed response that the product is true first in the Zimbabwean market.
“The product is unique in that it offers customers two covers for the price of one. It offers Fidelity’s tried and tested Funeral Cover as well as cover for prescription drugs all rolled into one,” she said.
Fidelity Life Assurance of Zimbabwe is the mother brand under which various other business units sit. These include Fidelity Life Asset management, Fidelity Funeral Assurance, Fidelity Medical Aid Society, Fidelity Financial Services and Zimbabwe Actuarial Consultant.
Gumbo said the funeral business has so far in the year maintained a strong growth trajectory which is expected to continue.
“We are also planning on expanding our footprint across the country to ensure that we are more accessible to the growing policy holder and customer base,” she said.
Meanwhile, she said the company will be working closely with IPEC, the insurance industry regulator in order to set up a micro insurance desk at Fidelity Life which will see the company penetrate more into the agricultural sector with unique products for that market.
“We do not have any agricultural specific products at the moment, however we do offer our existing products to farmers across the country and we have a particularly large and strong client base in the sugar cane farming region of Chiredzi and surrounding areas,” Gumbo said.
Ipec last month launched a micro-insurance policy framework that seeks to drive the country’s insurance penetration rate through availing of affordable insurance products to the low income earners.
Gumbo on other hand said through the company’s Micro Finance unit, Fidelity have also been financing sugar cane farmers in the Chiredzi region through offering them micro-finance loans at competitive rates and terms.
